5 Ways Multilingual Chatbots and Voicebots are Transforming the Banking Industry

Almost every industry has been impacted by digital transformation as businesses strive to gain a competitive edge and meet shifting consumer demands.  

Conversational automation powered by multilingual voicebots and multilingual chatbots has the potential to revolutionize internal processes and customer service, facilitating the move to a contactless future for the banking industry. 

Aware of the potentially game-changing effects that innovative technological disruptors like multilingual chatbots and voicebots can have, the banking industry acted quickly to integrate platforms for customer interaction into their online and mobile banking models. And it’s no surprise that, in comparison to other industries, the banking industry continues to use intelligent chatbots to expand its reach, cut costs, and meet increasing customer demand.

According to a Juniper study, chatbots will help banks save up to $7.3 billion globally by 2023, enabling them to implement a successful digital transformation.

Also Read – How can Banks Enhance Trust in Customers with Banking Localisation?

Multilingual Voicebots and Voicebot Localisation: An Essential Investment for Indian Banks-Why? 

The number of Internet users in India has increased dramatically as a result of the country’s digital revolution, and now far more non-English speakers than English speakers use the Internet.

According to a report by KPMG and Google, there are 536 million Indian language Internet users in India, far exceeding the predictions of 199 million English-language Internet users.

Multilingual voicebots and chatbots have several advantages in the banking industry, including reduced resource requirements, reduced reliance on agents, and self-service customer service. The best part is that customers can communicate in their preferred language with multilingual voicebots, which will be a game changer in a country like India, with over 234 million Indian language users.

Multilingual voicebots and chatbots have the potential to break the language barrier chain by increasing engagement and customer satisfaction. Multilingual chatbots powered by Chatbot localisation, which allows banks to communicate with their customers in their native language, are thus proving to be an essential investment for any business operating in India or any market with linguistically diverse customers.

The Need For multilingual voicebots & voicebot localisation

Due to consumers’ increasing desire to shop around for the best deals, the financial services sector is increasingly experiencing lower levels of customer loyalty. Therefore, retaining customers can be done by offering quick, hassle-free services via multilingual voicebots and chatbots.

Prompt customer service and increased operational effectiveness for the bank and its staff are the primary goals of every multilingual voicebot and chatbot. Multilingual voicebots and chatbots in banking help staff members divide their workload.  According to a recent study, 32% of the BFSI sector is already using AI chatbots, indicating the far and wide use of conversational AI for banking.

Customers can get help from conversational banking bots in most banking situations, from getting help right away to helping them with whatever they need. It supports both voice and text-based communication and can understand human languages. 

Conclusion

Reverie’s Voice Suite is a collection of AI-powered technologies that assist your company in developing applications with a natural multilingual interface—designed by humans for humans. 

The suite enables the seamless integration of Indian language voice layers with existing platform bots and virtual assistants, allowing you to serve your native customers in their preferred language.

Want to broaden your brand identity and become known as a brand that prioritizes customer satisfaction? 

With Reverie, use localisation tools to excite, retain, build, and scale your business.

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