Over the last couple of decades, banks have been utilizing their legacy platforms to undertake commercial and retail banking. With rapid advancements in technology, these core banking functions are now evolving into modernized systems. When it comes to automation and digitization of banking functions, there is a vast dependency on technology and transformation. This is owing to benefits such as increased productivity, reduction in costs of ownership, integration of technology, better time management, delivery of superior customer experiences and the creation of digital and physical touchpoints through omnichannel approaches.
Organizations in the banking and financial services industries have websites and mobile applications integrated into their daily operations – both internally and externally. With increased digitization, comes better outreach and the ability to enhance customer experiences and involve more people in the banking network. One of the most interesting digital approaches that organizations in the BFSI sector have adopted is conversational banking.
Many, if not most brands, have embraced digital presence like fish to water. They have taken the pandemic as a cue and turned it into an opportunity to grow in a world where everything has turned digital and flourish to the best of their abilities. The pathway to digital migration has been quite rapid, given that under normal circumstances, it would have taken at least twice the time.
In their hurry to digitize the platform and future-proof their presence in the business world, many brands overlook the intricacies involved in communicating with their target audience and existing customers online. As much as companies use AI, ML, NLP and other emerging technologies in their brand strategies, picking the right ones that suit their organizations’ needs is critical to its success. For example, George Bernard Shaw said, “The single biggest problem in communication is the illusion that it has taken place.” This is indeed a priceless statement, as brands are under the assumption that their message has been conveyed to the audience and that everything is taken care of.
On October 25th, 2021
It’s a well-known fact that the way people shop is changing. In fact before and even after making a buying decision, people are communicating with brands in ways like they never have before. That’s why it’s so important to be able to communicate with your customers on their terms, not yours.
This is where conversational support comes in. By leveraging conversational support, you can engage users in a conversation that feels more natural and convenient than sending an email or making a phone call. It also allows you to improve customer service and sales without spending money on extra staff members.
In this article, we’ll discuss conversational support and how this new way of communication can benefit your business. Keep reading to find out more.
Only 7% of companies don’t use AI, but are looking into it (SEMrush).
This means that 93% of businesses utilize AI in one way or another to enable business growth. To adapt lucrative and sustainable strategies, AI has a critical role in not just critical decision-making processes but also in most routine activities. For example, with utilities like automated marketing tasks, real-time dashboards, and data warehousing, business intelligence has enhanced like never before.
AI is used in the business world to simulate human thinking and behaviour. Various expert systems such as virtual reality, neural networks, and intelligent agents are used to generate business value. However, one critical thing to notice is how many businesses are hesitant to adopt AI in their business processes. While only 7% of companies do not use AI, it is still a huge number, and worrying at that.
Enterprises and users have switched to Over The Top (OTT) messaging apps in recent times. OTT messaging apps like WhatsApp, Line, Facebook Messenger, Viber, etc. allow users to send rich media messages (video, images, gifs) easily. This is more engaging than sending simple text-based messaging.
Let’s take a look at which OTT platforms are standing out from the rest. Data as of October 2020 indicates that WhatsApp is the most preferred messaging platform with nearly 2 billion monthly active users, followed by Facebook at 1.3 Billion users. (Statista)
Consumer engagement is becoming increasingly important for brands. Be it a well-established brand or a new and upcoming brand, consumer engagement has become the most important phenomenon of business marketing. It has become important mainly due to the ease of access for brands to reach consumers. Be it the increased availability of information, or their availability on e-commerce and social media apps, consumers are being more and more conscious of their choices.
Most of the outreach and marketing happens via social media, and therefore, the social media handles need constant engagement and respondents who can engage with queries and questions of the consumers. Srinivas B Vijayaraghavan, VP Marketing and Niyati Agarwal, Head of Conversational AI at Gupshup, talk about how and why you should invest in social media bots to bolster the presence and reach of your brand. Listen to their conversations here.
RCS (Rich Communication Services) is the next generation of SMS (Short Messaging Service). RCS helps to send rich media such as video, gifs, and images with suggested buttons and replies, which enables enterprises to achieve a higher response rate than simple text-based messaging.
Let us understand how RCS is being used by various brands and industries.
In the ever-changing and ever-evolving landscape of the digital world that we inhabit now, especially since the advent of COVID-19, most of our purchases, transactions, and other exchanges happen online or via a smartphone. Hence, it is crucial for an upcoming or even an established FinTech company to understand the changing consumer needs and behavior. As of today, India remains at the cusp of the FinTech revolution. In the average 20,000 startups mushrooming, 10,000 plus are only FinTech related. These changes have actually revolutionized the FinTech ecosystem.
The transition or transformation of financial processes from physical to digital media, and onto web and mobile apps has been fast. But within digital media itself, there is another transformation taking place. Beyond the era of the websites and apps, there is an emerging era of conversations and messaging. FinTech also is moving in this direction of going beyond the app and is sort of living in the messaging ecosystem.
SMS-based communication has been the cornerstone of marketing for brands for a long time. Over the years, user engagement with SMS has been steadily declining as text-only messaging is not sufficiently interactive for users. Other channels of communication have emerged which are highly engaging and user-friendly. RCS is one such medium where the interaction between the users and brands is not only engaging but also supports end-to-end automation.
RCS Business Messaging (RBM) allows the deployment of industry-specific automated chatbots on the RCS channel. RBM also enables brands to interact with users with an advanced version of the SMS.
With the development of new technologies, more and more companies adopt brand new techniques and methods to boost their sales, attract customers, and, more importantly, build a solid reputation. This is why most of the companies that exist nowadays use AI – artificial intelligence to improve their business operations and guarantee the mind-blowing success of their company.
As they say, “nothing changes if nothing changes,” and that’s the main reason we have to be flexible enough to meet and adapt to the newest trends and changes that life serves us every day!
A few years ago, everything was handled manually, fraught with manual mistakes and human errors. Yes, those were harsh and ruthless times, where we were double- and even triple-checking everything to make sure everything was OK! Now, we don’t need to waste our time on such things: everything is perfectly handled by our new tech friend, AI!