Automated and Personalized Customer Care for UNIVERSAL BANK
6 months ago
The development of an intelligent chatbot can help financial institutions to optimize and improve their business performance in a variety of ways. Our company has developed a smart conversational banking solution for one of the leading banks in Ukraine that helped to relieve the personnel from the range of routine tasks, cut unnecessary expenditures, and to increase profitability.
Information about Our Client: Universal Bank
Our customer is UNIVERSAL BANK, one of the leading and most reputable banks in Ukraine that provides a wide spectrum of services for individuals and businesses all around the country. The statistic of the bank speaks of itself:
Total assets: 20 billion EUR.
The bank is considered as 1 of 11 of the most reliable banks in Ukraine.
UNIVERSAL BANK is part of TAS Group, one of the largest financial and industrial business groups in Ukraine.
The Situation in the Market and Business Challenge
In the era of digital transformation, the banks have understood that automation of customer service processes can solve a lot of problems, helping to gain competitive advantage, decrease operational costs, and to optimize business performance. Automated conversational banking solutions have already proved their effectiveness. According to statistics, 69% of customers would ask a chatbot for an instant answer before getting in touch with a human. Besides, the examination of banking data demonstrates that 65% of the queries of the customers are repetitive and can be easily solved by a chatbot, while the remaining percentage can be solved with agent support or artificial intelligence. When UNIVERSAL BANK came to us, it required the development of an intelligent and functional chatbot that would automate the routine customer care processes and decrease the workload on the personnel of the bank.
Our Solution: Intelligent Chatbot that Automates Customer Care
We have developed a chatbot for UNIVERSAL BANK in Viber since it was a top mobile messenger app on Android in Ukraine in 2021. With more than 19 million users, Viber was the perfect messenger to target the audience of UNIVERSAL BANK. Our conversational banking solution has very good functionality, providing the users with a wide variety of services to target different needs. The chatbot functions in two modes:
Non-customer mode – limited functionality.
Customer mode – full functionality.
The Functionality of Universal Bank’s Intelligent Chatbot
The intelligent chatbot of UNIVERSAL BANK has the following functionality:
Opening of deposits. The digital assistant of UNIVERSAL BANK can help to open the deposit directly from the chatbot, with no need to visit the brick-and-mortar branch.
Money transfers. The chatbot can help the clients to send and receive money easily and comfortably.
Transaction monitoring. Monitoring of the processes of different transactions (for example, withdrawals, deposits, transfers).
Regular payments. Our chatbot can make regular payments or set on-time notifications or reminders regarding payments within their accounts.
Basic administrative operations. The chatbot gives the possibility to make common banking administrative operations (card blocking, search for the nearest ATMs and branches, etc.).
The Functionality of Intelligent Chatbot of UNIVERSAL BANK
Currency Exchange Rates in Chatbot of UNIVERSAL BANK
Money Transfer in Chatbot of UNIVERSAL BANK
Information about Financial Transaction in the Intelligent Chatbot of UNIVERSAL BANK
Benefits of Our Intelligent Chatbot for UNIVERSAL BANK
Our intelligent chatbot for UNIVERSAL BANK has the following benefits:
Personalized customer service. Our chatbot provides a good first impression and tailored experience to satisfy the needs of the customers of the bank.
Higher productivity of banking personnel.Thanks to the automation of customer service, the workload of the personnel was reduced, leading to a considerable increase in the productivity of banking employees. Instead of spending their time on routine and basic queries, they can focus on completing more complex tasks.
Decrease in costs for customer support.Thanks to the automation of customer service, the bank managed to save money on support expenditures.
Availability of customer support 24/7. Our intelligent chatbot does not have bad days or bad moods. It is readily available to provide accurate answers to customers’ questions whenever they have them (whether it is morning, afternoon, or midnight).
Improved response time. Thanks to the usage of the banking chatbot, UNIVERSAL BANK managed to improve its response time for mundane problem solving and simple query resolution issues.
A safe way of interacting with the clients. The chatbot is working on a secure encrypted network that protects the data of the users in general and cardholders in particular.
Benefits of Our Intelligent Chatbot for the Clients of UNIVERSAL BANK
The main benefits of our intelligent chatbot for the clients of UNIVERSAL BANK are the following:
Time-saving. Thanks to automation, our intelligent chatbot can resolve simple banking queries very quickly and effectively, saving a lot of time for the clients of Universal Bank.
Instant help and 24/7 availability. The client can get help and assistance whenever he needs it.
Consistent answers and endless patience. The chatbot does not make mistakes and does not lose temper, providing high-quality customer service to the clients of Universal Bank
Personalized interaction. Our intelligent chatbot provides smart hassle-free self-service, adapted to the needs of each client.
Technologies Used for Creation of the Intelligent Chatbot for our Client
The key technologies that were used for the development of our smart chatbot are
NodeJs – used to develop backend web applications technologies.
Express.js – used to develop API of backend bot.
Node-RED – open source technology of IBM that gives the possibility to create a scalable model for dialogues and parallel events processing for the needed amount of users.
PostgreSQL – used as a key data warehouse or data storage for chatbot development.
Redis – the tool that provides the possibility to write complex code with simpler and fewer lines.
Business Results of Our Solution
The chatbot of UNIVERSAL BANK helped to achieve the following business results:
to streamline the routine back-office tasks helping to save hundreds of employee hours and therefore decreasing expenditures on customer support services.
to improve the engagement of the customers and their loyalty towards the bank.
to scale up the business operation processes.
to keep the business trendy and up-to-date, using the potential of the most recent technological developments.
Need a custom-made conversational banking chatbot? No need to hesitate, contact us at email@example.com and we will offer you the tailored and personalized solution that would fit your business needs. Unlock the potential of a banking chatbot for your bank!
You are also welcome to read about other banking chatbots that our company has developed in our case study section.