Why Chatbots are Important for NBFCs?

Chatbots are mechanised chat systems which employ artificial intelligence in designing human conversations without the intervention of humans. It identifies the context and emotions in the chat window and reverts to them with a relevant reply.

The chatbots have replaced the conventional telecallers and care executives by delivering compelling performance in dealing with the needs of modern day customers. This hi-tech, interactive breed has made the job easier for the non-banking financial institutions to create a syrupy, long-lasting relationship with the end-users, thus creating an opportunity for the institution to explore further avenues of product marketing and delivery.

Here is a compiled list of reasons for which renowned NBFCs are deploying chatbots to pave the way for comprehensive development of their business.

Streamlined Customer service

NBFCs receive countless calls from customers on a regular basis, and not all of them need manual guidance. These institutions are burning a large portion of their budget to maintain call centres and support verticals for catering to diverse requirements of customers such as submitting KYC documents, resolving transactional queries, informing them about new products and so on.

Chatbots act as technological robots that talk to consumers, procure information from them and solve their problems through instant reply. Chatbots are mere virtual representatives that mimic the standards followed by human executives in identifying the sensitive details of the customers and preserve the confidentiality of the banking mechanism.

Enhanced Accessibility for customers

The contact process of NBFCs over the web encapsulates a variety of complex methods clubbed with authorization protocols and insertion of confidential details multiple times in separate fields. This cumbersome process can be easily avoided through the implementation of chatbots.

The messaging apps of leading NBFCs are embedded with chatbots that feasibly help the user to connect with the institution without typing credentials for a zillion times. In return, it becomes easier for the customers to use the services provided by the NBFCs and this effectively leads to higher consumer engagement and increased loyalty.

Data Collation Facility

Chatbots are equipped with natural language processing functionality to decode the contextual communication. Chatbots are programmed with cutting-edge data capturing and analytical tools. They work on a fixed set of keywords and is strong enough to grab an idea of varying customers' demands and requirements through an independent mode of communication in the form of a website or mobile apps.

For NBFCs, chatbots collect data to gauge the satisfaction gradient of the customers with the offered services and effectively displays how customers are satisfied with the product promotions or how actively they are engaged with the services.

Chatbots are automating tasks that assist the NBFCs to collect critical customer information that can be supplied to a centralised database for further assessment and analysis in providing deeply valuable insights and actionable measures to augment the quality of services and products offered by the core organisation.

Determination of end-user feedback

In the modern world, most NBFCs offer a plethora of services and products such as loans, cards, financial planning services for customers from all spheres of society. However, reception of all such offerings might not be the same throughout. Through detailed study, customised services can be offered to the customers depending on their past transactions, credibility, and engagement interest.

Bots are instrumental in unveiling advanced products and services in front of a chosen set of customers and even analyse their interest level in specific products. With agile programming, several vying data can be easily extracted from the user responses that can be treasured to devise their product ready for the next generation competition.

Just like products, an end-user experience concerning transactions and ancillary NBFC services matters to a great extent for strengthening the association between a service provider and its customers. Voice-driven chatbots are optimised to receive feedback from the customers through a streamlined mode of communication i.e. a phone call in which variable questions are relayed to the customers upon the completion of a transaction process. The users need to answer these questions verbally or type numerals on their keypad to express their perspective regarding the services and how likely they are going to recommend the offerings to their acquaintances.

Investment in AI technology has highly impacted the functional efficiency of most of the banks and the number is growing steadily. Following the footsteps of the banking institutions, leading NBFCs in the market are considering the activation of chatbots at their disposal to elevate the overall service quality and generate customer satisfaction for a long-term.