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Writer's pictureAbhinav Paliwal

How Should a Conversational Banking Experience Be Designed?

Updated: Apr 25


Conversational Banking Experience

You must look into and carefully examine the most recent banking trends in order to create a conversational banking platform that is interesting. To simplify your flow of financial services, you should take into account the following suggestions.


Let's discuss how to build a fantastic conversational banking platform.




Steps to design a conversational banking experience

1) Map the journey of each consumer


The first crucial step in building a fantastic conversational experience is mapping the consumer path. You can give customers the support they require by designing customer journey maps.



Those are the main components of customer journey mapping in Conversational Banking


  • Identify the touchpoints- Banks must ascertain all the points at which a consumer interacts with their company. It aids in offering an omnichannel consumer experience that is consistent across all of the channels mentioned.


  • Plan to provide consistent CX- After identifying the channels, it's critical to create a strategy to effectively engage customers and provide consistent customer care.


In order to provide a better conversation experience, the customer journey can be specifically mapped for three groups of clients: prospects, new, and established customers.


2. List the common questions clients ask


After creating customer journey maps, you must determine the most frequently asked questions. General questions, onboarding issues, application-related issues, transactional issues, and account services could all be covered.


Following your set of inquiries, you can


  • Automate the repetitive inquiries with a chatbot - Use a chatbot to filter and automate the repetitive questions. The bot will always be on hand to answer questions and foster interaction.

Provide hybrid customer assistance by having a bot handle simple questions and a human agent handle more complicated ones.

Be careful you take into account each client touchpoint for the various customer kinds.



3. List the spots that require human support


Customers may occasionally sense the need for human assistance because it is impossible to fully automate everything. Therefore, you must comprehend those particular parts of the customer journey contact to spot the spots of friction.


The correct technologies may be deployed to engage your clients and provide a conversational banking experience by being aware of the consumer touchpoints.


  • Use video chat for personalized engagement - With video chat, you can have personalized client dialogues in addition to immediately delivering effective solutions.

Real-time customer service with bots - Putting in place a bot solution makes it possible to interact with customers around the clock even when your workforce is unavailable.



4. Select a conversational banking medium


Sometimes the solutions that come up in conversation are incorrect. Therefore, it is preferable to think about human help when determining the purpose or interpreting context.


A hybrid approach to customer service can be planned by automating bots for common customer inquiries, gathering feedback, etc., and transferring difficult interactions to the appropriate human agent for support.


From bot to human conversion ought to go without a hitch. Additionally, the solutions should support the channels you wish to use to provide a conversational experience, such as live chat, and texting.



5. Protect customer privacy and data


Conversational e-banking has risks just like messaging apps, so banks must take precautions to maintain their customers' trust while providing a safe and secure e-banking experience. Here are some precautions banks can take for secure banking:


  • Compliance - A comprehensive partnership between the financial, legal, compliance, and security teams is necessary to provide a compliant banking experience.

  • Secure messaging - A consumer should be able to send their information securely using a messaging app without it being stored there. So, it makes use of messaging software that is entirely secure.

  • Security of chatbots - By using chatbots, certain security precautions may be taken to safeguard customers from hackers and scammers. For instance, only after a customer has gone through an identity authentication process could personal information be exchanged.


6. Track your progress across all channels


It is very important to both identify the channels and measure the success of those channels.


Look at regular customer feedback and NPS surveys to evaluate the conversational banking experience. It will give you information about your ability to handle client complaints quickly and where you need to make improvements.


Conversational commerce can help you expand your banking business.

The future of banking will be dominated by conversational interfaces. This is a preview of what conversational banking could be able to accomplish shortly.


Conversational AI will manage complex queries, comprehend client sentiments, etc. for highly personalized discussions in addition to providing solutions to frequently asked questions.


Engagement in context will become standard. The dialogue will carry on from the same point when a consumer switches from one channel to another.

Customers will have access to a variety of alternatives, including voice, human, and more, as AI for conversational banking develops.

At some point, conversational banking will need to be a proactive platform that can alert users to low balances or make recommendations based on past purchases. It will serve more as a financial concierge for individuals.


With any technological advancement that the banking industry has seen, the path for conversational banking in the future will be complicated. In order to succeed, banks must implement new marketing techniques and develop an overarching vision around which the entire organization can unite. The ability to communicate gives you a special chance to get to know your clients better and meet their needs.



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