Chatbots for Banking & Finance: How Information Security Is Paramount


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Chatbots for banking can be advantageous in terms of meeting both your business goals and your customers’ expectations of quick, convenient service. Equally important, however, is ensuring that your customers’ private information remains private.

The team at OutPLEX has the experience and the dedication to help your financial institution install efficient and effective digital solutions without compromising information security. Call today and let us design a plan that works for you.

Chatbots for Banking & Financial Institutions

The Conversocial State of CX Trends Report 2021 shows both an increasing acceptance and a lingering wariness around bots and other automated customer interactions. Survey results on Page 11 indicate that 58% of customers are “comfortable” with good, bot-driven interactions. However, only 45% believe that bots could provide a better experience than humans.

In short, it is very important for your business to take advantage of customers’ comfort with chatbots. At the same time, you must overcome their wariness by showing customers just how much value chatbots bring to banking and financial institutions.

What can chatbots offer to customers? Among other things, they are:

  • Fast: Customers do not have to worry about waiting on hold. They can instantaneously get the answers they need.
  • Convenient: Chatbots are available at the touch of a button at the exact moment when the customer needs assistance.
  • Empowering: Features like chatbot automation allow your customers to maintain control. They decide when and where they get answers.
  • Cost-efficient: A chatbot can take care of thousands of customers simultaneously. This is much more cost-effective than requiring your customers to interact with an agent at your contact center every time they need information.

Bots are best suited for handling basic information requests. These include queries about common subjects like:

  • Account status
  • Business hours
  • Business locations
  • Special offers
  • Service availability
  • How to perform an action (e.g., schedule an appointment)

These questions usually do not take long to answer, and customers can get those answers much more quickly through a chatbot than they can by waiting to connect with a live customer service agent. It is, therefore, relatively easy and far more efficient to program a chatbot to field such questions.

OutPLEX Offers Secure Communication Services

With the proliferation of online communication, information security is paramount. Per Page 5 of the Conversocial report, more customers are conducting more business online. The financial industry alone saw a 120% increase in online conversations in 2020 compared with 2019.

This figure emphasizes the importance of reaching out to customers—and letting them reach out to you—through digital channels like the following.

  • Chatbots: Conversational AI automation enables customers to receive fast answers to simple questions.
  • SMS texting: Field basic questions via text, or be proactive and text your customers reminders about important dates, necessary actions, and more. Text messages can be automated or controlled by an agent.
  • Digital messaging: Let customers interact with you through messaging services they already use and like. Examples include Google’s Business Messages, Facebook Messenger, and WhatsApp.

OutPLEX offers secure, efficient contact centers that come complete with:

  • Trained agents: Our expert agents are skilled at providing callers with compassionate and professional assistance. We can also retrain them in accordance with your business objectives or in alignment with your unique company culture.
  • The option of IVR deflection: Interactive voice response can quickly identify each caller’s needs and divert them to the appropriate channel or agent. This makes for a smoother call center experience and eliminates bottlenecks.
  • 24/7 tech support: If a technical problem ever occurs, our helpdesk team will fix the issue as soon as possible.

A Chatbot Is Just One Part of Efficient Customer Service

As Tata Consultancy Services states, maintaining information security involves many steps, not all of which you have control over. Customers and clients also share responsibility for keeping their data safe. However, there is still plenty that you and your company can do. In terms of digital communication, this may include sending customers information on potential threats or requesting identity verification before every sensitive interaction.

OutPLEX can provide safe and reliable chatbots for banking by:

  • Enabling them to learn: The more a bot interacts with customers, the more it ‘learns’ how to provide useful responses. We can also use previous customer interactions to teach the bot what kinds of questions it may encounter and how to respond.
  • Including advice: For instance, during a customer interaction, the bot can remind customers not to type in their personal information (e.g., their password).
  • Redirecting customers to a live agent: Sometimes, a bot cannot help a customer on its own. In such cases, it can transition them to a live chat agent or provide a secure phone number or email address the customer can use to get the assistance they need.
  • Integrating it with existing systems: Installing a chatbot does not have to mean overhauling your entire customer support system. OutPLEX can often integrate with programs you already use, saving you time and the trouble of learning a new system.
  • Integrating it with other channels: Messaging should be consistent across all channels. This way, customers know they can trust the information they receive. 

A member of our team would be happy to tell you more about the services we offer and how they can:

  • Boost customer satisfaction: Customers are generally happier when they can meet their needs via channels they are comfortable with.
  • Improve customer retention: Great customer support is essential to customers. In addition, a well-trained call center agent can engage with customers who are on the verge of canceling a service.
  • Attract new customers: When you are confident in your CX offering, you can use it as a selling point to set yourself apart from competitors.
  • Help you meet goals: Whether you want to promote a specific product/service or persuade customers to take a particular action, both digital and traditional channels are valuable tools for meeting your objectives.
  • Keep data safe: We can work with you to decide which security measures are appropriate and necessary for each communication channel you implement.

Get a Free Quote from OutPLEX

Call us today to learn more about what OutPLEX can do for your banking or financial institution and get a free quote. We can explain how chatbots for banking and fintech industries can boost your business, what other digital solutions your customers may appreciate most, and how to provide customers with convenient services while keeping information security at top of mind.

Learn more about our Banking & Financial Services CX Solutions.