Are you looking to stay ahead in the competitive banking industry with a virtual banking assistant that provides services and meets the demands of tech-savvy customers?
A virtual banking assistant is an artificial intelligence-powered digital technology that provides bank customers with automated help and support. Virtual banking assistant is versatile and easily integrated across websites, mobile applications, or chatbots.
Based on natural language processing and machine learning, you can train the virtual assistant to be your companion in understanding and responding to customer queries.
This powerful tool can assist you in providing your customers with a personalized experience and managing accounts. If you want to offer banking services to your customers regardless of time zones, a virtual banking assistant will do that for you around the clock.
In recent years, virtual assistants have been game-changers and go-to options for banking industry clients. In a survey on digital marketing, an overwhelming majority of 87% of Chase survey respondents use their mobile banking application at least once a month.
This blog explores why banks must have a virtual banking assistant and how it has benefitted the banking industry.
Let’s get started!
The Top 6 Reasons Banks Need a Virtual Banking Assistant
Although there has been a global shift to virtual banking, the banking industry has been among the first to provide its customers with online banking solutions.
Hiring a virtual banking assistant allows customers to benefit from multiple areas of expertise in banking operations such as checking balances, insurance and processing transactions.
Let’s explore the key benefits of adopting virtual assistance in banking.
Maximizing Operational Efficiency and Reducing Costs through Virtual Banking
Virtual banking, powered by a virtual banking assistant, automates routine tasks such as balance inquiries, transaction processing, and account management.
Previously, these tasks required a staff member to enter and process details. In contrast to manual data entry, virtual banking is error-free and speeds up the process.
Another significant benefit of virtual banking assistants is giving customers the flexibility to access banking services outside regular business hours or in different time zones. You will no longer need to worry about hiring customer service staff overtime for off-hours and weekends.
This is a prime example of caring for customers with busy schedules, leading to improved customer satisfaction and loyalty. This is followed by operational cost reduction due to regulating staff members, maintenance, and utilities.
Surveys have shown that virtual banking assistants can save banks up to $7.3 billion, 90% in customer service costs compared to traditional call centers, resulting in substantial cost savings. This is possible because virtual banking assistants can simultaneously handle many customer inquiries.
Setting up an efficient virtual assistant can positively impact your bank’s bottom line and allow for an effective allocation of resources.
Improved Customer Retention through Virtual Banking Services
Banking applications provide customers personalized financial management tools, such as budgeting features and real-time transaction tracking. Customers who receive all offers and functional tools with your virtual banking will likely choose you over the competitors.
Similarly, customers are always looking for convenience in banking with virtual banking. They want banking services accessible in multiple locations and at preferred times, which adds to improved customer satisfaction.
Seamless Integration with Multiple Banking Platforms
Virtual banking is a powerful tool that can be merged with multiple platforms to give users a smooth experience. Third-party integrations are beneficial in equipping banking applications with payment gateways, financial management tools, and accounting systems.
Build an efficient data transfer system with Application Programming Interfaces and provide real-time updates and notifications with Webhook. Chatbots and voice assistants are the most useful features customers can use to communicate virtually.
24/7 Customer Support with Virtual Banking
In this fast-paced digital era, all industries know that offering prompt service is the best way to keep your customers happy. Now that virtual banking has extended services throughout the day, customers expect to receive help at any time if needed.
Suppose you are a customer who encounters an error while making a transaction late at night. You reach out for immediate assistance, and to your relief, customer support sorts out your issues promptly. What a relief, right?
Make the support team reachable via email, toll-free phone calls, live chat with virtual banking assistants, and a queue online system. This ensures you save your customers from unnecessary stress and satisfy them.
Increased Customer Engagement with Gamification and Personalized Recommendations
Keep your customers engaged in virtual banking services and apps by keeping them interactive and relatable with daily life goals. To enhance customer activity and enjoyment, gamification in virtual banking entails integrating daily challenges, rewards, and leaderboards.
For instance, a virtual banking app may offer rewards or points as incentives for setting up a savings goal or making regular deposits. Allowing customers to redeem points as discounts or cashback will keep them returning to the app.
Customers love to get personalized suggestions from the bank related to financial activities. Use customer insights from data collected to give tailor-made recommendations. These can be related to investment plans, budgeting and insurance, and regulating credit card usage.
Creating a Customized Experience with Virtual Banking
The era of virtual banking is no longer a one-size fits all solution to use generalized SMS or Email marketing. Provide a customizable user interface in a virtual banking app that lets customers choose their preferred colour theme, layout, and widgets on their dashboard.
Give them the liberty to customize push notifications to receive transaction alerts. Analyse your customer’s spending habits and offer discounts and advice for loans and investment plans accordingly.
Case Study
Now that you know the top reasons to use a virtual banking assistant, you might look for real-life scenarios to learn more about the implementation. Next, we discuss examples of banks implementing virtual banking solutions.
UBL – United Bank Limited
UBL, a leading bank in Pakistan, identified that overseas customers had difficulty transferring funds directly and would always have to visit a branch to process transactions.
UBL partnered with Wavetec, a global digitizing company, to install Remittance Kiosks across UAE, which provide seamless financial services. This provided access to banking services through various digital channels, including mobile phones, agent networks, and point-of-sale (POS) devices. This project aimed to provide clients with ease and accessibility who did not have access to bank branches with.
UBL’s technology architecture ensured secure data through regulatory compliance, real-time transaction processing, and data integration. The branchless banking solution gave UBL insights into customer usage and allowed them to offer personalized assistance.
Banque Saudi Fransi
A commercial bank in Saudi Arabia, Banque Saudi Fransi, caters to local and international clients. The bank found it challenging to maintain its reputation and long-term relations with clients by providing prompt services.
For this purpose, the bank turned to Wavetec to install its Queue Management Systems. The main objectives were managing long customer wait times at branches and installing efficient queue management processes to reduce confusion.
With Wavetec’s solutions, the bank implemented digital signage, self-service kiosks, and mobile applications to allow customers to book appointments and check wait times.
The bank now has real-time data on customer flow and service performance. Opinion Plus collected customer feedback and central data management with Spectra to map customer journeys.
This enabled BSF to make data-driven decisions, optimize operations, and maintain client transparency. Such practices of virtual banking are essential in building a loyal base of top-tier clients.
What are the potential challenges of implementing a virtual banking assistant?
Installing any aspect of digital banking seems challenging, and selecting the right virtual banking assistant is risky. The key challenges you will encounter include getting reliable responses and one with robust natural language processing capabilities. Banks must constantly update virtual assistants with changing policies, regulations, and customer preferences. Data privacy and security is a major risk factor in implementing virtual assistants. Many customers are hesitant to trust virtual assistants with personal financial information.
How can banks ensure customers use and benefit from a virtual banking assistant?
Banks can automate repetitive tasks with virtual assistants, which require manual labour and staff to be proactive at odd hours. To ensure that your customers benefit from virtual banking, adopt a user-friendly interface. Have virtual banking assistants respond to customer queries 24/7 and provide customer feedback so virtual assistants offer personalized experiences.
How does a virtual banking assistant improve customer experience?
Virtual banking assistants are the definition of convenient banking. Customers can avail the self-service options without visiting the branch physically. Make communication easier by investing in omnichannel communication on different messaging platforms. Since clients appreciate that you care about their time, offer real-time solutions and recommendations.
Which banks are leveraging virtual assistants to enhance customer service and streamline operations?
There has been a global trend of digitization and opting for virtual assistants. We highlight the top three banks that have adopted a virtual assistant approach. The key examples are the following:
- Bank of America uses Erica to offer personalized support
- DBS Bank, a leading bank in Asia, deployed a virtual assistant called “DigiBot” that assists customers with general banking inquiries.
- USAA implemented a virtual assistant called “Nina” that provides personalized assistance with banking, insurance, and investment-related tasks.
Conclusion
Virtual banking assistants have become an indispensable tool for banks to improve customer experience, streamline banking processes, and remain competitive in the digital era.
Virtual banking assistants provide significant value to banks and their customers by providing 24/7 customer support, personalized recommendations, gamification features, and customized experiences.
Virtual banking assistants transform how banks interact with their customers, from lowering operational costs to increasing customer engagement. Embracing virtual banking assistants is now a necessity for banks seeking to thrive in the ever-changing financial landscape.
Do you think your bank can afford to ignore the immense benefits virtual banking assistants bring?
Contact a Wavetec assistant today and sign up for virtual banking services!
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