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How AI-Powered Voicebots Are the Future of Customer Service in Banking

AI-driven voice bots are transforming the banking landscape by streamlining operations through automated handling of repetitive inquiries, delivering continuous support around the clock, and significantly reducing waiting periods and overhead expenses.

These intelligent systems enhance customer satisfaction and trust by providing personalized assistance through natural language processing. As technology develops, AI-powered voicebots will be an important factor in the banking sector’s customer care plan, improving the efficiency and enjoyment of financial transactions.

Table of Content

  • What is an AI-powered voice Bot?
  • What makes an AI-powered voicebot unique?
  • How can Hexa AI Voicebots enable a better Banking experience?
  • Use Cases of Hexa AI Voice Bot in Banking
  • Conclusion

What is an AI-powered voice Bot?

A voicebot uses Artificial Intelligence and National Language Processing to understand and respond to human voice queries or requests. It converts human voice to text using the Speech to Text (STT) engine, identifying key markers and providing appropriate responses. Voicebots, also known as Voice Assistants or Virtual Assistants, can understand context and engage in conversations beyond robotic responses.

To learn about Voice bot

What makes an AI-powered voicebot unique?

AI-powered programs known as voicebots have human-like dialogues with users. Chatbots use text messages, while voicebots or voice assistant are faster and can run from various devices like phones, smart speakers, mobile apps, or car dashboards.

AI-powered voice bot or voiceover bot are the future of customer service in banking. These advanced systems use natural language processing and speech recognition technologies to respond to voice commands and queries in the same languages customers ask or inquire about. They can engage in human-like conversations, answer questions, provide information, and execute customer transactions. Integrating voicebots into customer service operations offers a seamless, personalized, cost-effective experience. Operable without a computer interface, these voicebots can be used on phones, smart speakers, mobile apps, and car dashboards, making banking more accessible and efficient.

How can Hexa AI Voicebots enable a better Banking experience?

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Voice bots transform the banking experience by providing 24/7 customer support, enabling swift handling of routine inquiries, and offering personalized service. These AI-driven solutions improve accessibility, reduce wait times, and lower operating expenses, resulting in enhanced customer satisfaction.

01 Enhanced Customer Experience
Voice bot or voiceover bot in banking provides 24/7 assistance, reducing frustration and increasing satisfaction. They leverage customer data and preferences to tailor responses based on previous interactions, fostering a stronger connection between customers and the bank. Voice bots eliminate frustrating journeys, replacing phone menus, endless holds, and repetitive information. Their intuitive approach addresses people’s preference for conversational voice interfaces, allowing for friendly, personalized encounters. Voice technology masters approachable, customized communication, preventing customer annoyance and streamlining every exchange.

02 Cost Savings and Scalability
Voicebots can save banks by handling large volumes of inquiries without the costs of a large team of human customer service representatives. They can scale seamlessly to meet fluctuating demand, ensuring prompt assistance. This scalability is especially beneficial during high call volumes, like product launches or system outages. Voice bots also reduce the burden of bank employees by shelving repetitive queries and engaging customers to self-service basic inquiries.

03 Personalized Banking
Voice bots offer a unique customer experience by overcoming disabilities, language barriers, and tech limitations. They use historical data to provide hyper-personalised conversations based on individual preferences. Banks can access valuable customer information, enabling personalized support and product offerings.

04 Compliance and Security
Voicebots can improve banking compliance and data security by providing customers with information on policies and procedures. They can protect customer data from unauthorized access and malicious activities and help banks address risks like money laundering and fraud. Future automation and AI technology can detect employee failure risks and fraud calls, while voice biometric integration can detect fraud calls and transfer them to human agents.

05 Debt Recovery
It has been observed that voicebots perform better than humans in certain situations, such as debt collection. Since people feel more at ease and truthful when interacting with debt collection bots rather than agents about their debts, the debt collection bot can comprehend and gather information because it is less judgmental and more secure. It is also advantageous for banks because the individual cannot engage in much debt payment negotiation. Provide a practical application in the banking industry.

06 Outbound Service
Voicebots can trigger outbound calls to engage with customers. They can remind customers about bill due dates or pre-qualify them for a certain product. Because they can carry on normal, human-like conversations, sharing information or asking specific questions with is possiblevoice bots without seeming robotic or bothering customers.

07 Inbound Service
Inbound voicebots in banking provide efficient, round-the-clock customer support by handling inquiries and transactions through voice commands. They help with things like sending money, changing passwords, verifying account balances, and giving details on banking products. By automating these routine tasks, inbound voicebots reduce wait times, enhance accuracy, and allow human agents to focus on complex issues, resulting in a more seamless and satisfying customer experience.

08 Continuous Evolution and Improvement
voicebots can learn and improve over time, they are an invaluable tool for the banking sector. They can collect and analyze data on common queries, pain points, and preferences, refining their natural language processing capabilities and expanding their knowledge base. As AI and machine learning technologies advance, voice bots can evolve and incorporate new features, ensuring they remain relevant and effective in meeting customer needs.

How can Hexa AI Voicebots enable a better Banking experience?

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01 Money Transfer
Voicebots improve financial management by enabling bill payments, transaction tracking, and payment settings through simple voice commands. They make banking more accessible and user-friendly by streamlining financial operations, saving time, improving transaction accuracy, and enhancing security. This hands-free approach makes credit card payments and prepaid card charges more convenient.

02 Answer Basic Questions:

  • “मैं आपके बैंक में खाता कैसे खोल सकता हूँ?”
  • “ನಾನು ಸಾಲಕ್ಕೆ ಹೇಗೆ ಅರ್ಜಿ ಸಲ್ಲಿಸಬಹುದು ?”
  • “How can I change my ATM pin?”

Haloocom Hexa AI Voicebots  Can enhance customer service by answering fundamental questions about accounts and banking products. For instance, they can provide thorough instructions that go over all the requirements, documentation, and application process for a credit card application. Additionally, voice bots can inform users about various banking products, interest rates, fees, and benefits in 6+ Indian Regional Languages. This instant, on-demand information helps customers make informed decisions quickly, improving their overall banking experience and reducing the need for human intervention.

03  Account Opening and Onboarding
Voice bots can streamline new customers’ account opening and onboarding process by providing necessary information and documentation through voice commands. They can guide customers, explain terms and conditions, and facilitate account activation. This hands-free approach appeals to customers who value convenience and multitasking, as they can initiate the account opening process while performing other tasks like commuting or household chores.

04 Provides Account Updates and Personalised Reminders
Voicebots can trigger reminders, build trust, increase product usage, and answer common queries. They can save time by asking pre-qualifying questions and generating qualified leads, directly increasing productivity and lead conversions. As technology evolves, bots may perform more complex tasks like cross-selling and upselling, reducing the time spent on uninterested customers.

05 Account Information and Transaction Assistance
Voice bots can provide efficient account information and transaction assistance to customers. They can obtain relevant information from the bank’s systems and assist clients in completing the procedures required to finish transactions. This convenience is especially valuable for customers with limited access to traditional banking channels, as they can easily request assistance without visiting a physical branch or navigating through complex online interfaces. Voice Bot makes banking more accessible and convenient for customers on the go.

06 Fraud Detection and Prevention
Voice bots can detect and prevent fraud by analyzing customer behavior and transaction data. They can identify patterns and anomalies, alert customers, request verification or escalate issues to human representatives. By taking a proactive stance, banks can reduce financial losses, safeguard their clients’ assets, and increase customer confidence in the banking system.

07 Debt Collection
One area where voicebots can provide a significant advantage in the banking sector is debt collection. Traditionally, debt collection has been challenging for banks, often involving awkward conversations with debtors and the potential for confrontations or miscommunications. However, implementing voicebots for debt collection can offer a more effective and efficient approach, leveraging the unique strengths of AI-powered technologies.

08 Voice-powered financial advisor
Consumers are constantly searching through a variety of financial services in the best deals. Consider credit cards as an illustration.  Banks issue different types of credit cards to their customers depending on their spending habits, interest rates, reward expectations, and international usage. While a traditional IVR system more or less suggests generic suggestions, a voice bot can ask relevant questions, act like a financial advisor to the customer, and suggest the best option for their needs. Additionally, it facilitates speedy decision-making and purchase completion for the customers.

This is an illustration of a conversation between a user and a voice bot for banking.

Customer: “I’m thinking of buying a new car. Can you assess my finances and suggest loan options within a 5 lakh budget?”
Voice bot: “You are eligible for competitive auto loans based on your financial situation. Which term length would you prefer, 3 Years or 5 years? “
Customer: “Explore both, please. Also, check my current insurance options?
Voice bot: “Sure. Calculating monthly payments now. Meanwhile, I’ll check insurance options for you.”

09 Resolve Urgent Issues on Priority
Voice bots in the banking industry efficiently handle urgent, non-complex issues, such as reporting stolen cards, blocking cards, resetting passwords, checking bank statements, and completing fund transfers. Customers can resolve these concerns quickly through voice commands without enduring long wait times. This immediacy enhances customer satisfaction and ensures critical issues are addressed promptly, improving security and trust in the bank’s services. Voice bots streamline these processes, making banking more responsive and user-friendly.

Conclusion:

The pandemic has accelerated the adoption of voice bots in banking, offering efficient support and reducing physical visits. These multilingual voicebots, utilizing AI, natural language processing, and speech recognition technologies, provide a personalized, cost-effective customer experience. Voicebot adoption is expected to increase across industries like healthcare and real estate. Banking is ahead of the curve in utilizing Conversational AI solutions, enhancing customer journeys and experiences at all stages.

If you want to integrate voice bots for banking, let us know via email or by visiting our website.

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