The Chatbot’s Role In The Internet Banking Ecosystem

One of the most popular trends in banking is chatbot implementation, as a part of internet banking. 

Someone thinks that chatbot is a specific and separate digital channel. Actually, a chatbot is a mandatory continuation of Internet banking. It is not a good idea to avoid internet banking and replace it with a chatbot. It simply does not work out. The reason is the lack of experience, professionals, and absence of the revealing success stories. There is the fear of the unknown. So, now chatbots and internet banking successfully coexist. 

A chatbot is not a reason to avoid mobile applications or web applications. Let’s see why that is. The mobile application has one significant barrier to installation and uses – the mobile app download. Chatbot hasn’t this barrier. On the other side, the chatbot has limited functionality, in this case, a mobile app is in use. Also, the mobile app is certified and has access to NFC (is a set of communication protocols that enable two electronic devices to establish communication by bringing them within 4 cm of each other). Don’t contra pose the chatbot to mobile/web application. They work together as a symbol and should be both implemented.

Taking into account the chatbot place in internet banking, there are two main goals:

The first one is the simplification of the onboarding of new clients. Also, chatbot increases the number of loyal clients with referral links. 

The second one is the status of ordered services or goods. There are stages of development, delivery, etc. All the communication held by a chatbot. When the ordered services are made, communication is in the following ways: 

 – the client continues to use a chatbot

 – the client uses the mobile application if he wants to have stronger security and wider functionality

A good example of a chatbot and internet banking integration is Vostok Bank. See the screenshot below where the chatbot and internet banking functionality showed. 

Of course, you can try to include all web site or mobile app features to a chatbot, but it will be a non-user-friendly virtual assistant. 

A chatbot is a good channel for the following features:

  • Mobile phone recharge
  • Card to card transactions
  • Balance status notifications

The other features are available on mobile or web applications. Chatbot supplements mobile app or expands web bank in messenger. 

The third one is reducing costs for transactions. Let me describe the example of a well-known bank. If the client has a mobile app, he gets the notification here. If the client doesn’t want to use a mobile app, he has a chance to choose the other channel for communications like a chatbot. The chatbot sends a notification regarding transactions (including small one). Some banks have a limit for notifications. For example, if you transferred less than 100 UAH (around 4$), you didn’t get the notification via SMS. It is expensive. The chatbot does it for free. So, people should choose the other channel of communication like a chatbot. 

To sum up, the Chatbots.Studio team is convinced that a chatbot is not an independent separate element from Internet banking. A chatbot is the great “bridge” between clients and mobile app/internet banking. A virtual assistant helps to increase the number of clients and simplify the onboarding to internet banking process. 

If you are interested in knowing what the chatbot value is for your bank, contact us igor@chatbots.studio. We are the market leader and top bot development company, so we’re ready to provide info on how your finance business could increase the size of your client base with a chatbot.