Banking customers get used to chatbots

CBOT, a leader in banking chatbots has published a report titled “Banking Chatbots Market Report – Turkey” in April 2019. In this blog, we wanted to share some important highlights from this report.

Juniper’s report titled “How Chatbots Will Transform the Retail Industry” indicates that chatbots entered our lives rapidly with developing technology to easily handle many of the transactions in the retail, banking and healthcare sectors will reach its potential in 2023 with annual savings of 11 billion dollars in total.

“Banking chatbots”, which answer our questions about banking, do our daily transactions and make suggestions for personal finance management, are becoming more and more common. Thanks to banking chatbots, it is possible to quickly find answers to your questions, calculate loan or deposit rates, exchange currencies or reach any branch’s phone within seconds without navigating through menus. Moreover, chatbots turn customer interaction into even better user experience with advanced artificial intelligence technologies such as natural language processing and deep learning. These technologies enable creating chatbot experiences that can recognize and distinguish everyday language expressions, spelling mistakes, synonyms, and provide you with the right answer and continue a dialogue fluently for several steps.

42% of banks in Turkey already launched or currently working on chatbots.

Turkey Banking Sector, known for its innovative services and enhanced customer experience, demonstrated a pioneering approach in terms of adaptation chatbot. We know that 13% of all banks in Turkey offers a chatbot experience to customers via a variety of platforms, 9% has already have an ongoing project, while 20% indicated that they included chatbots in their 2-year strategic plan.

Half of the banks that have a banking virtual assistant give priority to answering only “frequently asked questions” at the first stage. The artificial intelligence system of CBOT, which is trained to answer all banking questions, speeds up the development process of such projects.

40% of website visitors use chatbot where 67% of consumers can access chatbots on the bank’s website and 50% via banking mobile apps.

Apart from that, chatbots are also integrated into social media and messaging platforms and personal assistants such as Facebook Messenger, Google Assistant, WhatsApp, or even a new channel, Google RCS, which customers frequently use. The proportion of chatbots that are integrated into such platforms is 34%.

CBOT Banking Chatbot

Users are asking mostly loan and deposit interest rates.

It is indicated in the report that users are mostly asking for deposit calculation (15%), credit interest calculation (11%), social chats (8%), credit card information (7%) and exchange / stock information (4%).

Besides FAQ Chatbots in Turkey, another chatbot type is transactional ones also used to transfer money, currency exchange transactions and complete all other transactions. Half of the banks using chatbot prefer to add the ability to make transactions while offering their virtual assistants to their customers for the first time. In addition, advisory chatbots that analyze and advise on budget management according to spending habits and financial information is also possible, but yet we do not see such a chatbot in Turkey’s market.

As a result, banks appear in the service sector as a leading sector that adapts to new technologies. Currently, banks with a large customer base are early adaptors, however we can say that medium-sized banks in Turkey will adapt to this innovation soon. It is possible to predict that in addition to banks, insurance and pension companies, portfolio management companies and other financial service providers that interact with the end user will also adapt chatbots.

Click here to learn more about CBOT’s banking chatbot.