With social distancing has become a new norm, digital banking is key for banks to stay connected with their customers. In the month of April 2020, digital banking apps in the US experienced a 60% Increase in downloads, 17% revenue Growth due to COVID-19.
Currently, every bank is now offering some form of digital products to its customers which include money transfers, virtual credit cards, online loans, and others. A study by S&P Global finds that customers who adopted digital banking generated 10.7% more in annualized revenue post-digital enrollment, relative to incremental growth of 4.5% among branch-only customers. The study also shows digital engagement mitigates account closure, with digital bank users exhibiting 5% lower attrition rates than branch-only users.
With the adoption of digital banking at its peak, customers expect a seamless experience of using digital banking right from onboarding to availing services and support. In this digital journey of customers, online onboarding still remains a broken experience offered by banks.
According to Peter Wannemacher, Senior Analyst at Forrester, says abandon rates for online banking applications are at an all-time high of 97.5%. This is a huge wastage of opportunity as the customers with huge intent to buy the product have to abandon their application because either form is too complicated or lengthy.
AI Assistant for Successful Customer Onboarding in Banking
A successful digital onboarding solutions for banks include:
- Helping customers with Online Application form filling
- Automated Follow up for customers who have abandoned their form-filling
- Virtual Tour of all digital banking products
- Customer feedback. Addressing queries if any.
With the advancement of Artificial intelligence technology, banks can deploy AI Assistant to assist customers in their onboarding process.
- Assisted Form Filling
AI Assistant once implemented on the form webpage would assist the prospects/customers during form fill up process along with knowledge support for various data points(fields in the forms) in order to reduce the dropouts and enable a successful form submission by a prospect. The assistance can be provided on selective form fields or all, both in text and audio.
2. Intelligent Followup
In Case the prospects drop off in the middle of form filling, interface.ai’s assistant automatically follows up via browser notifications, SMS, IVR, or email.
3. Virtual Product Tour
Step by step navigation and explanation product features of the application through smart virtual tour.
4. Customer feedback
AI assistant can understand complex queries incorporating multiple criteria and reasoning. It can answer customer queries from the organization’s centralized knowledge base.According to Deloitte, 38% of customers consider user experience (UX) the most important criterion when choosing a digital bank. With AI Assistant, Banks can reduce abandonment rate by 5x and significantly increase customer satisfaction rate.
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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