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Chatbot use cases for banks and credit unions

Last updated 20 October 2023

With the right conversational AI platform powering it, a chatbot can be a powerful tool for banks looking to enhance customer-facing support/sales and optimize operational efficiency.

By 2023, the operational cost of savings by implementing virtual agents in banking will reach $7.3 billion globally

- Juniper Research

Yes, a chatbot can make your brand available to customers 24/7, 365-days a year - which in itself is an enormous benefit - but, it's also capable of so much more. Thanks to advances in Machine Learning and Natural Language Understanding, the next generation of advanced virtual agents can bring many additional benefits to enterprises looking to automate service and support at scale, such as:

  • Eliminate the barrier between a brand and its customers by providing instant, consistent responses
  • Interface with a customer's account to suggest products and services, helping to increase sales and drive revenue
  • Free up employees to focus on high-value customer interactions by automating repetitive tasks
  • Deploy fully-automated omni-channel experiences for sales, service and support without tying up resources
  • Create dynamic and memorable self-service interactions that bolster brand loyalty

Banks and other financial institutions in particular stand to cut costs, increase revenues and improve customer satisfaction with conversational AI.

3 use cases for a banking or credit union chatbot:

Automate core banking services

Whether it's opening a new account, reporting a lost card, checking account balance, processing mortgage payments or any other core banking services, conversational AI gives your customers agency over process via a friendly, self-service interface without needing to involve a human operator unless they want to.

Instant & personalized service

Break down customer service and support barriers by delivering instant, accurate and consistent answers to questions related to your bank's products and services. powerful integrations like user authentication can allow for personalized and proactive responses, tailored to individual customers' needs, that improve over time thanks to self-learning AI.

Onboarding and internal support

Combine conversational AI with RPA to automate time-intensive back-office processes, such as document management and contract review, ultimately increasing productivity and streamlining operations. Employee onboarding is facilitated with training and knowledge base content built directly into the AI chatbot

18% of credit unions have already deployed some form of chatbot and another 18% plan to in 2021

- Cornerstone Advisors

Client case study: DNB

Challenge: Norway's largest bank needed to scale customer support to handle high volumes of incoming chat traffic

Solution: DNB routed all website customer service traffic through its conversational AI chatbot

Result: Virtual agent automated over 50% of all incoming chat traffic in six months. The bot now automates 20% of all customer service inquiries including legacy channels like phone and email.

Read more about DNB's success with conversational AI.

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