The ubiquity of messaging apps has created a tangible bond between customers and brands. Digital assistants on the web or social channels have become the primary point of communication for customers rather than websites or customer care centers. Digital assistants provide a familiar communication platform for consumers looking for quick interactions. Essentially, now brands can be where their customers already are and communicate in a way they talk to their friends.

Here are the top 5 reasons why conversational interfaces are an essential part for your digital strategy to improve brand engagement.

Makes information accessible - Conversational interfaces are able to provide answers to 80% of queries on time-consuming financial topics. Most of these questions are FAQ type for which the conversational interfaces can be easily trained. The type assistance is similar to how a contact center agent would provide but without any additional wait time. This can be extremely useful for a new customer who is not familiar with the website or products. Customers can also complete routine tasks, like balance inquiry without assistance from a human agent.

Financial Advice - Conversational interfaces use AI and machine learning to provide personalized financial advice by perusing through the account holders’ data. It can track customer behavior, spending habits, provide credit scores, set and manage budgets and tell the consumer where they are spending their money. This allows for AI-based recommendations and advice for better money management.

24x7 support - Customer support is one of the most critical factors in a brand’s success. Companies are creating positive impact by being available 24x7 with the help of conversational interfaces. The interfaces can serve several customers at the same time, reducing the overall wait time. This gives brands a competitive advantage and increases the likelihood to attract and retain customers.

Also read How Credit Unions are overcoming member support challenges through conversational interfaces

Dynamic Customer Interaction - All forms of interactions, except conversational interfaces, are passive in nature and rely on the customer to initiate contact. However, businesses need a more proactive strategy to engage the customer. Conversational interfaces can transform customer service by reaching out to individuals in a personalized manner, based on their previous conversation history. They can, through predictive analytics understand customer pain points and guide customers through banking processes with ease, reducing drop-offs and increasing ease of business. Such proactive communication will enhance the brand perception of business multi-fold.

Enhanced Consumer Engagement - For improved revenue, it is essential to keep customers engaged with a brand. Organizations that engage with their customers on social media platforms stated that their customers spend 20% to 40% more money, according to Bain & Company. Conversational interfaces take this engagement one step further by making the engagement interactive with a two-way conversation. They can respond to queries and ask follow-up questions. The customers have a more sustained engagement and consequently spend more on the website.

Conclusion

Conversational interfaces can go a long way to improve brand perception of businesses with their personalized conversations, constant availability and accessibility. Early adopters like Bank of America have already seen success having completed over 100 million client interactions. If you are ready to see how you can also create a difference in your customer experience, take a look at our offerings at interface.ai