There has been a tectonic shift in the banking industry with the infusion of technology and digitization in the last decade. Earlier, people would spend half of their day at the bank even for simple tasks like passbook updates, cash withdrawals, opening a new bank account and so forth. Long queues and complicated legacy systems were something people attributed to banks in India.
However, conversational chatbots have brought a revolution to the BFSI industry. These bots, which are programmed and trained in Natural Language Processing (NLPs), have transformed the customer experience. They use machine learning and artificial intelligence (AI) to facilitate a two-way conversation between financial institutions and their customers. This has drastically enhanced the customer experience, especially with the introduction of multilingual chatbots.
Multilingual Chat Bots Transforming BFSI
Multilingual chat bots allow customers to communicate in their native language. This enables BFSI companies to provide their customers with personalised and efficient customer service. Multilingual conversational chatbots have become a necessity for the banking industry, especially in a linguistically diverse country like India. Studies have shown that 65% of people prefer content in their native language.
This adds a layer of complexity when it comes to providing service in multiple languages. But there’s a silver lining in the form of Reverie’s IndoCord. This innovative platform addresses the language barrier and ensures a seamless, engaging customer experience. It helps financial institutions to lay down the foundation for next-gen customer experience. In this post, we are going to break down the various challenges in BFSI and how multilingual chatbots can help solve them.
Challenges of Linguistic Diversity in BFSI
India is not just a linguistically diverse country, it also has a diverse culture and heritage. This diversity brings with it a unique set of challenges for the BFSI industry. The three major challenges at the forefront include:
- Communication barriers
- Personalisation issues
- Scalability concerns
These challenges can significantly affect the customer experience and operational scalability.
Communication Barriers
Communication barriers are at the core of the problems that financial institutions face. There are numerous languages and dialects spoken across the country. Addressing this challenge requires a nuanced approach to communication that respects both language preferences and cultural sensitivities. This complexity becomes even more evident when it comes to tasks like sending reminders for eKYC completion. eKYC is a statutory requirement for customer identification. The system prevents fraud, identity theft, and money laundering. Ineffective communication because of language barriers can hinder customer understanding and compliance. This may affect customer onboarding and the institution’s regulatory standing. However, multilingual chatbots can offer guidance to customers during the onboarding process in their preferred language. This streamlines customer interactions and makes the process more inclusive.
Personalisation
Another hurdle that BFSI institutions face is personalisation. Meeting the individual language preferences of customers can enhance customer satisfaction and foster a sense of trust and loyalty. However, technological and logistical constraints in the BFSI sector make it difficult to offer personalised services. This leads to generic communications that often fail to resonate with or engage the diverse customer base effectively.
Scalability
Scalability adds an additional layer of complexity. Expanding services to target a linguistically diverse clientele needs significant enhancements to the existing systems and processes. BFSI institutions have to offer consistent, high-quality services across multiple languages and cultural contexts. In order to achieve this goal, significant investments in technology and human resources are required.
While these challenges seem daunting, technologically advanced language solutions, like Reverie’s IndoCord, can help overcome them. Let’s learn more about how this solution can help BFSI institutions overcome these challenges.
How IndoCord Solves BFSI Challenges
Reverie’s IndoCord provides BFSI institutions with a pivotal solution to the multifaceted challenges they face. The platform leverages advanced AI and NLP technologies to transform customer engagement and operational efficiency across the BFSI landscape. It offers personalised Indian language voice and chatbots powered by Conversational AI. Here’s how IndoCord is revolutionising how financial institutions interact with their customers.
No-Code Simplicity for Personalisation
IndoCord’s no-code platform democratises the development of conversational AI. This allows BFSI institutions to bypass the complex coding requirements and craft personalised Indian language bots with minimal effort.
Industry-Specific Solutions
Reverie understands the diverse needs of different industries and offers BFSI-tailored templates. The customisable solutions offered by IndoCord are designed to meet the unique needs of the banking and financial industry.
Scalable and Flexible Platform
BFSI businesses can adapt to changing market dynamics with the help of the scalable nature of IndoCord. It allows for smooth transitions and modifications that accommodate changes in business strategies and growth plans. This way, businesses can provide their customers with consistent and reliable customer engagement.
Enhanced Conversations with Generative AI
IndoCord also incorporates Generative AI and uses intelligent and context-aware responses to enrich customer interactions. This ensures that the customers feel understood and valued, resulting in deeper engagement and retention.
Comprehensive Multilingual Support
With its extensive multilingual support, IndoCord ensures that BFSI institutions can cater to the linguistically diverse population of India. This helps in broadening access to financial services and ensuring that customers can interact in their preferred language. Hence, improving the reach and impact of financial services across the region.
Reverie’s IndoCord addresses the critical challenges BFSI institutions face through its advanced features and capabilities. It empowers them to offer superior customer experiences and streamline operations.
Use Cases in BFSI
Customer Support Automation
Multilingual conversational chatbots driven by Generative AI excel in automating customer support. They can handle routine queries across multiple languages. They ensure customers receive quick and accurate responses in their native language. This helps in improving the efficiency of customer service teams, allowing them to focus on more complex queries. It also reduces wait times, enhancing customer satisfaction. One primary example of this would be a customer wanting information on their account balance or transaction history. They can receive instant responses without waiting for a human agent.
EMI Payment Reminder Calls
IndoCord, as a hyper-generative conversational bot, has the ability to personalise communication with customers. BFSI institutions can leverage this platform to send out tailored reminders for EMI payments. They can even incentivise timely payments while also providing information about the upcoming dues. For example, a message can be sent stating, “Reminder: Your EMI payment is due tomorrow. Pay today to enjoy a 10% discount on your next instalment!” This appeals to the customers’ desire to save money. Thereby, encouraging prompt payment. It enhances customer loyalty and also benefits the business.
Onboarding and KYC Process
The onboarding and Know Your Customer (KYC) processes can be daunting for new customers. This becomes a major challenge especially when there is a language barrier. Multilingual conversational chatbots can simplify these processes by guiding customers through each step in their preferred language. This makes it more accessible and less intimidating for customers. It not only speeds up the process through constant reminders but also ensures compliance and accuracy.
Enhancing Customer Experience: In a Nutshell
The future of chatbots in BFSI is exciting. The role of AI and machine learning in chatbot development is poised to grow, with a focus on enhancing personalisation and customisation. Multilingual conversational chatbots like IndoCord are bringing revolution to the BFSI domain. This platform can address the unique challenges of linguistic diversity and enhance customer satisfaction. It is paving the way for more inclusive and efficient financial services across India. To explore how IndoCord can elevate your BFSI business to new heights, book a demo today!
