The use of technology has permeated every aspect of human life as our dependency on tech products for quick resolution is constantly increasing. Rapid digitalization across industries over the past two to three years has changed the fundamentals of how firms run, especially after the pandemic. By providing a seamless omnichannel experience to customers, brands have gotten on the trend of investing in automation and implementing RPA. And the financial services industry has always been one of the fastest adopters of evolving tech trends.

With NBFCs turning all payment trends in their favor, there is an infinite scope of automation and RPA to explore!

The Tech-Driven Future of NBFCs – Processes Automated

As part of the digital workforce, IA, RPA, and AI assist in duplicating tasks done by the human workforce in order to minimize or completely eliminate human intervention. This automation is typically used in tasks that are essential but tedious, repetitive, and labor-intensive.

These technologies are broadly applicable to a variety of procedures, including eKYC, payments, repayments, and regulatory reporting, among others. Customers would be able to self-service themselves 24 hours a day, seven days a week, and perform a variety of other tasks with ease, thanks to the help of virtual agents and chatbots.

• Credit Decision Making

  Lending institutions utilize technology to boost operational effectiveness, deliver quicker services, and enhance the entire customer journey. A bigger diaspora of the Indian population across geographies has been able to get timely credit. Thanks to non-banking financial companies (NBFCs), financial transactions are now much easier, and credit approvals are more seamless. Banks’ credit to NBFCs increased 30.6% year on year to a whopping Rs 11.7 lakh crore in September 2022, mainly due to a favorable base effect, confirms RBI data. This is strong evidence of the huge potential that NBFCs carry, as it is nearly double the overall credit growth in the system.
  The internal process that NBFCs use to research and validate loan applications before deciding on credit risk is known as the credit decision process, and it is essential to how these institutions conduct business. When RPA is used in the loan origination system, procedures like KYC validation, conversion, and verification become more streamlined, which concludes the applicant’s entire credit assessment.

• Managing Analytics and Dashboard

  Bad loan risk, a lack of trustworthy risk scoring techniques, and a lack of visibility into loan performance data, among other issues, are obstacles that NBFCs must deal with. When it comes to portfolio state, loan application status, turnaround time, application aging, salespeople performance, funding, exposure, collections, and other topics, the client leadership may occasionally lack timely information.
  In such a case, a technology-driven approach to verify the creditworthiness of the customer is required. Organizations can benefit from insights into the portfolio of loan applications, funding and exposure factors, customer insights, risks, loan performance, and more. Better asset management is made possible by the system, which also allows for the early detection of defaulters through trend analysis. Based on analytics forecasts and proactive consumer connections, NBFCs will be able to increase client repayment rates.

• Chatbots and AI assistance

  In the NBFC industry, chatbots and robo-advisors have emerged as new representations of ease of doing business. They became especially crucial in determining the preferences of the general public and automating routine chores outlined in the rule book. The best example of this is Paytm online recharge chatbot, which handles phone bills, electricity bills, water bills and more by sending a few messages.

  In order to communicate with prospects and customers for self-onboarding of the customer, customer servicing, and employee-related activities, many NBFCs now use chatbots and robo-advisors. In India, Aadhaar-based KYC is bringing digitization to the masses by supporting digital footprints with biometrics. Numerous NBFC firms now have a solid basis thanks to Indian Prime Minister Narendra Modi’s recent drive to promote programs like the Jan Dhan Yojana, Aadhaar, and the advent of UPI.

  As a result, they can now cater to potential demands across the nation. This turned out to be incredibly helpful for keeping things running during the pandemic despite movement constraints, a reduction in staff, and disrupted value chains.
  

• Customer Segmentation and Client Behaviour

  Platforms using a Software as a Service (SaaS) paradigm lowers the upfront investment expenses for hardware and infrastructure, enabling dynamic scaling. NBFCs should use customer segmentation and personalization to increase sell-through. Any marketing campaign’s outcome depends on how well the audience is segmented. They use customer segmentation to obtain knowledge on how to choose particular offerings, enhance customer service, comprehend client behavior, and more.

  NBFCs can unlock the power of artificial intelligence and maximize revenues based on a plethora of parameters. Today’s customers have extremely high expectations! They must now carefully monitor their customers’ specific wants and preferences in order to provide them with goods and services that are appropriate.

NBFCs today, more than ever, need to understand their customers. It’s crucial to derive insights from the enormous terabytes of data that they have stored in order to provide top-notch customer service. Ingestion of data does occur in these institutions so easily. The inability of NBFCs to collect real-time data from clients at various checkpoints leads to inefficient selling, which prevents any advice provided to customers from being implemented as intended.

Benefits of RPA for the NBFCs

The ideal Robotic Process Automation solution would be flexible and reduce risks by empowering systems to accommodate change and handle complexity.

1. Reviewing existing procedures:

   Financial institutions can program RPA bots to evaluate both recent and old financial transactions for anomalies and patterns that can point to fraudulent or unlawful activity. RPA will need the financial institution to investigate, record, and evaluate the current processes, generating in-depth insights and highlighting high-risk areas.

2. Comprehensive customer profiling:

   Technology makes it possible to extract useful information from massive data sets that can be used to forecast customer behavior. Institutions can make lending choices more quickly because of this thorough client segmentation. The most recent technology offers information that goes beyond simple demographics.

3. Resource management:

   Numerous financial organizations have implemented robotic process automation (RPA) to streamline operations, cut costs, and save time. Many NBFCs have worked with fintech companies to adopt this type of software, allowing them to use resources more efficiently and make lending decisions more quickly. This has sped up the processing of numerous loan applications by NBFCs and decreased the possibility of human error. Additionally, it has aided in improving the accuracy and structure of the underwriting process.

4. Increasing the speed of fraud investigations:

   RPA collects data from numerous sources and analyses it quickly, allowing investigators to devote more time to concluding fraud cases. So, the risk of banking fraud is lowered.
   

Why Choose AutomationEdge?

AutomationEdge is a leading Hyperautomation platform with IT Automation, Robotic Process Automation (RPA), Conversational AI and Intelligent Document Processing capabilities to help banking organizations automate their repetitive, rule-based tasks across verticals.

Unlike other platforms, AutomationEdge has built a library of ready automation solutions called as SolFlos to automate banking processes like reconciliation, email contact center
automation, GST automation, bank statement automation and more. These solutions reduce the time and cost of implementation and enable faster Go Live.

To understand the offerings better, let us focus on the real use cases for the NBFC sector:

• DocEdge – IDP Solution with OCR, NLP and ML

  NBFCs are using intelligent data capture solutions for document processing to achieve a greater percentage of straight-through processing (STP). Include bank staff in the loop with the maker checker console for compliance and speed for process optimization. It has tremendous benefits by reducing errors and costs incurred due to digitization.

• Conversational AI

  AutomationEdge’s favorite chat channel is now easily available at the service desk too. Chatbot, Email, Messenger, Forms, Web Provide omnichannel support to your customers and employees with AI that understands human language context. Conversational AI offers smarter conversations with instant resolutions by reducing wait times from days to seconds.

• RPA, API and UI Automation

  Modern web applications, legacy systems, and homegrown desktop apps can all be integrated with modern systems with any of the incompatible systems for seamless and error-free data flow.

[Also Read – RPA in Banking & Finance 2023 (Use Cases, Benefits, Challenges)]

The Final Note

The world is enamored with the true potential for AI and ML to revolutionize the banking industry, and both clients and institutions will benefit from this transition. NBFCs have the ability to significantly cut expenses, which will benefit customers who pay less. A special synergy between technology and the human interface is being created by the changing role of process automation in NBFCs. Automation is reviving the NBFC industry with quicker decision-making turnaround times, process amplification, and focused outreach.

As a result, processes are becoming more efficient, standardized more quickly, and streamlined to offer everyone impartial services. It is fostering ‘last mile’ interactions and advocating for financial inclusion across the nation. Future-oriented technologies are propelling NBFC expansion and spreading throughout the nation’s financial ecosystem, so the sector is about to enter a revitalizing stage – a crucial stage where automation does more than just lessen reliance on physical labor.

So, it’s time all NBFCs explore their road down the future using automation and RPA. Reach out to AutomationEdge to experience a free demo of how it is made possible!

In today’s business and digital landscape, even legacy enterprises cannot afford to lack customer communication. And success in today’s competitive business landscape demands total efficiency. This being the reason, customer service and experience have become more imperative than ever before to generate new business and keep an existing customer count intact. If, in any way, enterprises are failing to make this communication channel between enterprise and customer smooth requires a solution.

However, it would not be liable to say that these chatbots will only be beneficial for the business end of the spectrum; it’s beneficial from the customer’s point of view as well. Also, in the digital era, customers also vouch for enterprises that include customer support AI chatbots in their operations. As per Gartner, by 2027, chatbots will become the primary customer service channel for a quarter of organizations. Be it healthcare, finance, banking, and the insurance industry, around 54% of respondents are using some form of chatbot to streamline the customer experience.

What is a Customer Service Chatbot?

A customer service chatbot is an advanced software that uses Artificial intelligence technologies like Machine Learning and Natural Language Processing(NLP) to answer basic customer queries via chat. These customer service chatbots can answer simple queries like-

• How can I change my password?
• What is the software pricing?
• Where can I find payment options?

These are some FAQs this chatbot can answer without any manual intervention. But with time, the power of chatbots can get smarter by utilizing machine learning technologies and learning through the process. With AI, chatbots can extract data and information faster, understand customer intent to offer personalized customer experience.
Whether it’s a password reset request or a knowledge article access, the chatbot’s role is to keep the customer experience smooth without any necessary hassle. Moreover, these chatbots are also a great help for employees in offering data access at the time of resolving service tickets.

Top 5 Ways Business can Leverage Customer Service Chatbots

1. 1. Automate Routine Process

      One of the foremost responsibilities of a customer service chatbot is to free up employees from handling routine and repetitive processes. So, using chatbots, enterprises can automate routine processes like retrieving account information, scheduling appointments, processing transactions, checking inventory availability, and confirming an appointment. This frees employees from involvement in routine tasks and processes and gives them ample time to focus on the context-driven process.

   2. Boost Sales and Lead Generation

      The deployment of chatbots on the business website presents a platform to customers through which they can get valuable information and recommendations about the product. Above all, these chatbots are present 24/7, which helps in faster resolution that makes customers buy products more likely from your enterprises very frequently. Also, with customer data and insights, it gets easier for enterprises to get customer preference and choices to generate leads and enhance the business.

   3. Offer Omnichannel Customer Experience

      From online to offline, customers have multiple channels from where the service ticket request is raised. And today, customers demand convenience in resolving their requests at the channel of their choice. Utilizing an AI chatbot enables customers to raise requests from the channel of their choice. With consistent messaging and support, customer experience is enhanced so is the customer count.

      

   4. Triage Calls and Service Ticket

      This is another benefit that customer service chatbot brings to the business. These customer service chatbots can work as an automated triage department for the customer service team. Whenever a service ticket is raised, these chatbots can direct the call to different parts of the customer service team based on their requirement and urgency. Also, in any case, chatbots are unable to resolve customer service tickets; they direct the call to employees for resolution. This whole process rules out the need to move from one agent to another.

   5. Create Personalized Experience

      When a customer raises a service request, it requires focus and concentration to understand the request and offer the prior resolution. Because confusing utterances during employee interaction might deter the customer experience, a customer service chatbot can effectively disambiguate confusing utterances while interacting with employees. With Natural Language Understanding(NLU), these chatbots can understand what a customer meant, even if it is misspelled or conveyed wrong. Moreover, collecting data during each interaction makes it easier for employees to get customer insights and offer a personalized customer experience.

Conclusion

Regardless of the industry, a customer service chatbot has the potential to transform business operations and employees. From saving business resources to enabling enterprises to use their resources in the best possible way, the enterprise can take its business operations up to the next level. With numerous benefits, it’s easy to conclude that customer service chatbots can expand your business capability and employee productivity as well.

Want to begin your journey with chatbot automation? Reach out to us for a quick demo with our experts.

Natural language processing (NLP), automatic speech recognition (ASR), enhanced dialogue management, and machine learning (ML) are all transforming the way humans interact with technology. Conversational AI and automation enable humans to converse with robots in the same way they converse with one another.

What’s AI doing in Customer Engagement?

Customer engagement, brand loyalty, and retention can all be improved with artificial intelligence. While it isn’t a replacement for humans, it can assist enhance efficiency and take low-hanging fruit off your customer support teams’ plates, such as answering commonly requested inquiries.

Other technologies, like machine learning, deep learning, and natural language understanding, can be integrated with AI to break down communication barriers and automate consumer interactions. Conversational chatbots and product suggestions based on customer behavior data are two well-known examples of AI in action. However, the possibilities are truly limitless.

The New Customer Engagement Rules

Did you know that in the last 12 months, 56 percent of consumers have ceased doing business with a brand because of a terrible customer service experience?

Customer expectations are rising, and modern customers expect timely, relevant, and real interactions with their favorite companies at all times and in all places.

Customers come to you for assistance. They are the critical components of any company’s growth. Customers, indeed, have the power to influence the survival and success of your company. As they spread the word in their family and social circles, happy consumers bring in increased retention rates, lifetime value, and enhanced brand reach.

Understanding and satisfying customers want the first step towards generating the types of customer experiences that result in pleased customers.

It’s difficult to build a customer-centric organization that actually listens to consumer requirements, and there’s a steep learning curve if you’ve never paid attention to customers before.

The Most Common Customer Needs

• Functionality
  Customers expect your product or service to work as intended to solve their problems or fulfill their desire.
• Price
  Customers have different budgets when purchasing a product or service.
• Convenience
  Your product or service must be a practical answer for the purpose that your clients are attempting to fulfill.
• Experience
  To avoid adding to your clients’ workload, the experience of using your product or service should be simple – or at the very least obvious.
• Service necessitates empathy
  Customers expect empathy and compassion from those who assist them when they contact customer service.
• Fairness
  Customers expect fairness from a corporation in everything from pricing to terms of service to contract length.
• Transparency
  Customers want transparency from companies with whom they do business. Customers deserve transparency from the firms they pay their money to, and service outages, pricing adjustments, and item breaking happen.

Customer Engagement’s New Rules and How AI is Changing Them

Customers expect services that are proactive and individualized, and ML and predictive analytics are two AI applications that can detect frequent consumer issues and even provide insight into what’s generating problems for users. Leveraging information to create AI chatbots at key client touchpoints can help your company personalize real-time customer experiences while being proactive.

Pay attention to your customers

Listen to your customers attentively. Customers have high expectations of the businesses they choose to do business with. And, as it turns out, just one incident of expectations not being met can cause customers to switch providers in search of a better deal.

According to a recent study, 82% of customers claimed they would switch products or service providers if they had a terrible encounter with a company’s customer service department.
To avoid your firm becoming a statistic like this, it’s critical to actively listen to customers and analyze their input so you can address major issues that are creating customer churn.

Listening to clients entails more than simply hearing about their issues. It’s not picking up the phone or answering the service desk’s ringing bell.

Connecting with customers is listening to them. It entails paying close attention to their requirements and determining how you may assist them in achieving their objectives.

The best customer service representatives are great listeners. They are continually in tune with the customer’s emotions and can recall crucial details from earlier in the case. Customers will no longer have to repeat information, which will improve the service experience.

However, there are a couple of more benefits to consider:

• Lower Customer Turnover
  Poor customer service is the second-most common cause for customers to switch providers when it comes to churning. Customers who don’t feel valued during a service transaction are likely to seek assistance from your competitors. In fact, 86 percent of your clients are willing to spend more for a superior customer experience from another provider.
• Boost Customer Satisfaction
  No matter how good your product or service is, it will always be vulnerable to churn. As previously stated, one bad interaction might force the majority of your consumer base to leave.
• Customer Retention Boost
  Service encounters are smoother when your employees listen to customers. Customers and reps are on the same page, so troubleshooting is a breeze.

Last thoughts

Conversational AI can give the hyper-personalized experiences that clients want in the post-pandemic society we are slowly emerging into. Conversational AI may facilitate true dialogues with clients because it is not scripted or rule-based, which greatly improves conversational marketing.

Conversational AI can also deliver real-time consumer information to service representatives, allowing them to manage larger, more difficult situations more quickly and efficiently, increasing both the customer and employee experience.

Want to create a delightful customer and employee experience in your organization with Conversational AI. Hit up for a free demo, CONTACT US

Conversational AI is gaining traction as a means of automating messaging and speech-enabled systems that provide human-like interactions between computers and humans, but these projects are notoriously difficult to complete.

The speech features around customer discussion, email, and instant messaging are the three key modes of communication in every organization where conversational AI can radically impact how the organization works. Accessing data and information from these communication types that is helpful to an organization requires a significant amount of manual processing. You can dramatically reduce costs and improve customer experience, raise NPS scores, and increase customer retention and revenue with the proper conversational AI in place.

In the last ten years, several businesses have adopted voice recognition technology. Customers, on the other hand, were complaining that the technology wasn’t good enough and wasn’t really helping to improve the customer experience until lately. We’re witnessing better consumer experiences as voice recognition software becomes more sophisticated.

In the new Conversational AI technology, the capacity to analyze emails is at the forefront. Previously, businesses had to sift through massive volumes of email data and enter it into enormous, onerous case management platforms that cost millions of dollars and took three to five years to implement. However, technology now exists to obtain more data from your email, such as how much traffic your email receives, what types of interactions your staff have with clients and partners, and what types of requests are made.

The software then organizes the material that was previously unstructured is given the wings of AI to fly. Unsurprisingly, the financial services industry and investment banks, which deal with massive amounts of data and consumers, are at the forefront of this form of conversational AI.

Are you curious to know about Conversational RPA:

What advantages can conversational marketing provide?

• Businesses can see who is viewing their website in great detail. This allows them to have meaningful real-time conversations.
• Businesses may use AI, chat, voice, and other technologies to exploit data, resulting in more personalized communication. In the New Normal, this is a primary priority.
• B2B companies can direct their best-qualified leads to living salespeople

Speed and human communication are critical in an era when shoppers anticipate an “Amazon-like experience.” Conversational marketing platforms can help organizations engage more effectively with their customers, but how does a company go about developing a successful conversational marketing strategy?

Here are a few pointers to help you get started.

1. Self-service options should be implemented.
   Self-service solutions not only relieve agents of some of their responsibilities but can also improve client satisfaction. It’s fantastic to provide clients the option of interacting with a live representative. It gives kids the ability to solve problems on their own.
2. Increase the number of people who know about you on social media.
   Many businesses are using social media to interact with their customers. AI can enable such businesses in a great way to bridge the existing communication gap between the people.
3. Bots can be used to schedule meetings.
   Using bots to qualify leads and schedule meetings with sales reps is a great approach to putting forward a customer-centric conversation. Customers may rapidly book a meeting with a bot and move on to other things instead of waiting for representatives to return their calls.
4. Choosing the appropriate use cases.
   Use cases that are boosted with the potential to impact consumer and employee experiences are the most powerful. Organizations that do not take the time to learn about their customers’ preferences and pain issues are more likely to install technology that is ineffective. Conversational AI, if used incorrectly, can drive customers to other manual service channels, thereby shifting costs from one part of the organization to another.
5. Create a customer journey map.
   Customer path mapping is becoming increasingly crucial as multichannel experiences become the standard. By connecting prospects to chatbots or live agents, firms can create a map of the customer experience, which can help them discover areas where conversational marketing platforms might alleviate pain points.
6. Streamline the process of converting quality leads into real salespeople.
   If self-service options aren’t working, you’ll have to prioritize leads for live help. Businesses may use conversational marketing platforms to identify which leads are most likely to buy and advance them to the head of the queue.
7. Sales reps should improve their skills.
   The full potential of conversational marketing may be unlocked by providing sales professionals with training on techniques and tools. It saves time to be able to hold real-time dialogues with prospects who have previously been qualified and prioritized. Reps must, however, possess the soft skills necessary for effective conversational marketing. On-demand training platforms like Trailhead can help them get started.
8. Aligning with the company’s goals.
   Adopting conversational AI, like other strategic automation tools, necessitates a strategic approach, identifying objectives that correspond with corporate goals and calculating ROI. You won’t be able to compare the results to the business case without it. All too frequently, businesses fall into the trap of experimenting with new technology without fully comprehending how it may be used to solve a business problem. Conversational AI should focus on the most important areas for improvement: improving NPS, raising retention rates, reducing complaints, and lowering expenses.
9. Recognize your target market.
   The amount of data provided by conversational marketing is one of the most significant advantages. When a visitor interacts with a chatbot, speaks with a representative, or fills out a survey, more information about their needs is generated. Representatives may use conversational marketing tools to evaluate how and where they’re succeeding — and where they might improve.
10. Before you begin, you must first resolve data difficulties.
    To learn and perform successfully, conversational AI systems require a large amount of high-quality data to overlay the AI solution, ensuring that you obtain the best outcomes possible. The easier it is to create models that can effectively grasp and interpret communication, the richer and more accessible the data is. This can be a problem for businesses.

Concluding Note:

Conversational marketing is all about building stronger bonds between businesses and their customers. It’s all about providing personal solutions to buyers and offering sales professionals the best chance to expand the pipeline by prioritizing their leads.

Best of all, it produces faster, more efficient results, and in an age when even a one-second delay can result in a negative experience, conversational marketing can assist firms in establishing long-term partnerships.

AutomationEdge has been one of the market leaders when it comes to conversational IT solutions; try us out now:

REQUEST DEMO

Automation and artificial intelligence have the potential to drastically disrupt the way we live and work today. Everyone is affected by the rise of technology, from CEOs and commercial banks to fashion businesses and even miners. Experts predict that by 2055, half of the employment that exists today will be automated.

But how may AI and automation affect your company’s operations? Where are these tools being used to automate human resource management, customer service, and employee enablement? The key is ‘conversational AI.’

What is Conversational AI, and how does it work?

Conversational AI is a software solution that allows you to engage intelligently with your customers using voice, text, or graphical interactions. It may use any channel, such as virtual agents (chatbots or voice bots), programs, websites, social media, and/or messaging media, to carry out bi-directional communication. Communication can be used to get knowledge, answer a question, verify information, complete activities, or conduct transactions

Customers benefit from individualized interactions, faster responses, greater customer service, and a simple purchase flow, while businesses benefit from improved lead quality, lower support costs, increased customer loyalty, and more revenues. As a result, there is no surprise that conversational AI is being used in a variety of businesses.

Conversational AI can be used in voice-based applications over the phone or the Internet, in addition to chatbots. Customers can, for example, conduct transactions with automated call centers by conversing with a chatbot rather than a human person. Let’s take a look at some of the most common sectors where Conversational AI is employed.

Healthcare

Without question, one of the most important industries is healthcare. Due to the great sensitivity of this industry, any neglect would have significant consequences. Even a minor error during manual entry, for example, could cause a significant problem for the patients. Instead of manually filling out forms, hospitals and clinics can use Conversational AI to automate the entire front-office process. Furthermore, the bots may monitor patients’ medical histories, update records, and alert patients about prescription refills.

IoT (Internet of things)

Conversational AI-enabled gadgets, which interact with users through speech recognition, may become a more valuable house assistant. Voice assistants like Google Home or Amazon Echo, as well as a mobile, wristwatch, and desktop assistants like Apple Siri or Cortana, are among these products.
Conversational AI can comprehend natural speech patterns and give context without following a set conversation framework, bridging the gap between people and non-human interfaces.
Many of these devices employ unsupervised machine learning. As a result, the skills of conversational AI are honed through trial and error, as well as user feedback.

Manufacturing

Another industry that predominantly deals with consumer inquiries and operations is the manufacturing sector. Handling all of this manually, without a doubt, would result in delayed responses and inefficient operations. This is one of the main reasons deploying AI was such a good idea. AI chatbots automate sales, marketing, and support tasks, among other things. A Conversational AI platform is a step toward providing personalized product recommendations, automating repeated customer questions, and increasing efficiency.

Human Resource Management

Companies also use conversational AI for HR applications, such as recruitment and document management. Companies will discover that their resources are more efficient, increasing production, personnel happiness, and time and money savings.

Banking and Finance

According to a recent Juniper Research report, the success rate of robot interactions in the banking sector will reach 90% in 2022. As a result, conversational AI and other digital customer experience techniques are the most excellent way for financial institutions to stay competitive.

Hospitality and Travel

People expect the travel and hospitality industry to operate 24 hours a day, seven days a week, unlike other firms that operate on a defined schedule. As a result, they want assistance at any time. Conversational artificial intelligence proves to be a boon in this case. With conversational AI, you may engage potential prospects, qualify them, and turn them into sales. It can also address client questions 24 hours a day, seven days a week, to improve their travel experience. Booking information, packages, hotel kinds, visa information, offers, travel insurance, bargains, you name it, and Conversational AI can automatically send it all to customers.

What are some of the advantages of Conversational AI?

Businesses find it challenging to provide tailored help to vast groups of people simultaneously. Conversational Artificial Intelligence strives to tackle these problems by allowing customers to interact naturally and efficiently.
Customers may get timely and accurate information via Conversational AI at any time of day or night without waiting for a live customer support person. In addition, many businesses offer automated messages by phone or email with a customized interface that is tailored to the user’s question.
Furthermore, live chat with a human agent isn’t always the most efficient way of swiftly responding to a consumer inquiry. Many of the most modern Conversational AI apps use bespoke systems augmented with Machine Learning (ML) technology to collect vital data about each unique shopper, such as their preferred product preferences.

Conclusion:

Customer loyalty is enhanced through conversational AI applications and systems that provide a pleasant and convenient customer service experience. As a result, companies improve their existing resources by increasing operational efficiency and reliability while increasing ROI by employing AI to respond to consumer requests.

Additionally, Conversational Artificial Intelligence reduces employee workload, which aids compliance efforts in healthcare and financial services in regulated industries.
In the meantime, modern Conversational AI will collect and process data from social media sites while also identifying emotional triggers that could harm a company’s bottom line. So, chatbots are the superheroes of our lives, leading us to a digitally transformed and advanced future!
To know more about the magic of conversational AI, Request a demo or visit www.automationedge.com

Employees are the lifeblood of any business. After all, corporate growth is solely driven by a highly motivated and engaged team. However, when we examine today’s workplace trends, we see that employees aren’t as engaged as they once were. In fact, according to Gallup’s “State of the Worldwide Workplace: 2021 Report,” employee engagement fell by 2% in 2020, costing the global economy $8.1 trillion in lost output.

Organizations that use a shaping approach to employee experience can please and empower 32 percent more people at a much lesser cost than their competitors, confirms Gartner, Inc. Businesses must focus on dramatic change rather than incremental improvements to regain lost productivity and momentum – they must take a step back and entirely rewrite their employee experience handbook. And in order to transform dramatically, firms must adopt new ways of thinking and work practices. Exploring how artificial intelligence (AI) may help establish a new future of work that is more flexible, diversified, and well-being-oriented than ever before is one clear method to do this.

AI Chatbots Rewire Employee Experience

Most company and technology leaders, on the other hand, are still pondering how to succeed with EX. AI Chatbots, which have previously proven their worth in the customer service area, are now making substantial inroads into the workplace.

Intelligent Chatbots, having Machine Learning (ML) and Natural Language Processing (NLP) capabilities, are allowing businesses to reinvent the employee-employer relationship by automating formerly time-consuming and repetitive duties. Chatbots are changing the way employees communicate and obtain information, allowing them to be more productive and satisfied. Employees will have a better experience if these interactions are more accessible, seamless, and individualized.

The real beauty of AI chatbots is that they are capable of much more than simply answering inquiries. Based on its comprehension of the employee’s intent, a competent Chatbot can automate repetitive operations and procedures. Chatbots powered by AI is the ideal answer for meeting such requests from your staff. The following are some of the observable benefits of AI Chatbots in terms of EX:

• Allows businesses to set up a system for quick response to employee inquiries and provide employees with self-service 24 hours a day, seven days a week.
• Conversations allow for more natural, seamless interactions, with the option of human handover as needed. This is important for redirecting minor inquiries away from overworked IT or HR workers and increasing employee self-service rates.
• Engages employees across numerous channels, regardless of where they are, such as SharePoint, a website, a mobile app, Microsoft Teams, or a voice assistant.
• Provides a common point of access for all IT or HR self-help needs, allowing employees to acquire the assistance they require from a single location.
• Handles a variety of use cases across various functions and is capable of both proactive and reactive behavior. This is a game-changer for employees who get upset attempting to access information from different portals and tools.
• Reduces human participation and costs by automating numerous EX-oriented HR processes and workflows.
• Reduces human error and allows for quick response to employee needs. This assists companies in keeping their employees happy and motivated.

Chatbots, equipped with AI, machine learning, and natural language processing, can answer basic employee questions, ensure quick resolutions for complex requests, assist staff in raising support tickets in real-time, and speed up numerous operations. AI Chatbots that have push functionalities improve internal communication by sending out announcements and notifications. It can also be used to send training modules and updates directly to the inboxes of employees. These conversational helpers can be used to change EX in a variety of ways.

Let us now focus on five key drivers to define how conversational AI is transforming the employee experience:

• Initial Onboarding Requirement Completion
  When a new employee joins, HR employees must conduct repetitive duties such as acquiring relevant information such as KYC, signed NDA, tax declaration, and so on. It’s a time-consuming task that will yield no results. By commencing the onboarding process and delivering all required information, AI-powered chatbots will reduce manual labor. Chatbots use structured data to record information supplied by employees, reducing the reliance on HR and the onboarding of employees. In a series of simple procedures, the HR team collects information from the chatbot.
  Paperless onboarding consolidates all of your activities into a single unified dashboard, allowing you to monitor and adjust tasks more easily than ever.
  Chatbots also provide immediate solutions to innumerable questions from new hires using a conversational interface that is available 24 hours a day to seven days a week. You can even provide all necessary assets to the chatbot, including graphs, charts, movies, and photos, so that employees can access the information whenever they need it.
• Training and Certification
  It’s still another crucial component. Companies spend a humongous amount of money on training and education for new employees. It’s a benchmark used by businesses to guarantee that new hires have acquired the necessary skills to carry out their duties effectively.
  The traditional system consisted of a database containing a massive amount of data for the student to read and comprehend their work. HR chatbots will make this process easier by promptly answering new employee questions and splitting training programs into segments. It can even conduct a quiz session at the conclusion of the procedure to assess employees’ learning ability.
  
  HR bot can also discuss performance results based on the evaluation, as well as provide updates to the team on upcoming learning courses.
• Real-Time Support Ticketing is made easier
  AI Chatbots, on the other hand, can communicate with employees and answer the majority of their questions promptly. Complex requests can also be routed to the appropriate department. When the chatbot encounters a complex issue, employees can raise tickets, which are automatically assigned to the appropriate agent or department.Additionally, Chatbots keep employees informed about the progress of their tickets throughout the resolution process. Major AI-driven Chatbots make support ticketing simple and quick because of their easy interface with popular support ticketing platforms like Helix ITSM, ServiceNow, ZenDesk, Freshdesk, and others.
• Introduction to the Team
  Retail has a workforce that is dispersed over multiple sites. Onboarding can be difficult in such situations due to outmoded processes and systems. In addition, the new hire has to be kept up to speed on project progress, targets, team members, and corporate accomplishments, among other things.
  Employees are empowered by AI chatbots, which provide every small piece of data such as team structure, location, and duties. Instead of contacting HR for every minor issue, the new hire can speak directly with the bot.
• HR Service Delivery is Streamlined
  Complex processes, policies, and frameworks are an unpleasant but necessary element of the HR role, let’s face it. AI-powered chatbots can help HR departments run more smoothly by sending out messages and alerts on corporate policies, incentives, forthcoming holidays, vacation policies, and other topics. Chatbots respond quickly and personally to a typical procedure or policy queries, such as explanations on PTO, employee perks, and leave regulations, among other things. Chatbots can help HR service delivery while also assuring a fantastic EX by eliminating the need for unnecessary paper forms and digitizing them. These AI-powered chatbots also help to autonomously manage voluminous employee data gathered through timesheets and attendance records and process it quickly with no error.
  Chatbots are clearly capable of dramatically improving the EX. Look no further if you’re looking for a Chatbot solution to improve your Employee Experience.Also, to check more innovative solutions offered by AutomationEdge like RPA on the cloud, click:
  https://automationedge.com/product/rpa-on-cloud/

Conclusion:

Organizations are willing to alter in response to technological advancements. Organizations strongly feel that employee experience is the future of a successful company, among other focal factors such as branding, strategic hiring, and data analysis. With so much emphasis on digitalization and such a significant impact due to technological adaptation, both people and companies must learn and be prepared to adapt to the changes that innovation brings. The focus on strategic value generation in the form of employee engagement, performance enhancement, and employee experience has been the motto with which firms have proactively used AI technology.

Did this spike interest you? Are you curious to know about how you can employ technology to help your employees? Request a live demo or contact us.

Today, banking customers don’t want to visit a branch and wait longer to talk to a customer representative over the phone. They want a digital experience, and that’s where chatbot in banking come into the picture.

The traditional method of banking customer interaction is time-consuming and frustrating. Chatbots, however, are programmed and trained with natural language processing and machine learning technologies, facilitating effortless communication between customers and banks.

According to a recent study by Forrester, 63% of customers express satisfaction with chatbot service, provided there is an option for human interaction. This blog will explore how AI chatbots are not merely a passing trend but essential for staying competitive in the modern banking landscape.

Existing gaps and shortcomings in Banking Customer Service

1. Non-availability of Customer Support
   Whenever a customer encounters difficulties with loan applications or wants to find a process to check sensitive information, the customer expects a swift resolution. However, the availability of customer support executives cannot be guaranteed 24/7. Delayed issue resolution diminishes the quality of service in customers’ eyes. According to a report, 90% of consumers worldwide consider service ticket resolution their most crucial customer service concern. AI chatbot in banking can offer instant customer support 24/7 and reduce the long hold time for customers.
2. Unstructured Data Management
   Banking and financial services deal with a large volume of data, ranging from loan applications to transactions and deposits. Banking data is unstructured and fragmented, so chatbots in banking can centralize the data and create a repository for faster query resolution.
3. Lack of Personalized Experience
   A recent report stated that 65% of customers had changed to a different brand due to poor customer experience. Limited access to data and no insights from previous customer interactions make the customized experience a far-fetched dream. Chatbots in banking can gain insight from customer interaction and offer relevant product recommendations automatically.
4. No Omnichannel Assistance
   With a growing number of millennials opting for digital banking services, traditional banking modes are less appealing. Customers prefer the convenience of resolving queries and getting service from their choice of platform and place. Chatbots in banking can offer omnichannel support and enable customers to engage with the bank effectively, leading to satisfaction and convenience.

What are Banking Chatbots?

Think of an AI chatbot in banking as your financial assistant fueled by AI technologies like natural language Processing and Machine Learning to understand the intent of customers’ queries and offer a relevant response in real time. If you want to know your account balance, check your credit score, and ask, this AI chatbot will resolve your queries quickly.

And it doesn’t stop here. These chatbots also offer financial advice by gaining data insights from customer interaction. One notable example of a banking chatbot is AutomationEdge’s Cognibot, an AI-driven chatbot that can be integrated into any banking digital platform, including its website and mobile banking app. This banking chatbot assists customers in providing account balances, transaction histories, card activation, checking credit scores, and getting information about products and services.

Chatbot Use Cases in Banking

Chatbots in banking can benefit customers and employees in multiple ways if they know how and where to utilize them. Here are some chatbot use cases in banking-

1. Automated Customer Support
   AI in banking enables customers to offer 24/7 assistance without manual intervention. These conversational chatbots use natural language processing technology to understand customer queries using specific keywords and provide instant responses accordingly. For example, Customers may want to inquire about their account balance or recent transactions. They can use the chatbot interface to retrieve the system’s data promptly and display the relevant information.

2. Lead Generation
   Chatbots in banking can accelerate lead generation for the banking industry. AI chatbots with natural language processing capabilities can analyze user interests and guide them toward relevant products and services by engaging in real-time conversations. These chatbots also capture lead information, contact details and preferences and seamlessly integrate the data into the banking CRM system. This ensures that leads generated through chatbot interactions are effectively tracked, nurtured, and followed up by the sales and marketing team.
3. Notification & Alert Generation
   Paying bills on time helps banking customers maintain a healthy credit score, manage expenses, and avoid lien marking on their accounts. However, some customers forget to transfer money on time, which causes trouble for both them and the banking service desk.
   Here, banking chatbots can send on-time reminders to help them remember to settle their financial obligations. This way, chatbots in banking enable customers to manage their finances better.
4. Account Management
   Account management is a critical aspect of the banking industry. It involves various tasks like fund transfers, bill payments, and account inquiries. An AI chatbot can facilitate seamless account management by enabling customers to initiate fund transfers, pay bills, and update their personal information without manual intervention.
5. Feedback & Surveys
   Who doesn’t want a pat on the back or constructive criticism? AI chatbots in banking can conduct surveys and gather customer feedback to assess their satisfaction levels, identify improvement areas and provide insights on product development. Suppose a customer has just completed a transaction, and the chatbot prompts customers to give feedback on their experience. This allows banks to check customer satisfaction scores and promptly address concerns.
6. Fraud Detection
   Customers are not the only ones who suffer from financial fraud. Banking institutions also bear the burden of fraud. A report stated that up to 5% of corporate revenue is lost yearly to financial fraud. Because of that, banking institutions must incorporate safety measures to keep track of fraud. One such measure is the banking chatbot.
   AI-driven chatbots with machine learning capabilities can analyze customer behavior and transaction patterns to detect and prevent real-time fraudulent activities. For instance, an AI chatbot can alert customers about unusual activity or request additional authentication for high-risk transactions to avoid financial losses.

Benefits of Chatbot in Banking

AI chatbots in banking can transform the customer experience more than just answering common FAQs. This chatbot in banking swiftly addresses customer inquiries, provides information on transactions and account balances, and guides users through various banking processes. There is a long list of perks and benefits, including:

1. Chatbot for 24/7 Support
   When it comes to financial services, questions and concerns can arise anytime. AI chatbots in banking don’t clock out at 5 p.m. These chatbots can work 24/7 and offer instant responses to customer queries. This constant availability increases customer satisfaction scores and boosts bank reputations and accessibility.

2. Personalized Customer Experience
   Through advanced algorithms and data analytics, chatbot in banking deliver personalized interactions tailored to each customer’s preferences, history, and behavior. By understanding individual needs and providing relevant recommendations, chatbots enhance the overall customer experience, fostering stronger relationships and loyalty.
3. Self-Service Assistance
   Before digital banking, most banking queries require a customer service agent. Customers had to waste time in a lengthy queue to speak to someone. AI chatbots in banking can provide self-service assistance without any manual overload. Using rule-based workflows, banking service desk agents can create self-service support for instant resolution for common FAQs, like checking account balances, troubleshooting issues, and information about products and services.
4. Reduce Costs
   When customers can use AI chatbots in banking to complete routine banking services, banks can drastically reduce customer support costs. Research has found that banking chatbots can save $7.3 billion in operational costs.

   By automating routine inquiries and tasks, chatbots free up human agents to focus on more complex issues and high-value interactions for better resource allocation and operational efficiency.

   For instance, AutomationEdge’s client HDFC Bank achieved a 60% reduction in operational costs using AI chatbots.
   

5. Increased Sales
   Chatbot in banking are crucial in accelerating sales revenue. As chatbots can analyze customer behavior and identify their preference, they offer an opportunity for cross-selling and upselling relevant products and services and increasing revenue generation.

How can AutomationEdge Chatbot Help?

AutomationEdge ‘s CogniBot is an AI-driven chatbot accessible in cloud and on-premise environments. It applies machine learning intelligence to interpret user intent from conversational text. With CogniBot, users can create dialogues effortlessly without writing a single line of code. Its advanced features include the ability to develop industry-specific skills with effective disambiguation. CogniBot supports various channels such as Web, Microsoft Teams, Slack, Facebook, Email, and more, making it versatile for different communication needs.

Conclusion

In digital banking, the future promises even greater convenience and personalization, with advancements such as biometric authentication, voice banking, and augmented reality interfaces on the horizon. AI chatbots are poised to become the cornerstone of this evolution, offering seamless customer support, predictive financial insights, and hyper-personalized banking experiences using large language learning models like Generative AI.