Virtual Chatbot: Why it is the Future of Banking

Owners and the committee of banks are one of the wisest entrepreneurs around the world. They know how to stand and bend so that they won’t break in the global market. Moreover, they know how to make new strategies and follow the latest trends to make more clients. Out of all the industries in the market, banks are the first to use technological innovations for their benefits. In line with this, they are even one of the first users of a virtual chatbot for the future of banking.

Right after the bot made its debut in the digital marketing world, banks made sure that they can use a virtual chatbot for their tasks. They created bots that will be able to interact with their clients 24/7 as well as do other automated tasks. Thanks to the recent developments of artificial intelligence, bots are now able to integrate on websites and mobile applications that are used for global banking. Meanwhile, they are even able to assist clients with money management and even retail banking.

virtual chatbot

Benefits of a virtual chatbot on banks

A virtual chatbot is already making a name in the marketing industry, and no one can deny its success. Now, bots are even empowering banking institutions and help them in customer service. Moreover, it is now a big help for retail banking as well as collecting massive amounts of data that a regular human employee can’t do. It makes the life of the clients easier while benefitting and making money for the bank itself. Bots are like the dark horse in the industry of banking. Here are some of the benefits of virtual chatbot in banking.

Mobile banking is easier

Most people of this generation now rely on their mobile applications the most. Rather than going out and making an effort to go to a particular physical store or building, they instead stay at their place. With this in mind, banks have made it possible for banking consumers to be able to get their banking processes done through their phones. This makes banking more accessible and leaves clients more comfortable than ever.

Other than that, the personalization of banking is also possible with a virtual chatbot.  It can get the necessary information about the person talking with it. Moreover, it can even search for further information regarding the account and the processes it involves. Because of its sophisticated artificial intelligence, it can remember the past conversations and transactions of the customer. Online banking servers do not have to spend time searching and rereading previous files to give the correct information to their customers.

As proof of the remarkable benefits virtual chatbot could give, well-known banking companies such as Wells Fargo, Bank of America, and Capital One are now utilizing them for their customer service. Unlike the popular belief, these bots can even feel and sympathize with users like a real human server. Moreover, mobile banking with a chatbot can also adapt its service while basing on the location of the customer.

Banking channels are now connected

According to the survey of FIS’ 2019 Performance against Customer Expectations (PACE), there are about 75% of interactions between bank branches. This happens with the help of the internet and mobile devices. However, it is still not enough to connect the branches of banks for a piece of collected information that will benefit both the management and the customers. Due to the differences in the offices, mobile applications, tellers, kiosks, and ATMs, it is not a question of why branches feel distant from each other. Moreover, it even leads to the difficulty in gathering and applying data from each channel, which disjoints the customer’s experience. Significantly, virtual chatbot for banking is created to comply with the connection discrepancies between the branches.

Moreover, a virtual chatbot is set on removing the disconnection between channels by having a single service for all mobile banking. This server is going to be the highly-intelligent bot that is going to change all banking experiences. Whereas, this strategy can create the centralization of management capabilities. This also helps minimize the system errors regarding the data and information of their past transactions with the bank. By launching a virtual chatbot, banking branches of a company are more united than ever.

Information flow is convenient

If you are a customer, you may have some queries that you want to ask or information that you want to be clear. Moreover, because banking and finance is a difficult course to understand, some consumers may wish to have further discussions about several situations that may relate to them. However, a virtual chatbot is now helping banking companies to make these circumstances easier for everyone. As we know, it already has some data that is given by the developer regarding the company. Other than that, its high intelligence can also collect and save information that it could get from dialogues with customers.

Also, rather than choosing a regular question and answer application, a virtual chatbot can provide answers specific to the problem of the customer. This personalization helps clear the confusion of clients regarding the banking processes and transactions. Moreover, giving real-time answers with clients can improve customer satisfaction with the services of the bank. It also has a built-calculator that can compute interests, rates, and credit scores of each product with regards to mortgages and loans.

virtual chatbot

Furthermore, virtual chatbots can deliver the perfect combination of data without committing errors that a human server could do. Because it cannot be stressed despite the number of persons communicating with it, it can be assured to respond accurately with all the queries for the bank. It makes the customers trust the services of the bank more than ever.

Ways to succeed in virtual chatbot banking

There are already numerous innovations and marketing strategies that banks are applying to their company. The recent one is by using a virtual chatbot in banking to lure in people and make transactions smoother. However, there are some things that you need to consider when you are dealing with chatbots. Here are some of the ways that you should make to succeed in virtual chatbot banking.

Learn about technology

It will be hard for anyone who does not have any idea about technology to deal with a virtual chatbot, especially when it is for banking. Remember that banking is very complicated and risky. It will require excellent knowledge and experience to make every transaction and deal successfully. This also applies when making chatbots. You should know how it works and how it can be properly utilized for your greater good.

Know when you need help

Nobody is perfect, and no one can ever have the ideal knowledge about certain things. Especially if you are just a businessman or a marketing agent, it will be hard for you to adjust to some items such as virtual chatbot. Moreover, if you want to put some unique features and widgets for your bot, it might be hard for you. This is why you need a creative AI developer and an excellent platform to make the best virtual chatbot for banking.

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Improve security and privacy

One thing is for sure: all clients of a bank company needs privacy and security. Remember that you are dealing with money that other people have entrusted you. This is the reason why it is essential to build a connection with customers and gain their trust. You can do this by being strict with log-ins and inputting voice biometrics that will make sure that the bot is talking with the right person. Chatbot also prevents you from disclosing information with unauthorized persons.

Maintain transparency

Humans are the most intelligent species in the world, and no one can deny that. This is why it is tough to fool humans into believing that they are talking to real persons with a chatbot. Moreover, this can only cause more complications and distrust from your customers. To avoid this situation, inform users that they are only talking to a virtual chatbot. It is also better to give them an option to speak with a real person.

Be consistent

Most banks have several branches across the towns or even countries. However, because of distance and different managements per branch, the consistency of services offered may not be consistent. This can cause dissatisfaction from your clients, especially if they have already tried the other departments. However, it will be different now. By using a virtual chatbot, it will not only connect branched from branches but also maintains the consistency of the services offered by each one.

Do not terminate human servers

Many people speculate that shortly, a virtual chatbot is going to replace humans for their jobs. However, this is still impossible for now. There is yet no perfect interface that can think and make decisions like humans do. Moreover, there are still some questions that AI cannot answer. This is the reason why there are companies who are launching chatbots and always hiring customer service employees. When the bot fails to understand the request or question of a customer, the conversation will automatically transfer to individual servers.

Famous virtual chatbot for banking

Erica of Bank of America

Bank of America is one of the most famous and respected banks in America. Moreover, it is even known for being the market leader in the United States. They are one of the companies that are first using different innovations for their bank systems. Considering this, they are now using virtual chatbots to perform specific tasks in their bank. Erica can provide balanced information, send notifications, and suggest ways to save money. Moreover, it can even pay bills, give credit repost updates, and other simple transactions of the company. As time goes by, the collected data and information about Erica allow her to be more knowledgeable and accurate in communicating with customers.

AmEx of American Express

We all know how good American Express can be, especially when they are using their relationship with businesses to benefit their customers. This is now made better with the help of virtual chatbots on communicating with their clients. They can give notifications about the latest discount sales as well as recommendations. It is also able to provide reminders about the new credit card benefits. However, customers must first connect their card with American Express using their messenger accounts.

Future of Chatbot banking

One of the standard predictions of the marketers is that virtual chatbot is going to take over the global market soon. As this happens, almost all of the banks are using this for the success of their banking company. With this is in mind, you might be thinking of creating your bot. Herobot is here to help you through the creation process. You will not need to make too much effort because this platform is just easy to use. Moreover, it has some templates that you can use when creating a bot. Use Herobot to create your bot now!

How a Chatbot Developer Give Life to Your Chatbot

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Chatbots make one’s job lighter and faster. From sending emails to answering queries, a chatbot can do it much faster than a real human can. At first, it could be questionable if a chatbot can really do the work of a human without any error, but due to the development of technology, chatbots gained a good reputation online.

The seamless transition from a real-life assistant to these machine agents can now be observed by merely using our phones and browsing through the Internet. Thanks to a chatbot developer, the online world can now taste the sweetness of chatbots and the benefits it can bring us.

chatbot developer

But, have you ever wonder how these technology-based assistants work? Inevitably, you sometimes ask yourself how a message pop-up to your Facebook Messenger without a live person sending it.

How does a chatbot come to life?

The life of a chatbot is no mystery nor magic, but, one can never deny the fact that it brought a lot of benefits to human works ever since it was created. A bot is programmed to work independently from a human operator. For this reason, you will sometimes ask yourself if a chatbot is a computer planted with a human brain.

Humans are fascinated continuously with self-operating and artificial intelligence-powered machines. Due to this, they consistently ask themselves, “How does a chatbot come to life?” To feed your mind with the answers to this question below is the process the digital friend of ours is made.

1. Setting your goals

Like everything you do or work on, it is essential to get a clear set of your goals. Is your bot for Facebook Messenger, for other online messaging applications, or should it be a talking bot? These goals will define what your chatbot is for and how it would help you as well as your clients in your tasks. You should also make sure that you are prepared since building a chatbot can be time and resource consuming.

2. Know your target audience

Before a chatbot is designed, it is essential to know where it would be used for and what kind of customers will it interact with. By identifying who your target audience is, you will be able to visualize how your bot would look like. The design of your chatbot must be suited to the service it offers so that it will attract more customers.

3. Designing your chatbot

In this process is where a chatbot’s personality, interaction to users, as well as how it will answer to question is defined. It is important that your chatbot functions to perfectly assist customers without anyone operating it. The whole finished result of a chatbot is based on how it is designed. Additionally, where the chatbot will appear is also defined in this process. Do research on what existing platforms can you generate more sales. For instance, it was reported that Facebook Messenger helped Sephora increase its sales ever since the store implemented a chatbot system. By doing this process, you will be able to know where your chatbot should create its reputation to the online market.

4. Creating your chatbot

Building a chatbot is divided into two main processes. First, understanding its potential users’ intent and secondly producing the best answer to every query. A chatbot’s first task involves understanding whatever tits user will input. On the other hand, the second one will involve the data processes as to how the chatbot will respond to questions.

5. Monitoring and maintenance

After being able to develop a chatbot, monitoring how it works must be done in order to see if there are flaws and usage problems. By monitoring your bot, you can improve how it works as well as you can improve the user’s experience. On the other hand, to keep the smooth speed of your chatbot, it should be consistently maintained. The manual input must also be done so that your bot will not lose its smooth speed.

Chatbot Developer – What is it?

While it is important to know how chatbots are made, it is more important to know the people behind this useful innovations: the chatbot developer.

A chatbot developer is a person or a platform behind the exquisite works of a chatbot. They have the knowledge to create a system that thinks exactly like how a human brain does. There are a lot of chatbot developers available online with both their paid and free versions. While creating a bot requires knowledge about coding, some of the chatbot developing platform online does not require you to be coding and IT, experts. Additionally, most of the chatbot developers now are targeting Facebook Messenger and other messaging platforms because they know that they can get more clients there.

Here is the list of some chatbot developers in 2019:

1. Botsify

A simple chatbot builder that lets its users create Facebook Messenger-based chatbots easily. With Botsify, you do not need any knowledge about coding and programming since it has an easy interface. The developer also comes with some integration features. Botsify lets you integrate your chatbot to some other platforms like Spotify, Alexa, and WordPress.

2. Manychat

Manychat is another simple and effective chatbot development platform. Although this platform is exclusive for Facebook and has a monthly fee, it is perfect for integration to Facebook advertising, a series of messages, and mailing.

3. ChatterBot

chatbot developer

A chatbot developing platform that lets people step up into more complex chatbot building, ChatterBot. The platform has tools that aid in simplifying the chatbot training process. In ChatterBot, you have to create a series of entry in the knowledge graph so that your chatbot responses are correctly represented. After the input process of the knowledge graph, the developer then creates a Python Library that is language independent, which allows the chatbot to be trained based on the developer’s desired language. Undeniably, this chatbot developing platform is not for beginners.

4. Dialogflow

This platform is powered by Google’s machine learning. Grounded in natural language conversations, Dialogflow aids people to create either text-based or conversational bots. Additionally, it creates a connection to Google Assistant, Amazon Alexa, Facebook Messenger, Twitter, and more. Dialogflow has inbuilt machine learning and natural language processing technologies that a chatbot developer can access. For this reason, the bot developers can focus more on the integral parts of their AI-powered system rather than on establishing in-depth grammar rules.

5. Wit.ai

Wit.ai helps developers to create bots that can understand and respond to human commands and questions. Wit.ai is for those advanced chatbot developers. Using this platform, developers can build bots that can respond to real humans through text or voice. This platform gets smarter as you continuously interact with it because it stores data needed for future usage.

6. Botkit

Perfect for chatbot developers who want to interact with other bot developers, Botkit is not just a platform but also a community of more than 7,000 developers around the globe. The platform is empowered visual conversation builder, open-source libraries, and thoroughly tested codes from some of the best chatbot developers, all available for you to use in powering your chatbot.

7. Pandorabots

You can say that this developer is already a professional in its area since it is one of the oldest and largest chatbot hosting services in the world. The creators of this platform aim to support the development of open-source standard support in making artificially intelligent bots. In addition, Pandorabots lets users create chatbots for different purposes like virtual assistance, messaging, command, and control. Moreover, the platform supports the development of Artificial Intelligence Markup Language open-source, a system used for creating natural language software agents.

8. Chatfuel

Aiming to make chatbot developing easier, Chatfuel is a bot builder for Facebook Messenger that lets a chatbot developer make his platform without having to have the knowledge about coding. Additionally, this platform has an intuitive visual interface that lets non-technical users build their very own chatbots and make conversational flows. Chatbots create connections between humans and machines through the use of messaging applications, so, creating a chatbot using this platform is really advisable.

9. TARS

This is another zero coding chatbot developer. Additionally, they also have different templates stored in their system that you can edit and use in giving life to your chatbot. However, TARS do not have a free version, and its price is somewhat higher than other chatbot developing platforms.

10. SEQUEL

Sequel empowers developers and creators to build their own conversational and engaging human-like machines. Content creators – brands, game designers, journalists, and consumers, for instance, can create a platform that is entertaining and smart using SEQUEL. Moreover, SEQUEL has a growing number of messaging partners like Facebook Messenger, Kik, and Telegram.

11. HeroBot

chatbot developer

We saved the best for last. HeroBot is the most excellent chatbot developing platform on the web. Create your bots without the need of complicated coding or any other hassles. What’s more is that HeroBot grants you access to several useful functions for free. Yes, you’ve read that right, it’s free. With HeroBot, you have the power to create your own chatbot with a simple drag and drop. Increase your revenue and efficiency without the need to spend additional costs.

Empower your business with a chatbot that will increase your engagement to customers. To be able to do that, what you need is a chatbot developer that is perfect for your business and preferences. Connect with HeroBot now to the best chatbot for you!