Conversation automation in Fintech: Paving the way for enhanced customer experience

Over the last decade, growth of diverse FinTech organizations have made it easier for customers to reach, understand and use a myriad of financial products in a better way. Financial services products, be it credit card, or a loan, often involve some consultation between the prospect and the salesperson for closure. Today, conversation automation, especially through channels like WhatsApp and websites, is reshaping customer interactions in sales, support, and marketing, offering unprecedented benefits for both brands and consumers.

In India, with 400 Mn+ WhatsApp users, it is imperative for brands to build seamless workflows on this channel to support its customers.

‍Core reasons for why it is an utmost necessity and benefits all stakeholders - 

24/7 Availability for Customer Interaction: Automation allows for round-the-clock customer service without the need for continuous human intervention.

Cost and Time Efficiency: Automated systems can handle queries more quickly and at a lower cost compared to human resources. Conversation automation can decrease customer service expenses by 50%, making it a financially sound investment.

Consistent and Updated Information: By integrating with up-to-date databases, these systems provide accurate and current information, crucial for maintaining customer trust and compliance with financial regulations.

Scalability and flexibility: As customer interaction volume increases, the system can scale without a proportional increase in costs.

Personalized Customer Service: By fetching customer history from the backend, conversations can be tailored to individual needs and preferences.

High-Intent Lead Capture: Automated systems can effectively capture and process high-intent leads, improving conversion rates.

Elevated Customer Satisfaction: Automated, efficient, and personalized service contributes to improved overall customer satisfaction scores, a key metric in the highly competitive FinTech sector. 

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Multiple use cases in FinTech-

‍Customer Support: Financial products can be accessed any time by its users, and there could be need for support any time of the day. In case of new users, the support queries could be around onboarding, login issues, detail mismatch, KYC etc. Similarly, for existing customers, they could face concerns in certain transactions, settlements, or using a certain feature of the product. 

‍Capturing Lead Data and Customer Qualification: Bots can create personalized journeys based on customer inputs, capturing detailed information like whether they are a business owner or a salaried professional, income, PAN, etc., for when customers express interest in a certain product/service. 

Upselling and Cross-Selling: Based on a customer's existing portfolio, targeted marketing campaigns for relevant additional products can be shared, enhancing the scope of business. For example, if the customer is using your FinTech offering for utility payments, then your offering of rent payments and personal payments can be pitched in a customized way.

Enhancing User Onboarding and Education: For new customers, especially in complex financial products, automated conversations can simplify the onboarding process, providing step-by-step guidance and answering common queries in real-time.

Data-Driven Customer Interaction: Bots can construct customer profiles based on interactions, enabling more personalized service offerings. For instance, understanding a customer's financial habits can lead to more targeted and effective product recommendations.

Analytics: Fintech chatbots can generate highly actionable insights as they capture information like session duration, drop off points, products inquired, customer feedback etc. These information pointers can be analyzed to improve retention, prospect experience and marketing pitches. 

Compliance and Security: In the FinTech sector, compliance with financial regulations is paramount. Automated systems can help in ensuring that interactions are compliant and secure, reducing the risk of human error.

In conclusion, conversation automation in FinTech is not just a trend but a strategic necessity, playing a crucial role in customer acquisition, retention, and satisfaction. As technology continues to evolve, these tools will become even more sophisticated, further transforming the FinTech landscape and enhancing the customer experience.