When we think about chatbots, we mostly envision them in a traditional customer service environment – immediately responding to customers on various channels and working towards a quick resolution. While this may be the most common use case, chatbot (and native WhatsApp or other messaging) technology can be leveraged for other purposes too – particularly in the financial services sector.

1. Improve the document submission process

When customers apply for loans or credit, supporting documents are typically sent via email or fax. This is very costly and time-consuming as it requires large teams to manually collate, process and link documents to the right customer account. It also requires regular follow ups and can result in massive customer onboarding and processing delays.

Watch the video below to find out how you can use a chatbot to address this challenge. By automating the document submission process, you’ll make it easier for customers to apply for your products and services while also reducing the cost of acquisition and sales drop-off.

2. Optimise the confirmation and agreement process

When a customer applies for a financial services product, confirming the customer’s supplied information and acceptance of terms during a call is a time-consuming and costly exercise.  Find out how this process can be automated through a chatbot to significantly reduce the cost of acquisition and enhance compliance.

3. Boost collections

Leverage digital channels and automation to make it easier and more cost-effective for you to collect from customers and for them to pay you what they owe. View the video for more details.

Although only a few use cases have been outlined here, the options are endless and entirely dependent on your business needs. Contact us for more information on INOVO’s self-service or chatbot solutions.