As a bank, how can I reduce costs by integrating a chat to my existing web or mobile banking environment?

As a bank, how can I reduce costs by integrating a chat to my existing web or mobile banking environment?

From a customer point-of-view, having a live chat in your mobile or web banking solution is a very comfortable feature: instead of having to browse through a predefined web interface or long FAQ sections for finding an answer to my question, I can just easily type a request into a chat window.

 For the advisor however, a chat may just appear as very time consuming. Even more questions from customers lead to an increased workload. 
 But let’s take a closer look at how an integrated chat can help reduce costs for a bank: 

 1) Lower staffing costs: Chat support allows companies to handle multiple customer inquiries simultaneously with fewer customer service representatives. Compared to phone calls, where each representative can handle only one conversation at a time, chat support enables agents to handle multiple chat sessions concurrently, reducing the need for a large team.

2) Increased efficiency: A customer chat often provides agents with access to knowledge bases and pre-written responses, enabling them to quickly retrieve and share information with customers. This efficiency reduces the time spent on each interaction and allows agents to handle a higher volume of inquiries.

3) Automated solutions: Many chat systems allow to incorporate automation, such as chatbots or forms, to handle simple and repetitive customer queries. These automated solutions can provide instant responses, reducing the need for human intervention and freeing up agents to handle more complex or specialized issues.

4) Reduced call duration: Issues are often resolved more efficiently via chat than via phone. If necessary, agents can quickly jump to a video or audio call to address customer concerns, clarify doubts, and guide them through the necessary steps. Starting by default in a chat interaction and only switching when necessary to a voice or video interaction can significantly reduce the average call duration, leading to cost savings.

5) Lower infrastructure costs: Last but not least, chat support typically requires less infrastructure compared to traditional call centers. With chat support, companies can leverage software solutions that can be easily integrated into existing customer service systems, eliminating the need for extensive telephone infrastructure and associated maintenance costs.

6) Analytics and optimization: Chat support systems often provide detailed analytics and reporting capabilities, allowing companies to track and analyze customer interactions. These insights can help identify common issues, areas for improvement, and optimize support processes, ultimately reducing costs by streamlining operations. 

7) Lower bounce rates: Advanced chat platforms like jemmic’s SecuChat feature built-in functionalities like electronic signatures or pre-defined forms that allow to validate transactions immediately and without having to exit the chat. This way, the customer stays in the conversation and gets things done “right away”. This means a higher conversion rate for the bank and more customer satisfaction on the other end.

Overall, a chat offers a cost-effective solution for customer service, combining efficiency, automation, and streamlined processes to handle customer inquiries more effectively while reducing operational expenses.