Have you ever been put on hold by a bank, or routed from pillar to post to no avail? Or have you tried to find out the latest interest rates on your account on the bank website? It’s nearly impossible sometimes. But change is in the air thanks to chatbots as I found out when I recently spoke to Avi Ben Ezra, Chief Technology Officer of Snatchbot.me
Although some banks have begun to look at chatbots, such as Moneygram with its Sendbot, and Western Union with its integrated cross-border transfer platform into Messenger, many financial organisations have done little to advance their client communications systems. Often their best effort is a ‘Q and A’ page on a website or an automated response system. This is very limiting and customers are frustrated. So they have a very long way to go to catch up with the Messenger platform, which has about 1.2 billion users.
Times are changing rapidly, however, and chatbots are creating a revolution, becoming more integrated with financial systems at all levels. Customers using a chatbot receive a better and simpler-to-operate information provider, which works in real time, answering questions on the spot. Not only do consumers want quick, easy access to information but they want the interaction to be engaging and personal. This is where chatbots have a real advantage because they provide real-time engagement and a human-like interaction. The user is made to feel they are included in the process of wealth management. Customers who feel included, who are communicating with banks through chatbots, will invest their future with the bank and that is important for them and the financial institution.