Chatbots in banking sector: application of bots in banks Chatbots in banking sector: application of bots in banks

Chatbots are actively integrated into the operation of various companies. Robotic staff members allow to reduce costs and optimize working processes, as well as simplify banking operations and improve customer service. Let’s figure out how bots are applied within the banking environment and how they affect the operational efficiency.

Obligations of chatbots in banks

The main task of chatbots engaged in the banking environment is to decline expenditures. It can be achieved by increasing the amount of channels for interacting with clients.

Besides, bots enhance the speed and quality of organization services by answering customers’ questions twenty-four seven. As they process calls and SMS, organizations do not have to spend money for call centers.

Case studies

The analysis of Grand View Research shows that the chatbot market will reach $1.23 billion by 2025. Currently, robotic employees are already working in banks across the globe. Several examples are given below.

PrivatBank Bot

PrivatBank utilizes several types of chatbots that answer clients’ questions: they specify the currency rate and explain how to transfer funds.

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The bank also has functional robots helping to apply for a loan, transfer money from one card to another, and receive a parcel in the automatic parcel terminal.

According to Yuliya Guseva, a Chat Online manager at PrivatBank, the bank has automated the customer care since the application of bots: a chat dialogue duration has been reduced in average by 20%.

The expert stresses that PrivatBank chatbots are able to process about 85% of conversations, allowing to cut the number of operators and save approximately $2.2 million per year.

Alfa-Bank Bot

Ukraine’s Alfa-Bank has also integrated an intelligent chatbot. The robotic team member provides answers to any questions: it assists clients in choosing a product and gives consultations on services.

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Bank personnel mention that the chatbot manages to field 3 million calls from customers.

The integration of chatbots into bank operations allows to reduce financial expenses, expand the client base, and decrease call center burden. These aspects improve the level of customer service and relations.

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