The banking industry has seen conversational banking playing an increasingly important role in how they interact with customers.
Conversational banking is a whole new approach to customer service that’s gaining traction in the financial services industry. It refers to using artificial intelligence (AI) to provide automated customer service via web, app-based social/OTT chatbots such as WhatsApp and natural voice-based intelligent virtual assistants (IVAs) such as Siri, Alexa, and Google Assistant.
These systems are designed to respond quickly and accurately to customer inquiries, allowing banks, microfinance, insurance, lenders, and cooperatives to provide personalized service without hiring additional human agents.
The best part of this is that you don’t need an IT team or technical knowledge to implement a top-notch conversational banking system into your operations. Providers such as Bankingly can integrate, at low cost, with existing systems and communication channels such as WhatsApp, Telegram, Instagram, SMS, FB Messenger and Twitter. By being at the intersection of messaging apps, customer service, and online retail by which end users of conversational devices, such as smartphones, kiosks, and laptops it improves customer service.
The global spend for conversational commerce over OTT channels such as WhatsApp that complete in-app purchases, alerts, self-service, and customer support are set to grow from $13.3 billion in 2022 to $25.1 billion in 2023 at a growth rate of 89%. This is driven by e-commerce and fintech, where the increased online presence and need for better customer experience exist.
Benefits to customers:
- For starters, it’s incredibly efficient;AI-powered bots can handle multiple customer queries simultaneously, meaning banks can provide faster responses 24/7 whenever customers need it.
- Conversational banking helps customers whenever or wherever they need it.Gone are the limitations of branch hours, betting put on hold for minutes. By using natural language queries, customers don’t need to fill in forms or wait for responses. It also makes the support agents more productive and does their jobs better so they can focus on more urgent requests. This way, they can only manage escalations, complex proposals, and building customer relationships.
- It allows consumers toget answers quickly without waiting, being kept on hold, or speaking with a live representative. This can be useful for customers who need urgent help outside regular business hours, live in remote locations (where no branches are nearby), and for emergencies, as chatbot systems can be available 24/7.
- Additionally, AI-based systems can learn from patterns in customer behavior andoffer more tailored advice than traditional customer service models. This can lead to higher customer satisfaction and better engagement with their bank.
How can it help SME financial institutions?
- Tailored services:Conversational banking solutions offered by providers like Bankingly allow banks to deliver personalized services to meet their customers’ unique needs.
- Reduces costs: By helping customers help themselves, conversational banking provides self-service. It reduces the huge overheads of hiring as customers can tap into the knowledge base, frequently asked questions, and manage most common, routine tasks such as checking account balances, making transfers, getting alerts, updating customer information, applying, and even getting approvals for new products based on credit scores.
- Insightful data:Through better data collection and analytics, it helps businesses better understand customers’ banking habits, usage, behavior, preferences and gives better feedback eliminating any bottlenecks. This data can improve scores like NPS and CSAT banks can develop products and services faster and increase profitability.
Can conversational banking replace humans?
The idea behind incorporating conversational banking into a bank’s operations is not to replace human customer service representatives but to complement them. While automated solutions offer quick and efficient responses, human employees bring empathy, personal touch, and the ability to handle complex and sensitive situations with tact that can’t be matched by technology at this stage. However, conversational banking technology will play an increasingly important role in the future as banks strive to improve their services and provide fast and high-quality customer care in a streamlined manner.
Conversational banking technology from vendors such as Bankingly provides SME financial institutions with an efficient way to respond to customer queries and provide round-the-clock assistance.
Although AI-powered automation can assist human representatives with routine and operational cases, it cannot fully replace them, especially when it comes to more complex customer conversations that require human review and understanding of context and nuance. Conversational banking should be seen as a complement rather than a replacement.
With advances in AI continuing at breakneck speed, we expect this technology to become more widespread in the coming years —ushering in a new era of personalized financial services that deliver more value than ever.
Stay ahead of the curve with Bankingly’s conversational banking solution. Offer the best possible service to your customers today.
Zambia recalls metformin tablets due to non-compliance
THE Zambia Medicines Regulatory Authority (ZAMRA) has taken action to recall metformin tablets, a diabetes medication, after tests revealed non-compliance.
The Authority has since written to the director of Yash Pharmaceuticals Limited following the development.
In a letter written to the pharmaceutical company, the Authority has directed it to recall metformin tablets 500 milligrams batch number KBTO18 manufactured by Bliss GVS Pharma PVT limited of India.
“Following routine post marketing surveillance of medicines by the Authority, the above-mentioned product manufactured by Bliss GVS Pharma Limited, India was analysed at the National Drug Quality Control Laboratory.The product was found non-compliant with respect to Assay test,” reads the letter in parts.
The Authority said the pharmaceutical company should initiate a recall within 14 days of the receipt of the letter.
ZMRA further advised that the company is required to submit a detailed report of the recall process which should include all the relevant information.
(Mwebantu, Friday, 8th December, 2023)
ZICTA directs Airtel to compensate subscribers for poor service
FOLLOWING the recent poor Airtel service experienced, the Zambia Information and Communications Technology Authority (ZICTA) has directed the company to compensate it’s subscribers within five days.
The Authority has also directed the network provider to immediately engage the public regarding the recent network outages and provide assurance of their resolution.
In a statement, ZICTA Manager Corporate Communications Hanford Chaaba said the Authority is closely monitoring the service provider.
He said ZICTA is deeply concerned with the recent intermittent network and service outages on Airtel network.
“To this effect, the Authority has directed Airtel Networks Zambia Plc to compensate all subscribers in line with the approved compensation policy within five days from today December 8, 2023. The Authority has also directed the network provider to, using all available platforms, immediately engage the public regarding the recent network outages and provide assurance of their resolution,” he said.
Mr Chaaba said the network provider has further been directed to urgently put in place measures that will ensure that such outages are averted, and submit to the Authority a long- term plan to improve network resilience.
He added that the Authority will actively monitor network performances of all services providers to ensure that the Quality of Service (QoS) guidelines are strictly adhered to.
“We encourage members of the public to continue reporting any issues related to unavailability and quality of network or service,” he said.
(Mwebantu, Friday, 8th December, 2023)
Trade Kings Foundation donates over Two million kwacha to local farmers
As the year draws to a close the Trade Kings Foundation not only looks at the year that was, but also looks to the future by donating over two million Kwacha, in the form of seed and fertilizers to 500 local farmers from the Nampundwe and Chaminuka communities.
The Trade Kings Foundation recognises the crucial role that small-scale farmers play in Zambia’s agricultural sector. In strengthening their capacity, one significantly contributes to food security in and around these communities. With this in mind, the Trade Kings Foundation continuously strives to support the sector, whether in the form of building structures, laying irrigation for water reticulation, drilling of boreholes and now – the donation of seeds and fertilizers.
As part of the donation, the farmers will attend several workshops to upskill them on topics such as soil health, crop rotation, water management, and pest and disease. The program will also focus on crop ustilisation: how to sell, give back to the local community and plan for the next crop.
During the handover of the donation, Trade Kings Group’s Public Relations Manager, Bridget Kambobe, said, “Small-scale and family farmers play a major role in food production of Zambia. Faced with numerous challenges that include everchanging weather patterns, competition from large industrial farms and a lack of access to reliable, up-to-date information and farming inputs, the drive to support local farmers forms part of the Trade Kings Foundation’s ethos of “Improving Lives” and in so doing we assist in ensuring much-needed food security.”
She concluded, “Our role as Trade Kings Group and Trade Kings Foundation is not only to serve our customers, but to instill hope during the economically uncertain times that we find ourselves in.”