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How Artificial Intelligence Could Revolutionize Banking Client Services

Mohannad Aljawamis
September 21, 2021
Banking Sector revolutionary customer service

The banking industry is quickly becoming one of the most technologically advanced sectors in the world. Not only are banks nowadays able to use technology to speed up day-to-day operations such as withdrawals and deposits, but they are also creating new tools to make self-controlled financial decisions for their clients faster, easier, and far more secure. 


One of the areas that remain cumbersome, however, is customer support. Despite the ubiquitous mobile and online banking tools, there are many cases where customers still need to deal with an agent to get things done. Whether it is for requesting financial certificates, applying for loans, or resolving charge disputes, the volume of customer support inquiries that banks receive on a daily basis is overwhelming. 


In order to make banking clients’ support faster, smoother, and more effective; banks should continue to embrace technology when it comes to communication and live customer support. By investing in interactive voice assistants and chatbots that are powered by artificial intelligence, the banking sector could reap the following benefits: 


  1. Multi-channel and better quality support 

Banking clients may reach out through various channels; email, telephone, social media, etc. The expectation is banks are ready to support clients via all available channels. This is why utilizing IVA’s and chatbots can ensure banks maintain their promise towards their clients and can strengthen the quality of their services. 


  1. Faster client service, less friction 

When it comes to financial services, clients tend to be impatient. They need immediate support and are not likely to be content with a wait time, even if it is for a few minutes. Luckily, AI-powered communication can eliminate wait time entirely along with any friction that could result from unhappy clients. IVA’s and chatbots can support many clients simultaneously and instantly. 


  1. Reduced employee burnout 

The day of a customer-facing banking employee can be hectic, to say the least. With high demands and repetitive customer queries, fatigue and burnout can threaten employee satisfaction and even retention. By automating certain parts of client servicing, banks can save their employees a big headache and can empower them to focus on more complex and strategic tasks. 


  1. Stronger data security and protection

Without doubt, data protection is of paramount importance in the banking world. Artificial intelligence can actually introduce a whole new level of security. Banks using a reliable IVA and/or chatbot can rest assured that their frequent client conversations that are likely to contain sensitive information are fully protected and are only accessible by the authorized personnel. 


Curious how IVA’s and Chatbots work on the ground? Request a demo today from Xina