Launching Conversation Cloud - Reimagine CX in the Digital Age. Learn More
NEW! Pre-Approved WhatsApp Templates To Keep Your Customers Closer Explore
Conversational Internet is digitizing the other half of the world Learn More
You asked for our Gen AI secret sauce - Launching ACE LLM! Explore

Conversational Banking: Transforming An Old System

On May 20, 2021


Co-Founder and CEO
Beerud Sheth
VP Marketing
Srinivas B Vijayaraghavan


In this episode of the #ConversationalMessaging Podcast, Beerud Sheth – CEO of Gupshup and Srini – VP of Marketing at Gupshup talk about how the banking industry keeps up with the digitized world. They discuss the challenge of transforming offline and online banking to “conversational” banking, which makes banking seamless for all generations. They also discuss the three stages of this transformation: the marketing, transactional, and support stage.

Making The Experience Seamless

Banks found ways to reduce consumers’ pain points by launching banking websites and applications. However, consumers still take a lot of time and effort to do simple transactions like payments, balance inquiries, money transfers, and such. Beerud thinks that it’s more convenient if consumers are able to do everything in one go. How? By incorporating these easy transactions in messaging-like platforms.

Search ads, social media ads, or other digital ads are the different entry points, whether it’s offline or online advertising. From that, they come into this conversational experience where the users can customize their journey as they discover and find the right product. That’s the marketing part.

Beerud Sheth, CEO of Gupshup

Making The Experience Contextual

Simple transactions are a perfect opportunity to upsell or cross-sell to consumers. Its success lies in making sure that the offers and recommendations for the consumers are timely and relevant, making it an added value to their experience. This contextual placement of transactions is a win not only for the consumers but more importantly, for the banks as this prompts more transactions from the consumers.

Making The Experience Satisfactory

Beerud talks about how conversational banking positively affects customer satisfaction as it promotes unlimited availability and accessibility. Instead of making the consumers unhappy because of long hold times on the phone, conversational banking allows them to resolve conflicts at their own time and pace. Most importantly, with continuous development, this kind of banking with the highest regard to data security and user privacy can be the safest and most secure.

Recommended Resources

Revolutionizing Realty: A Conversational Approach to Transactions in Dubai’s Real Estate Industry

Discover how conversational AI transforms Dubai's real estate. Explore innovative approaches to transactions in the industry.
Read More >

5 Things That Can Indicate Your Customer Communication Needs a Revamp

Discover 5 signs signaling it's time to overhaul your customer communication strategy. Stay ahead in the...
Read More >

5 ways Conversational AI is Redefining Home Buying Experience in Dubai

Discover how Conversational AI is transforming the Dubai real estate market, making home buying faster, simpler,...
Read More >