Are Bots the Future of ‘Customer Service’ for Banks?

Banking Bot


So your customers demand instant answers? Tech always has a solution in hand and this time bots have come to the rescue of companies that have to deal with large number of customer queries. It could be anything as simple as where is the nearest ATM branch or something more complex like please change my password or a fraudulent transaction alert. Banks can save billions in customer care costs simply by using Artificial Intelligence and Machine Learning to answer these queries.

Recent statistics indicate that customers prefer messaging over calling. In a recent research, customers rated their preference for live chat at 80%, versus 20% for telephone. Chatbots are the future of customer service because they can streamline customer interaction, pro-actively boost customer engagement, and give the customer the power to communicate through the channel they prefer.


Let’s take a look at the various areas within customer care that bots can create wonders:


Call Centre Costs Cut By Half

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Overburdened Customer Care

Poor customer service by call centers located at different corners of the world  are costing organisations billions and not to mention losing loyalty amongst their customers. Banks and Financial Institutions can now save over 50% on support by shifting their support conversations from telephone to chatbot.

Outsourcing customer service can turn out to be one of the worst mistake a company has made if it is not done correctly or if the call center is overburdened with queries. Hiring costs, employee retention cost, workforce productivity cost — all of these and more can be reduced drastically with the bots stepping in to aid the customer care centre. Bots can free-up the customer care representative by handling frequently asked questions, handling ticket routeing and so on.


Chatbots Can Tackle 90% of Customer Queries


“I can’t believe my bank kept me waiting for twenty minutes when I rang them this morning to change the registered address for my savings account. That’s bad customer service and absolute waste of my time. It’s time to change my bank!”

Brian S, Senior Manager with a leading global organisation posted on social media recently. His post received hundred more comments from customers who are fed up with the customer care system of most banks. This kind of negative feedback can cause huge damages and any correction exercise can also be quite expensive.

banking bot
Chabot Customer Care For Banking


With Artificial Intelligence and Machine Learning growing at a tremendous pace, bots now promise to tackle 90% of customer queries through text. Chatbots are ideal simply because they allow the banks to program the bot to handle  repeatedly asked questions and provide user satisfaction with prompt answers. The consumer as well as the bank, can see the history of the conversation and never have to start the conversation from the beginning. Added advantage is that chatbots keep the bank up and running 24/7.




Making ‘Customer Service’ Easy 

banking ai
Happy Banking Customer


Every company wants to make it easy for their consumers to communicate with them, get their queries answered or solve issues. Not just that, it is also about making it easy for consumers to go through the medium they prefer and experience a customer service that is quick and seamless.  Customers like it when their time is valued and their issues are solved quickly.




Delivering Personalised Customer Service

A bot can be branded to reflect the organisation’s personality. As the bot is linked to a company’s back-end system when a customer interacts with a bot, the customer is immediately recognised, addressed, and engaged. If a human agent has to intervene, they too are armed with contextual data and conversation history that the bot inherently stores in the back-end.

Here’s a recent case of Shawn G, a Store Manager with a popular retail outlet who had to repeatedly explain his situation with customer care reps. “Last month there were a few fraudulent transactions on my credit card. I had to make multiple calls to my bank to raise this issue. To add to the pain, each time I called the customer care, I had to repeat the entire story. It was an exhausting process,” lamented Shawn. Situations such as these can be averted easily as the bot stores the contextual data and preps the human agent with all the necessary information. Moreover, a bot allows the consumer to block the card with just a few steps over chat in the instance of any fraudulent transactions or lost card issues.


Transforming The Future of Customer Service

Give the bots some time and you will be amazed how it transforms the way we communicate. With time, the bots will smarter and customers will trust it a lot more to answer queries and get their tasks done. For instance, you could change your change your password within 10 seconds versus a 10 minute phone call or you could block your lost card within a few seconds saving you the plight of calling the call centre. It is convenience redefined not only for the customer but also the bank. Bots can handle all these varied scenarios seamlessly also freeing up the expensive customer care executives to handle more complex issues.

While we are not indicating that a bot will replace call centers altogether, it will prevent a cell center from being the only customer or IT service solution available for consumers. Banks can now integrate chatbots with their existing systems as a complementary or alternative solution to personalise and automate their customer service efficiently and cost effectively.


Want to know more about Bots for Banking? Read more about Avenir Banking Bot or Request for a demo here Speak to us now by writing to or call us on +44 (0)2037357262

Avenir Business Solutions, headquartered in the UK is a Technology company serving Enterprises globally and is a Messaging & Bots solution partner. We have recently launched Avenir Banking Bot.


Ansy Austin

Ansy Austin

Marketing Manager at Avenir Business Solutions
As a keen Digital Marketer, Ansy plays a key role in strategising and implementing marketing activities for Avenir Business Solutions, an IT company headquartered in the UK with a global presence in India and Middle East. Avenir excels in building and customising intelligent NLP enabled bots. With her deep understanding of business trends and the need for marrying technological advancements with business processses, Ansy enables enterpises to use bots to their competitive advantage as we head on to a fully automated age. She has completed her MBA from University of Bath and also comes with a background of rich experience working for 7 years with an international news media company.

She can be reached at
Ansy Austin

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