How Banks and Financial Institutions Benefits from SetBots?

  • Thursday, September 5, 2019
  • Usability

When will we publicly announce in Nepal, "Gone are the days to stand in the queue for hours and hours in the bank just for certain small businesses such as pocket money"? Certainly, it will take time. We are a slow learner but we learn. Nepalese banks and financial institutions are evolving slowly using technologies. Today, most of the banking works are done through a simple tap on the phone. Recently, NMB (Nepal Merchant Bank) launched a TapCard for fast and efficient payment with just a tap to cater mainly for small transactions.

The financial sector is enriched with many evolving revolutionary technologies unlike in the past. Technologies have helped Nepalese banks and financial institutions to pass through barriers and reach out to a wider audience while saving valuable time. Customer satisfaction is at the core regardless of the business field. Like NMB, other banks in Nepal are seeking various ways to provide excellent customer service.

These days, there is a lot of fuss about the use of Artificial Intelligence (AI) to create chatbots. It is rousing to be the next big thing in customer service in every sector. The banking sector is not an exception.  Realizing the opportunities, Banks and Financial institutions in Nepal are looking to chatbot technologies to provide new interfaces to their existing service channels and to enable the appearance of 24/7 customer service capabilities. As a solution, we present you with Setbots⁠—an AI-Powered bot platform.  Anybody can use the Setbots to build a Facebook Messenger Bot quickly and easily with no coding skills or experience. Create a Facebook Messenger Bot Quickly and Easily!

But the question is how Banks and Financial institutions benefit from the Setbots? Well, Setbots as a visual bot builder offers a wide range of opportunities to banks and financial institutions. Some of the best benefits of Setbots to banks are as follows:

  1. Customer Service: Setbots facilitate smarter and convincing conversations in real-time. It can cover answers to some easy queries of customers like resetting a PIN, locating an ATM/branch or reporting lost card. It directly helps in reducing the number of queries that comes in the help center.

  2. Product sales: Setbots can help to differentiate groups of products and board customers for new services.

  3. Retail banking – Day-to-day banking activities, like checking your account balances and transferring funds between accounts and paying bills, are among banks’ prime use cases for chatbots today. Banks in Nepal can also employ Setbots for the same purpose as well.

When banking becomes as easy as conversations with your friends, users will prefer to use chatbots to make payments and transfer money. Financial institutions can also make productive use of free Messenger Chatbots to alerts and suggests products and services to customers through two-way conversations. Some of the benefits of Setbots to financial institutions are as follows:

  1. 24 hours Customer Sevice: Generally, in small institutions, live customer service agents are available only for some hours. But with Setbots, regardless of size, the institution can provide the 24 hours customer service channel. Make every hour of every day productive! Setbots can handle all the general inquiries. In case of a complicated situation, Setbots will book a time for live agents to call the customers during office hours.

  2. Data Analytics: You can also use Setbots for data analytics against customer conversations to find out the customer's current needs and their pain points.

  3. Consistent and stable interface: Unlike a human agent, Setbots do not have emotional variance, hence maintains the quality services.

  4. Setbots⁠—an AI-Powered bot platform have machine learning capabilities. it directly helps your institutions to monitor human-to-human chat sessions to improve the ability of Messenger bot to answer more questions in the future.

See why customers are interested in Setbots?

  • Familiar Informal Chat Environment 

  • A single place to find answers and find information without searching 

  • As Setbots is integrated with the existing Messenger tool, don't need downloading, installing and enrolling another specialized app

  • Can complete hectic tasks in a few conversational steps

  • Do not require to remember special codes or commands.

See why your competitor banks are interested in Setbots?

  • Supports the broader customer 24/7 with the conversational atmosphere

  • Provides notifications and alerts to clients about their finances

  • Reduces loads on customer service call center as Setbots can handle many  Frequently Asked Questions (FAQ)s

  • Automation of fraud prevention processes

  • Extend the banking brand and test user engagement in new offers

  • Reduces the great amount of money

Chatbots like Setbots and conversational banking are the way forward. They will make banking easy and frictionless leading to the rise of open banking and financial institutions.