October 15, 2019

How can banks multiply their customer acquisitions by 6?

Many banks have implemented a conversational strategy.  The results are spectacular.  Tata Capital, for example, deployed a chatbot that increased their customer acquisition by 600%.  The chatbot manages 70% of both sales and after sales processes all while increasing the customer satisfaction rate.

Banks are in full digital transformation.  By leveraging technology to improve customer experience, they are developing more and more personalized service that drive business growth.

The chatbot, an ally in the strategy of acquisition and differentiation

With the progression of AI, banks are constantly improving their customer experience.  This evolution is more than necessary for this old industry that needs to adapt to new customer usages and ways of working.

At the heart of this development are chatbots.  In fact, according to Gartner, by 2020, customers will manage 85% of their relationships with a company without real human interaction.  Eventually, these conversational wizards will also replace mobile applications.  Increasingly, chatbots have particularly advanced their features in automatic language learning.

Chatbots are here to complete the customer experience.  In this respect, they work exceptionally well.  Integrated with the website, mobile applications, and instant messages, chatbots initiate a conversation with users.  Their goal is to assess the needs and interests of each user to better guide them.  These “prospects” are then converted into a customer thanks to a specialized salesperson.

It’s a winning duo:  robot and human.

Robots enable conversations with a large number of customers 24/7.  This allows a quick response to the customer and frees up time for the sales teams.  Sales representatives can take the time to provide personalized advice to each client.

In March, Bank of America launched Erica, the virtual assistant deployed on their mobile application.  Erica has acquired 1 million users in three months.

This phenomenon is not only banking.  Kik, Sephora’s bot opens after clicking on an invitation to take a quiz.  The chatbot provides product recommendations and complete product reviews in seconds.

According to MarTech Today, Sephora customers using chatbots spend $50 more than those who don’t use them.  Along with this, a much higher level of customer satisfaction.

Thanks to the improved customer experience and accessibility that chatbots enable, some brands have seen up to a 600% increase in the number of leads collected as opposed to traditional mechanisms.  Customers are more numerous and satisfied, while sales people can devote themselves fully to their core business.  It’s a win/win situation.

A proven ROI

Banks have been among the first to adopt this type of technology and they are constantly looking for smarter automation solutions that meet the ever-increasing expectations of customers!  A report from Juniper Research even states that 4 minutes are saved for each request handled by a chat bot.  In a few years, it will be billions of saving.

The chatbot is therefore a powerful tool for productivity and satisfaction internally and externally for the company.  In addition to the significant gain in terms of lead and the savings that are generated, the chatbot is also a source of improvement in customer satisfaction.  Indeed, the continuous improvement of the services and the need for reactivity are factors today’s essential factors to conquer new customers.

The rapid adoption of chatbots in the banking sector is not simply a matter of rationalizing costs, but in a logic of improving the customer experience and source of growth for the company.  Far from endangering certain positions, the chatbot helps to enrich them through a new contact with customers.

Chatbots – driving growth for banks

The bank is one of the best uses of chatbots.  They make a huge difference at every stage of a customer’s life cycle.

However, we must not forget an important aspect:  the security of data.  Many banking players and insurers therefore resort to “on premise” solutions in order to keep control of the data