How AI Bots Are Revolutionizing NBFCs and Enhancing Services

Features and Modules: A Comprehensive Overview

The Customer Bot is not just a simple tool; it’s a sophisticated solution designed to elevate the banking experience to new heights

Omni-channel Solution

Ensures a consistent user experience across all channels, eliminating discrepancies and ensuring seamless interaction.

User-based Login Authorization and Email Integration

Provides secure access tailored to individual users, seamlessly integrating with email for convenience and security.

Multilingual Support

Breaks language barriers, enabling communication with a diverse user base in their preferred language.

Speech to Text/Text to Speech

Improves accessibility by allowing users to interact with the bot through speech or text, accommodating different preferences and abilities.

Dynamic PDF Generation and PII Masking

Simplifies document generation while safeguarding sensitive information, ensuring privacy and convenience.

OTP Service Integration and Entity Recognition

Enhances security measures with one-time passwords and advanced entity recognition, safeguarding against unauthorized access and fraud.

Analytics

Provides valuable insights into user behavior and bot performance, enabling informed decision-making and continuous improvement.

Real-life Impact: Customer Journey

Let’s delve into the journey of Alex, a prospective customer, to showcase the seamless and insightful approach of Customer Bots.

Alex, a young professional, is considering applying for a personal loan to fund his higher education abroad. He begins his journey by researching loan options online.

Scenario 1: Web Application Interaction: Exploring Loan Options

Alex visits the financial services website and encounters the Customer Bot.

Hi there! I’m interested in learning more about personal loan options.

Hello, Alex! To get started, could you please provide me with some basic information such as your desired loan amount and tenure?

Sure, I’m looking to borrow $10,000 for a period of 3 years.

Scenario 2: Mobile Application Interaction

Later, while commuting home, Alex continues his research using the mobile app. He navigates to the loan section and interacts with the Customer Bot.

Hey Bot, are there any special offers on personal loans?

Yes, Alex! We currently have a limited time offer with a reduced interest rate for loans above a certain amount. Would you like more information?

That sounds great! Could you tell me more about the eligibility criteria for this offer?

Of course, Alex. To qualify for the offer, you need to meet certain income and credit score requirements. Shall we check your eligibility?

Scenario 3: WhatsApp Interaction

That evening, Alex seeks more information about the eligibility criteria for the special offer

Hi Bot, can you provide me with the eligibility criteria for the special offer?

Certainly, Alex! To qualify, you need to meet certain income and credit score requirements. Shall we check your eligibility?

Yes, please!

Great! Let’s start by confirming your income details and credit score.

I earn $50,000 annually, and my credit score is 750.

Thank you, Alex. Based on the information provided, you meet the eligibility criteria for the special offer. Would you like to proceed with the application process?

Bot, I have a question about repayment options for personal loans. Can you help?

Of course, Alex! Our personal loans offer flexible repayment options, including EMIs and bullet payments. Would you like more details?

Yes, I’m particularly interested in the EMI option. Can you help me calculate the monthly installment?

Absolutely, Alex. Please provide me with the loan amount, interest rate, and tenure, and I’ll calculate the EMI for you.

Scenario 4: Facebook Messenger Interaction

The next day, during his lunch break, Alex asks about repayment options.

Scenario 5: Apple iMessage Interaction: Instant Assistance

During his lunch break, Alex remembers a question he forgot to ask about the loan terms. He decides to reach out through Apple iMessage bot, knowing he can get quick assistance

Hi there, I have a question about the personal loan terms. Can you help?

Of course, Alex! I’m here to assist you. What specifically would you like to know about the loan terms?

I’m curious about the early repayment penalties. Are there any if I pay off the loan before the term ends?

That’s a great question, Alex. Let me check that for you.

Hi Alex, don’t miss out on our limited-time offer! Reply ‘Yes’ to learn more.

Yes

Great choice, Alex! Let’s discuss how you can proceed with your loan application to take advantage of the offer.

Thank you! I’m ready to proceed.

Scenario 6: SMS Interaction

Later that week, Alex receives a reminder about the special offer

Through Alex’s omnichannel journey, we witness the insightful approach of Customer Bots in providing seamless assistance across various touchpoints. By leveraging multiple channels, Customer Bots ensure that Alex receives consistent and personalized support throughout his exploration of loan options. This omnichannel experience not only enhances customer satisfaction but also demonstrates the versatility and effectiveness of Customer Bots in catering to diverse customer needs and preferences.

Key Business Benefits for NBFCs

Operational Cost Reduction

NBFCs can achieve up to a 30% cost saving in customer service expenses through the adoption of AI banking bots

(Source: McKinsey & Company)

Improved Efficiency

Implementing AI banking bots leads to an 80% improvement in response times for customer inquiries, enhancing operational efficiency

(Source: Forbes)

Increased Transaction Volume

NBFCs experience a 40% rise in transaction volumes by offering 24/7 services through AI banking bots, leading to higher revenue potential

(Source: Deloitte)

Enhanced Accuracy and Compliance

The use of AI banking bots improves transaction accuracy and compliance by 50%, reducing the risk of errors and regulatory non-compliance for NBFCs

(Source: PwC)

Elevated Customer Satisfaction

AI banking solutions contribute to a 20% increase in customer satisfaction for NBFCs, leading to stronger customer loyalty and retention

(Source: Gartner)

Expansion of Customer Base

AI-powered bots facilitate a 25% increase in new customer acquisitions for NBFCs, enabling them to reach a broader audience and grow their market share

(Source: Accenture)

Conclusion

In the dynamic world of Non-Banking Financial Companies (NBFCs), the introduction of AI-powered customer bots signifies a significant advancement. These sophisticated tools not only streamline operations but also enhance customer engagement, reflecting a commitment to excellence within the industry. By automating routine tasks and delivering personalized support, AI bots enable NBFCs to operate more efficiently while providing a superior customer experience. Embracing this technology is more than just a strategic choice; it’s a demonstration of forward-thinking leadership in an ever-evolving landscape.

As NBFCs integrate AI-powered customer bots into their operations, they position themselves for sustained growth and success in a competitive market. Now is the time for NBFCs to harness the power of innovation and leverage AI technology to create lasting value for both their organization and their customers.

Hi, I’d like to know my loan status.

Sure, can you provide your loan account number?

Yes sure, it’s 87654321.

Thank you! Your loan of $5,000 is active, with an outstanding balance of $1,200. Would you like to set a reminder for next payment?

Yes, that would be great.

Done! You’ll receive a reminder two days before the due date.

That’s all, thank you!

Ready to propel your NBFC forward? Take the first step today with a 30-day free trial of AI-powered customer bots. Experience the transformative impact on your business and join the ranks of industry leaders in delivering exceptional banking experiences to customers.