The 3 Keys to winning customer loyalty with Conversational Banking App in 2019

Networking and communication has become the pillars of success in the business world today. Hence every segment lay special emphasis on communication as conversational banking app helps in bringing transparency with the customers.

Chatbot is one of the most innovative methods to simulate conversation with human users. Both the parties behave like conversational partners to establish the communication. With the rise of internet, chatbot has come forth as an important element of communication.

This also led to the demanding customers. Internet insecurity is another element which causes worry for the users. In the banking field, competitive edge is very high. Digital revolution has hit the sector and Chatbots has come forth as the most powerful communication weapon. This is also called as Conversational Banking.

What is conversational banking?

The use of conversational marketing to establish communication with the customers through voice or text-based interaction is called conversational banking. It allows the customers to interact with the banks with the use and help of the Chatbot.

Conversational is the start of a fruitful relationship. Banks have to establish good relations with their respective customers to earn their loyalty and Chatbot can play a pivotal role in establishing this relationship.

In simple language, it means managing financial life through voice or text support. Customers use conversational banking App (chatbot) to enquire about their balance in the bank, money spent or even developing a budget.

The key feature of conversational banking 2019 is the empowerment of chatbots which allow the customers to ask their queries and get the answers to their queries. Many even consider it as Artificial Intelligence or AI.

It can be a human answering the chat or the chatbot empowered by cognitive technology. The fact is that instead of the human banker, the chatbot will handle the routine chats and the complicated issues can be answered by the human agents.
l Read A Comprehensive Guide On Conversational Banking

The 3 keys to winning customer loyalty with conversational banking 2019 are as follows:

Intent

Having a clear idea about customer’s intent is a challenge which can be eased with the help of conversational banking.
With the help of elaborate designing and meticulous training slang, misspellings, dialects, and abbreviations can be accurately handled.
For the perfect intent discovery, the chatbot is well-designed and tactics like clarifications, confirmations, and multiple-choice questions are employed until desired information is achieved.

Experience

For a conversational banking App in 2019, it is imperative to yield great results. A good conversation is one which is enriched with effortless understanding between both the parties.
Voice assistants support only vocal conversation but mobile applications can make use of text, images, displays, videos, and chat for interaction.
Communication in the chatbot can be enhanced by enriching the conversation with audio and visual media. Thus for the conversational banking to be truly imaginative, conversational banking app can be used.
Good private bankers fulfill the demands of the customers and also present them with suggestions to make their banking journey smooth.

Privacy and security

Customer data transfer or transaction transmission is also a challenging task for the customer. The regulations for the same are different in diverse countries.
Transmission of data or transactions gives rise to insecurity. Several banks do not transmit PII using social media sites as monetizing of customer data can happen.
Non-PII data can be given a different treatment and can be displayed in the third party sites with the consent of the customers. Conversational banking 2019 should take care of such nuances.
Banks need to perfect the transmission of data from the third party site to their own website through conversational banking app.

Take-away

Conversational banking apps are being launched by the banks and customers are definitely finding it to be of great help.
The development stage is not without any challenges but technology plays a pivotal role in discovering new heights.

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