Industry Viewpoint

5 Chatbot Solutions For The Financial Services Industry

According to a report released by Gartner a few months ago, it is estimated that by the year 2020 customers will manage 85% of their relationships with a bank without directly interacting with a living being. A recent report from Ernst and Young (E&Y) states that leveraging new technology and robotic automation is amongst the top three strategic priorities for banks in 2017. Just like internet banking was a revolution in India in the year 2000, the last 2 years have been about the hype of chatbots.

However, the viability and actual impact of chatbots are often questioned. Are chatbots actually adding value or are they simply a fad?
At Haptik, India’s largest chatbot platform, we have been working with enterprises across the Financial Services sector to understand and develop chatbots for various use cases. Let’s take a look at a few solutions which we see are creating true end-user impact.

Customer Support

In a world where ‘Customer is king’, it’s imperative that their queries and issues are addressed and resolved in real time. For this, one of the leading life insurance brands has been working with us to build a chatbot that acts like a self-service tool for the end customer. Right from highlighting the description, key features, and benefits of a selected life insurance products, to deep diving into calculating the premium, this chatbot does it all for the consumer. Moreover, the bot helps them address queries about their policies and download relevant documents such as renewal scripts, fund statements, policy documents etc, all within a click.

Still in its early testing phase, the goal of this chatbot is to provide redressal to multiple queries at any given point and save considerable manual time and effort.

User Acquisition

Insurance, by nature, is a difficult product to understand for any user. Hence, one of the major challenges in this category is explaining the benefits of term insurance plans, using an interactive interface. However, at Haptik, we love a challenge! We partnered with an insurance web aggregator to generate viable user interest for their products and explain the different kinds of term insurance plans available to customers.
In order to get this done, Haptik created a Finance quiz to get users interested in playing a game. At the end of the quiz, the chatbot decoded a financial score of the user on a scale of 10 based on some key questions about his or her financial health. This was followed by a prompt asking the user if they would like to improve his/her score by getting in touch with an expert.
This integration was a massive hit for both users and the brand, leading to not only a good match but also a conversation.

Content Marketing

The BFSI sector is highly competitive and therefore, it is extremely vital for brands to position themselves in a manner that resonates with the consumer. To achieve this, brands have to go the extra mile to educate their users about their services in the most simple, yet engaging fashion.
One of our best chatbots built till date, Haptik partnered with a leading insurance provider in India to help introduce users to the company’s offering in a conversational bot. The user was engaged with a story of a poor poet who saved regularly to reap the benefits of his savings later in life.
Keeping the user intrigued till the end, we connected the story to the importance of financial planning and the need of investing in a life insurance plan. This was followed by a prompt to explore the various life insurance options offered by the company. The campaign did wonderfully well and helped position the insurance provider as a brand that is one step ahead of the game when it comes to communication.

Outbound Calling

A user’s feedback about his experience with a brand is as vital as the user’s engagement with the service of the enterprise. Especially in the BFSI industry, users are sensitive about their monetary transactions and it’s imperative that they feel satisfied to have a long-term association with the provider. Hence, in order to streamline the process of receiving user feedback, we have created a voice-driven chatbot that gets feedback through the most simple mode of communication: the phone call!
An automated call would be generated once the user completes a transaction, and a voice bot would go through a series of questions asking the user about his/her experience with that transaction. The user simply has to speak back with answers, such as on a scale of 0-10, likelihood of recommending the service, feedback for the customer rep, etc.

This serves as the perfect use case to understand the user’s sentiment about the product, his overall experience with the enterprise and the suggested improvements in processes to make sure no user has an unsatisfactory experience in future. More importantly, it cuts out inefficiencies in the system by making the entire feedback collection process automated.

Appointment Booking

Engaging users to purchase a credit card is one of the continuing challenges that the banking industry faces. Hence, one of the leading banks of the country partnered with us to explore conversational marketing methods to bring forth their available credit card options to users.
The purpose of this bot was to not only generate high-quality traffic for the cards but also help with scheduling of in-person appointments for document pick up. We were looking to kill two birds with one stone: acquire + optimize.

We created a chatbot that prompted the user to pick a credit card based on their needs and spending habits. Then depending on the income range of the user, the credit card that fits best with their needs was suggested. The user could verify their eligibility, view additional information and book an appointment with an executive. As opposed to traditional forms of marketing, our audience responded well to this new method and it turned out to be very beneficial for the bank as well.

Given the unexplored potential of chatbots, these are only a few use cases where conversational AI proved it’s worth in the BFSI sector. At Haptik, one of the world’s largest chatbot platforms, we never seize to explore the endless possibilities of chatbots providing an instant solution to varied customer problems. With AI taking over the world in almost every possible way, it is only a matter of time before conversational interfaces become a key component of every financial services institution.

Like what you read? Have more cases to share about how chatbots are creating an impact in Financial Services?
Feel free to share your thoughts with us in the comments below or reach out to us here.