Chatbots for a better customer experience
Chatbots, provided by artificial intelligence, provide a more cost-effective solution to financial institutions and a faster way to customer services. In 2020, traditional communication forms such as email or phone are expected to be replaced by chatbots. By using chatbots, companies can respond to their customers’ problems and solve them faster. And it’s expected that in 2020, 85 percent of customer service interactions[iv] will be handled by chatbots.
The experience provided by chatbots can be personalized for better customer experience and even some advanced chatbots can provide financial advice. So, it’s predicted that this technology will continue to improve and allow banks to connect to their customers in a more efficient way.
FinTech Banking Model
By providing innovative and hassle-free ways of service, FinTech has become a threat to traditional banks that can’t keep up with changing behaviours of customers. These changes have been mainly towards a mobile-first approach for financial services and FinTechs have enabled digital solutions to create a seamless customer experience.
FinTech also allows new financial institutions to enter markets easier as these are often fast-moving start-up companies that focus on providing better mobile technology for payments and insurance transactions. But the growth of FinTech companies brings a risk to some of the biggest but slow to adopt type of organizations and have a negative impact on their profits.
and Google to name a few. Since our inception, we’ve translated those early successes into helping many of the largest corporations in both Canada and the US, drive usage and deliver user-centric experiences to their employees and clients.
We’ve become a leader in transformative digital experiences and continue to take a user-first approach to ensuring that the end customer is at the centre of our planning, across all channels and interactions.
Veriday’s diverse experience, products and professional services have allowed us to effectively tailor enterprise solutions for partners operating across industries including healthcare, financial services, government, insurance and engineering, providing us with critical insights and deep customer relationships throughout North America.
[i] Mastercard and Strands collaborate to empower small-to-medium enterprise banking with AI and cutting-edge payment technology, by Aoife Crean | Jul 9, 2018 | Strands News |
[ii] Using AI in the fight against fraud, by Chris Holmes | 23 October 2019 | Finextra
[iii] The Impact of Blockchain on Banks & Financial Institution, by Asia Blockchain Review | June 26, 2019
[iv] Meet 11 of the Most Interesting Chatbots in Banking, by Jim Marous | March 14, 2018 | The Financial Brand