On 28-May 2020, Bank innovation published an article titled ‘Tech Focus: Do chatbots have a long-term future after COVID-19 bump?’ in collaboration with interface.ai, Aite Group – the financial services research firm and a few other leading chatbot technology companies.
The article highlights how chatbot technology is turning out to be a savior for various financial institutions during the COVID19 pandemic.
For this article, Bank Innovation interviewed interface.ai’s CEO, Srinivas Njay, on the impact of chatbots during COVID19 and how they can continue to aid Financial Institutions.
Here are some of the key highlights from the article –
Increasing volume of inquiries from customers and members
The article discusses how chatbot companies have seen a spike in their usage of their bots due to COVID-19 pandemic, which has caused a 40%-50% increase in call center volume in banks and credit unions. Further, the article questions if this is a permanent shift in customer engagement strategy by financial institutions or just a bump to mitigate the current issues.
Positive experiences with chatbots
Srinivas Njay, the Founder & CEO of interface.ai feels that the swell in usage will jumpstart long-term adoption of chatbot technology from both institutions and consumers as chatbots have been able to provide positive experiences to their users.
Here is how interface.ai is driving positive experiences for their clients –
- interface.ai automates 60% of call center queries within 60 days, and has the ability to add new questions and answers to the platform almost instantaneously.
- interface.ai is continually funneling new data into their AI platforms and enabling the platforms to evolve and provide more insights from day 1.
- Recently, interface.ai chatbots have also been helping lenders walk small business customers through Paycheck Protection Program(PPP) loan applications.
Self-servicing is a key driver
“[Chat] is already becoming a significant channel that financial services are investing in,” Njay said. “Every financial institution is pushing hard on self-servicing,” and there is potential for growth. Only 30% of transactions are recurring, meaning the remaining 70% is ripe for some form of assistance or self-service, according to interface.ai.
You can access the entire article on Bank Innovation here -> Tech Focus: Do chatbots have a long-term future after COVID-19 bump?
interface.ai is an award-winning out-of-the-box Intelligent Virtual Assistant(IVA) that acts as a “personal banking teller” to help customers 24×7 through every step of the journey from being a prospect to achieving financial wellness.
The solution can go live in less than 2 weeks and is proven in production with customers already witnessing over $50M+ ROI.
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