Banks are investing in digital technology that not only eases the burdens of data management, but also improves customer experience. Take HSBC for example, a $131 million investment has been made into HSBC’s banking technologies set to improve the customer experience and drive new traffic to the financial institution.
This investment led to other digital initiatives including an electronic document reader, e-sign services, 24/7 live chat on the website, and tablets for staff in branches. AiDA, automated, immediate digital assistant, is the new HSBC chatbot that will answer basic questions for customers. The bank plans to add to AiDA’s skills as time goes on.
“We’re really excited about the chatbot,” said Mary Kate Loftus, the head of multichannel for retail banking and wealth management at HSBC’s U.S. unit. “We kicked it off internally last October; it’s lively, instructive and also slightly irreverent.”
With customers focusing on experience, financial institutions must adapt digital initiatives to stay relevant. Fifty-five percent of consumers already use chatbots for customer service. This self-help technology is changing the way customers expect to be heard. Less than half of businesses are using messaging platforms to communicate with customers and those not could leave customers with long wait times.
With chatbots, customers type their questions through the app at anytime of day and get their questions answered or are directed to the company website for more information. Chatbots provide direct responses that are quick and efficient cutting out call centers and long wait times. Banks looking to acquire a chatbot service can expect to see a boost in customer engagement if the chatbot provides timely and easy access to information.
“Six of the 10 most used applications today are messaging applications. Consumers have spoken, and they have a preferred communication channel,” says Bob Guidotti, EVP and President for Software Solutions, Pitney Bowes. “Today’s empowered consumer expects businesses to meet them where they are. Businesses must recognize this and integrate technology capabilities that allow them to have immediate, data-driven conversations with their customers.”
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