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A comprehensive guide on Conversational Banking

Conversational banking is an adjunct to chatbots, which is meant to make a response to customer inquiries. Intense desires for live conversations amongst people engaged in various digital platforms have escalated.

Conversations have proven to rectify complicated problems, offer advice and assist consumers in more ways than one. Contextual information is expected by people to determine the actual situation and enabling them to take wise decisions. It is an advanced version of digital engagement that is scalable.

Ultimate goal of conversational banking

The primary objective of conversational banking is to enhance the customer experience, amplifying user engagement and offer deep insights into niche where consumers require adequate help. Appropriate delivery of feasible solutions is helpful in reaping maximum profits and sales.
Conversational AI enables customers to be connected across the globe. It facilitates raising appropriate questions and establishing user engagement in times of emergencies. One of the remarkable features of this tool is that it communicates with the discerning customers in either oral or written languages.

Business organizations leverage conversational bankinginteract with customers on various social media platforms such as Facebook, Twitter or even mobile. A powerful tool, whichis designed to cut down expenses of interactions in the banking sectors. Ex: bill payment and balance inquiries.

Role of conversational banking in Financial Institutions

Conversational banking is a seamless process as it enables a consumer to leverage commands to arrive at a particular spot. It eliminates the need to navigate through various pages contained in a website. Research suggest the fact that majority of the mobile interactions purport to be handled by professional smart agents in the year 2020. 

Most of the consumers prefer introduction of a live chat session in the official website of a company. Out of which some switch over to messaging from telephonic conversations.
According to a survey, exceptional bot services inspire the customers to get familiar with brand new features of software thereby enhancing user experience. Now they do have the option to request a bot to escort or guide them to a particular location. 

Both conversational banking and chat bots are operated in real-time mode. Consumers appear to be more inclined towards applications that are capable of furnishing contextual response to queries raised by them.
Providing feedback to queries within a smaller duration of time are transcribed to 7X that enhances lead. Customer satisfaction improves if issues can be resolved instantly. Well-curated conversational AI portal allows customer support services to reply instantly to problems raised by a client.

 It is possible only through a proper means of communication between personnel and customers. Conversational AI has the capacity to deal with enormous amount of interactions in the absence of a full-fledged team.

What does the term Conversational User Interface mean?

Conversational User Interface is a distinct platform where the customers can seamlessly interact in a simple language. Main objective is to ensure enhanced user experience. It is sub-divided into three major categories.

Standard bots:

Standard bots are subject to commands and inputs. It is used by banking departments who are focused on amplifying integration of chatbots. They are known as the building blocks of interface.

Text-based assistants:

It is a conversational interface where communication is executed through typing. All you need to do is to keep typing words and assign an input. Chatbots furnish answers based on the input quality. An extensive library is used to design the above-mentioned chat bot. Owing to the availability of text-based information; it is extremely easy to create text-based interfaces. However, chatbot accuracy level will be affected as the language and vocabulary is dependent upon its usage.

Voice Assistants:

Today, majority of the online e-commerce portals harness popular voice assistants such as Google assistant, Amazon Echo. These two tools guarantee optimum accuracy and integration as well. Amazon’s assistant assists the customers in including brand new products in their wish list or order fresh ones. One of the benefits of using this tool is that it saves considerable amount of time required to type words and narrow down the barriers.

Both channel preferences and customer interaction had undergone a profound modification for the past few years. It is currently on the path of emergence and continues to expand in various industries like banking. In order to improve customer satisfaction and nurture consumer endorsement, banking institutions should focus on complying with the ever-changing needs via innovative means of technology.

 In the digital era, personnel had begun to leverage text terminals, which offered first hand consumer experience through computing. Despite inadequate intuitive designs and sufficient training, staffs were adept in using graphic window screens in the year 1980. On the other hand, customers took advantage of the phone banking. Internet and graphical web browsers ushered technology to digital transformation.

Conversational banking - a self-service banking portal

Conversational banking is a distinctive and self-service banking platform that provides numerous benefits.It is a two-way interface, which allows the customers to be connected with the bank.

 Conversations could in the form of sending text messages, voice calls and video conferencing. Feedback provided by bank are automated. However, in certain circumstances only the bank staff could manage vital conversations. Conversational banking is furnished in multiple ways:

Send SMS


Siri and Alexa are some of the popular voice assistants

Automated Sign Language

Whatsapp, Facebook messenger are some of the top reliable applications that are popular amongst the consumers across the world.

Conversational banking interface operate in a variedforms with conversational services increasing at a rapid pace. Advantage of this tool is that it improves user experience as the interfaces are functioned in same manner. Customers need not encounter any sorts of restrictions and limitations.

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