A leading international bank was on a quest to revolutionize its chatbot services by integrating the world's best practices into its digital strategy. By meticulously analyzing and adopting pioneering chatbot features from the U.S. and China, the bank was poised to not only enhance customer interactions but also achieve significant operational efficiencies and a competitive edge in the rapidly evolving fintech landscape.
This strategic initiative, undertaken in collaboration with Markswebb, renowned for its expertise in global innovation scouting, aimed to catapult the bank's chatbot functionalities to new heights.
Contents
The review of chatbots in selected countries is divided into the following subtasks:
An advanced chatbot is not only an opportunity for a bank to achieve leadership in fintech application rankings (although that too). Primarily, such a bot quickly addresses customer needs without involving bank staff, resulting in satisfied users and cost savings on operator work.
At Markswebb, we update the Chatbot Rank metric annually and know how to develop such services to reach leading market positions. We can find international practices that will inspire ahead-of-the-curve solutions for the local market, as we did for the client in this project.
For more information on how Markswebb can assist your organization in achieving these strategic objectives, feel free to reach out to us. Our tailored UX benchmarking services are designed to meet your unique needs, streamline your efforts, and drive business growth.
The project was undertaken by a team of scouts - a department at Markswebb entirely focused on sourcing the best practices abroad. When a client needs a base of foreign use cases rather than deep analytics, this team handles the project.
By the way, Markswebb's Scout team offers a unique Global UI search service, providing detailed step-by-step descriptions of user scenarios worldwide, complete with screencasts and screenshots. This service can be customized for any digital service of a large enterprise, across virtually any industry.
What sets these projects apart from typical research projects:
For example, while searching for the best chatbot practices in the USA and China, the team not only identified solutions rarely or never used in the local market but also formulated fundamentally different approaches of foreign applications:
The research perimeter includes the largest financial services in the USA and China: banks, wallets, fintech, and telecom applications that lead in download numbers. We checked the availability of chatbots and their main set of functions in stores and open sources. Ultimately, from our long list of leaders, we selected 3 banks and 2 wallets in China, and 3 banks, a telecom, and a fintech in the USA.
The collaboration delivered transformative outcomes that extended far beyond the initial scope of enhancing chatbot functionalities:
1. Integration of text and graphic interfaces
U.S. banks like U.S. Bank and Bank of America effectively blend text responses with actionable widgets within the chat interface, offering users not just answers but tools for immediate action. This approach presents a significant leap in user engagement by seamlessly merging information delivery with function execution.
2. Assisted product selection
The chatbot from Capital One stands out for its ability to recommend financial products, such as credit cards, tailored to the user's needs without overwhelming them with banking jargon or unnecessary details. This practice enhances user experience by simplifying product selection through a conversational interface.
3. Proactive Product Promotion
Alipay's bot exemplifies the potential of chatbots as a medium for proactive customer engagement, offering personalized financial product recommendations within the chat flow. This strategy not only boosts product visibility but also encourages immediate action by embedding product discovery in routine interactions.
All development directions that we presented were included in the bank team's backlog for the current year. The examples of implementations we found are viewed as sources of inspiration and idea generation. It is likely that we will continue to explore other services and markets for the client using the same model.
We invite banks and fintech firms aiming for digital excellence to explore how our global insights and strategic consultancy can empower your chatbot services and beyond.
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Every year we conduct up to 15 studies of digital services. These are industry benchmarks that reflect the state of the market and trends.