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Need For Omni-channel Messaging In Conversational Banking

On March 28, 2022 | 5 Minutes Read
BFSIChatbotsConversational AIConversational Engagement

Conversational banking combines chatbots and in-app messaging technology to create a dynamic self-service channel that customers can access when they have questions or need help. Conversational banking requires you to be available on all channels your customer is on. Conversational banking relies on multiple channels for communication and helps you throughout the customer journey.

In order to provide a customer journey across multiple channels, including the ability to switch between channels and real-time interaction, banks need to simplify the exchange of data between them. Banks can offer customers a choice of channels and allow them to switch between them without interrupting or fragmenting their journey. With truly omnichannel banking, customers can switch between channels without fear that the bank will lose their connection.

Through omnichannel, banks can achieve the ultimate goal of meeting the specific needs of their customers and, at the same time, anticipating their desires and tastes. As a digital approach becomes a necessity, omnichannel banking offers much-needed digital services to customers.

Banking chatbots have a key impact on the customer experience by providing an omnichannel banking experience. As customer experience becomes a hallmark that gives banks a competitive edge, banking chatbots with seamless omnichannel interactions are becoming increasingly important.

Chatbots For Seamless Omnichannel Interactions

Chatbots will become an integral part of a broader multi-channel strategy as customers move more seamlessly between channels in the digital world. If you don’t have chatbots in your plans today, it’s time to figure out how to use this new channel to engage and serve your customers while making it an integral part of your strategic multi-channel deployment. Conversational AI and chatbots enable banks to respond to changing customer expectations by providing fast, convenient, 24/7 communications of personalized recommendations, regardless of channel.

Because conversational banking strategies take into account that sometimes a customer may want to speak to a real advisor, the integration of digital tools can change the customer experience.

To improve the customer experience, banks need to prioritize those digital tools that create more opportunities for meaningful conversations. Whether it’s chatbots providing mortgage information or using co-browsing to collaborate with customers on apps, conversational banking is the foundation of a successful customer experience. Knowing customer touchpoints helps you put in place the right tools to engage your customers and provide online banking.

Banks need to identify all potential customer touchpoints to ensure a consistent omnichannel user experience across all their channels. With data on how each customer interacts across channels, banks can better tailor interactions. With an omnichannel approach, banks can better understand customer intent by leveraging multiple touchpoints to learn more about customer preferences and behavior.

Benefits Of An Omnichannel Messaging Approach

We have seen that an omnichannel approach can help banks improve customer experience, reduce operating costs and attract new customers. Modern banks may seek to build one-to-one relationships with customers, using omnichannel platforms to improve customer interactions by connecting with customers on their own terms and in their spare time. The omnichannel experience provides banks with the best strategy to meet customer expectations while delivering the best banking operations and services.

Clients value the omnichannel experience because it provides speed, flexibility, reliability, transparency, and attention to their banking interactions. Omnichannel customer service helps you deliver consistent service and meet your customers’ needs and wants, even if they contact you through different channels. Conversational banking allows you to give customers what they want – personalized human interaction through digital channels.

Conversational banking allows you to engage with customers anytime, anywhere and resolve their problems almost instantly. It also enables customers to interact with chatbots, voice assistants, human agents via chat, mobile apps, to receive personalized recommendations about visiting branches. Adding on to that, conversational banking helps automate customer support and reduce call center calls with voice bots.

Omnichannel banking platforms integrate customer service centers, mobile app chatbots, video intercom and other communication channels to meet these expectations. By integrating multiple digital tools such as online chat, messaging, video calling and shared browsing, omnichannel banking strategies increase the number of touchpoints in the customer journey, thereby improving the ability of financial service providers to create positive experiences.

Through omnichannel marketing, physical and digital financial institutions can combine data-driven insights, innovative banking and marketing strategies, and powerful technology to automate and scale efforts to meet customers’ omnichannel banking expectations. As banking institutions expand conversational banking, they can gather vital data on customer goals, financial behavior, intentions, and desires to inform their cross-sell and up-sell strategies.

The Future Of Conversational Banking

With an omnichannel approach, banks must move away from a bank-centric approach to a customer-centric approach, shifting the focus to customer interaction. One result: Banks sometimes feel they need to use differentiated outcomes as a means of engaging customers through one channel rather than the other, but this approach runs counter to a truly integrated omnichannel offering.

A personalised approach to the customer is a key element of the bank-customer relationship and it is the foundation of every bank strategy, regardless of the channel, whether physical or digital (mobile, online social). Because your virtual assistant works in a mix of banking channels and third-party services, you also need an “optical channel” platform, meaning your conversational AI platform understands the strengths and limitations of each channel and acts on them.

It’s critical for banks to choose a conversational AI platform that not only supports your current channels, such as website and mobile apps (and the third-party channels your customers want to use), but can also extend to other channels that the consumers will want to use in the future.

#LetsGupshup to know more.

Priya Ranjan Mohanty
Product Marketing Manager

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