Chatbots continue to make breakthroughs in the booming banking industry. During these unprecedented times, we have seen evidence worldwide of the effects the COVID-19 crisis and the outbreak of this pandemic on every sector and industry in the world. Due to the constant development in today’s technologies software applications like Chatbots have seeped through the banking industry aiding in overcoming challenges such as the global pandemic that is proven to be one of the biggest economic threats worldwide. 

The banking sector in specific is utilizing all the AI powered technologies they could use amidst this crisis to ensure that their service is available and working whilst maintaining a healthy working place to attract new customers and retain their existing customers. This could be seen in the full digital transformation that ensued in banks like mobile and online banking that Pio-Tech approaches in a creative and innovative way with certified and effective solutions. 

Why having a Banking Chatbot in 2020!

While some perceive the COVID-19 outbreak to be a threat to the continuity of the banking sector, it is observed that Chatbots have helped in: 

  • Delivering a personalized customer experience, where it is easily accessed and customers can tailor it to their needs anytime they want. 
  • Connecting the customer with their services in an easier, faster and simpler way. 
  • Fully transforming the customer experience, through giving them financial tips, detecting fraud through machine learning, assisting customers easily and lastly tailored marketing. 

Banking Chatbots can help form a positive customer experience through answering customer’s questions easily and efficiently as it is very easily accessed through a phone or laptop. They can also help in handling various banking activities.

Pio-Tech developed a sustainable solution (Chatbot PIBO) that ensures that the long process of customer support, checking balances, transferring money between accounts, loan application, and getting more knowledge on interest rates can be eliminated through their AI integrated Chatbot. Also, the Chatbot is able to recommend products for its users based on their data, therefore improving the marketing and sales of the bank.

As well as supporting the customers of the bank, Pio-Tech’s solution (Chatbot ABOT) also supports the management of the bank by displaying insights and real-time numbers of the branch/bank’s performance which enables them to make fast decisions and minimizes the time that’s usually spent on collecting this information.

In conclusion, I believe that our Chatbot solutions are pivotal to banks in the world’s current situation and even for the future to keep up with the technological evolution.

Author: Haya Al-Saffarini

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