The Ultimate Guide to Conversational Banking
Blog post from Stream
Conversational banking represents an evolution in customer service, integrating AI-driven chatbots and live, in-app messaging to streamline user interactions and enhance convenience. Aimed at improving customer retention in an era where acquisition costs are high and expectations are elevated, conversational banking offers a dynamic self-service channel that reduces touchpoints and personalizes user experiences. This approach leverages various communication methods, including text, voice, and video, to provide 24/7 support, multilingual options, and real-time assistance, ultimately benefiting both banks and their customers. Banks gain from increased automation, reduced errors, and lower churn rates, while customers enjoy seamless, natural interactions with financial institutions. As banks scale these efforts, they collect valuable data on customer behaviors and preferences, informing strategies for cross-selling and upselling. The technology behind conversational banking has advanced beyond basic chatbots to incorporate live chat and human assistance, ensuring secure and compliant interactions. The future of conversational banking points to further democratization of automation, meeting the demand for digital customer experiences with a blend of AI and human support.