Transforming the Financial Services Client Experience with Chat and AI

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A Guide for the Financial Services Sector

Transforming the Financial Services Client Experience with Chat and AI

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Chapter 4

Taking the next step with AI

Whether you’re above the industry average with live chat and looking for a more advanced AI chatbot, or just curious about integrating simple FAQ chatbots into your client experience strategy, there’s an Intelligent Assistance (IA) solution for everybody.

IA offers a range of benefits to your financial institution, your clients, and your agents. They’re always on, they’re fast, and they don’t ever get tired of answering the same question over and over again.

Chatbots can accomplish tasks without supervision, consistently and efficiently – and for financial institutions, those use cases are endless. From paying a bill to checking a balance, making a loan payment, and even applying for credit cards, chatbots can easily automate workflows and free up your agents to focus on more important and complex queries.

To be clear, there is a difference between chatbots and AI-powered chatbots. Chatbots that run on keywords and without the benefit of AI technology like Natural Language Processing (NLP) are a dime-a-dozen, easy to spin up, and acceptable in certain contexts.

Hook a chatbot up with NLP, and now you’re into a whole new level of client experience. NLP lets chatbots partake in far more natural conversations; they’re far better at understanding your clients’ intentions, and as a result, can respond more accurately.

“With both companies and customers preferring self-service, and chatbot NLP improving by leaps and bounds each year, it’s the perfect time to start building an intelligent assistance solution. Having an AI agent that is flexible, scalable, and deployable on many channels is an investment which is sure to pay dividends in the coming years.”

Cale Shapera
Chatbot Architect, Comm100

If you’re wondering where to start with chatbots, here are just a handful of use cases they can handle:

  1. FAQs: Chatbots can handle questions like ‘What are your branch hours?’, ‘Which credit card promotions are available?’, and more, freeing up your agents to handle the more complex
  2. Gathering client information: Chatbots can pass off the who, what, where, when, and why to an agent, helping them contextualize queries and reducing time spent on each
  3. Triage queries: Thanks to chatbot’s smart routing capabilities, client queries can be routed to the appropriate department or
  4. Shorter queues, faster responses: Chatbots can handle a virtually unlimited amount of chats simultaneously, cutting down on response time for They can also deliver responses more quickly than human agents.
  5. 24/7 service: Chatbots provide an additional channel for clients to still get answers during off-hours when a human agent is not

One of the most important best practices for you to keep in mind is that a chatbot should never be a replacement for your agents. While 59% of all chats now involve a chatbot, 86% of clients agree that there should always be an ‘escalate to agent’ option present when talking to a chatbot.

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