chatbot-880x541As we move into the age of automation, there is much to consider in the banking industry. Whether it be personal or commercial banking, all customers deserve the benefits of the smart bot and smart bot services that can help to improve efficient management of money and financial goals overall. As the past decade has included updates in online banking, banking apps on the mobile phone and more, there has to be the next age of the smart bot to communicate comfortably with the youngest generation beginning their careers and need for financial assistance.

1.      Smart bots are mobile optimized out of the box.

Given difficulties of properly managing bank accounts via the smartphone, the smart bot service will be the next step in updating financial management services from anywhere. With the smart bot optimization there will be services embedded to media channels of all sorts for the customer’s complete access to accounts from within Facebook Messenger to WeChat and more.

2.      Strength in a personal money management assistant provided with smart bot services.

Here is something that each bank will be able to offer for each individual customer. Right now, it is easy to login to the bank website and view basic account information the way every other customer sees it. With the move to smart bot services the site will work more like a personal assistant, remembering the customer’s most recent activity on the website to help determine financial needs and interests and help manage personal wealth and financial

3.      Attract millennial customers by talking on their terms.

With millennials now the largest age group in the world, both the workforce and in buying power, there is something to be said for speaking the language of the technology they know. Considering the basis of their communication in instant messaging there is much to be said for the banks’ smart bots being able to respond to these customers on that level. With smart bot services customer service chatting will also add text messaging, which is even more so the communication medium for the millennial. The smart bot is able to talk in the latest words of the 21st century.

4.      Reduce customer support cost and increase satisfaction.

To keep it simple, customer support will be more automated through the communication channels mentioned above, and there will not be as much a need for large call centers or customer support teams. Since there is a very high rate of need for quality customer service in order to retain those relationships, with the ability of the smart bot to speak on the level of the largest consumer group there will be happy customers in the end.

5.      Smart bots play to banks’ strengths handling big data.

Banks and other financial institutions are already set up to work with the latest technology. With regards to big data, there is the ability to set up the smart bot services easily for easy communication with existing bulk records of customers. This will be an efficient approach when it comes on considering to be able to reach out to a large data of customers in the fastest way. While this is an apparent change, this makes it one that will be easily accepted and quickly activated. We already have the ability to use smartphones for retail sales as well as other online purchases, so the continuing movement to the smart bot is coming quickly in the broad and growing financial world.

6.      Chat is used as a preferred mode of communication, as strong as texts and calls.

chat messagesWith so many chat apps available, the banks with the smart bot will now have the ability to be more than a website where the customer views their accounts. One potential chat mode is in addition of the bank app, where there is the ability for the chat with the customer service rep, chat with the automated rep, and many more options to ensure that the customer service experience is easy and successful.

7.      Smart bots are non-intrusive, while using auto-updates.

The automated chatting in the app is much less intrusive to the customer’s life, unlike the usual trip to the bank that had to be made in the past. Considering the fact that some of those trips can be stressful for customers there is the much smoother auto-update available through the smart bot service as well as the chats that can be completed through the apps, texting or instant messaging.

In conclusion, with the coming of smart bot services there is much for banks and financial institutions to anticipate. With the millennial generation leading the world job market, having the greatest earning and buying power as well, there is much to be said for a bank to be able to speak on their terms. With the addition of texts, instant messaging, apps and auto-updates there is the movement into the latest technology of the 21st century for banks to help maintain the greatest customer support for all of those already on their lists. With smart bot services it will be a quick and formidable change for the banks to gain.