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Mobile banking intelligent virtual assistants – like ATMs on steroids

Financial institutions around the world are putting their money where their mouth is – by implementing intelligent virtual assistants to attract new customers, keep them happy and increase profitability.

It’s not rocket science – financial customers want quick, secure, accurate and, above all, EASY access to their accounts. Intelligent virtual assistants can deliver on all of these fronts, letting customers handle multiple tasks such as reviewing account information, transferring funds, paying bills and applying for loans.

These latest generation virtual assistants (like those deployed by ING Netherlands, Tangerine Bank and USAA) go far beyond the static question and answer by delivering a more human, conversational experience that speaks, listens, understands and helps customers get things done. And oh, by the way, a great side benefit of these intelligent virtual assistants is that they also help build and support your brand. On average, the addition of a virtual assistant to a mobile app has been shown to increase NPS scores (measurement of a customer’s willingness to recommend a company to others) by 33%!

Forward-thinking banks get it. Peter Aceto, President and CEO of Tangerine Bank stated recently that their objective for voice banking is to deliver an easy, meaningful and differentiated banking experience that will attract new customers to Tangerine and strengthen relationships with existing customers. This strategy is even more meaningful when you consider that 46% of 18-34 year old are dissatisfied with their mobile banking app. Banking consumers that have access to a virtual assistant on their banking app have, on average, 5 interactions with the virtual assistant per mobile app session – far surpassing the single-transaction average with a banking app that does not have a virtual assistant. In effect, today’s mobile banking virtual assistant is like an ATM on steroids.

Check out how ING Netherlands is using its virtual assistant, Inge, to offer a top notch experience to customers.

So how can you use a virtual assistant to get and keep customers? Design it so that it gets used! Here are a few best practices to start:

  1. Expand the app beyond transactional capabilities to handle customer support queries and new services sign-up. This way your mobile app is no longer a mobile ATM, but rather delivers the full range of interactions that a consumer would have with a financial institution.
  2. Deliver personalized financial guidance through the virtual assistant. This way you can deliver financial advice to all of your customers, 24/7, and help establish a higher-value relationship with your customers.
  3. Develop an end-to-end voice experience, from authentication to task completion. This will enable your customers to leverage the mobile app in highly mobile use-cases, such as while driving or walking down the street.

To learn more, check out the recent BAI Webinar ‘How Virtual Assistants Can Help Banks Attract New Customers and Increase Profitability.’ You’ll see how financial institutions around the world, like USAA, ING Netherlands, Tangerine Bank, Garanti Bank and others have transformed how they do business through implementing mobile virtual assistants.

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Intelligent virtual assistants are the new face and voice of banking.

Learn why they should be an important part of a bank’s business strategy and what consumers are saying about their convenience and effectiveness.

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Brett Beranek

About Brett Beranek

Like you, CX and biometrics expert Brett Beranek – Director Product Strategy, Enterprise – is fascinated by transformative technologies that have a real impact on our lives. With over fifteen years of experience in the customer experience and biometrics space, Brett brings strategic and tactical insights to organizations wishing to deliver a better experience to their customers via innovative security technologies. Prior to joining Nuance, Brett a technologist and entrepreneur by education and passion, successfully introduced several disruptive technologies to the health-care, IT and security markets, including as a partner of facial recognition firm Viion Systems and member of Genetec’s management team, a security firm that transformed the video surveillance market. Brett also currently serves on the advisory board of high-tech healthcare startup GaitTronics. Brett earned a Bachelor of Commerce, Information Systems Major, from McGill University as well as an Executive Marketing certificate from Massachusetts Institute of Technology’s Sloan School of Management. Brett loves travelling the globe and discovering new cultures with his three kids, Layla, Rayan and Nora and his wife, Tania.