Financial Institutions Report 50% Increase In Overall Chatbot Usage

SilverCloud’s Banking Chatbot Surpasses 260,000 Consumer Requests During COVID-19 Pandemic

Keith Griffin

July 23, 2020

Chatbot graphic

SilverCloud Inc., a support solution built exclusively for the financial services industry, announced record usage and increased demand for its artificial intelligence (AI) powered banking chatbot solution, successfully fulfilling more than 260,000 consumer requests in Q2, during the height of the COVID-19 pandemic. The company is based in Portsmouth, New Hampshire.

On average, SilverCloud’s bank and credit union customers are receiving more than 100 requests via chatbot per day, yielding a more than 50 percent increase in usage rates. Additionally, 19 financial institutions deployed the SilverCloud Chatbot during the first half of 2020, 10 of those in response to the COVID-19 restrictions.

SilverCloud’s Chatbot is designed specifically for banks and credit unions and includes a comprehensive knowledge base created from more than 15 million banking-related inquiries, enabling institutions to go live in a matter of days and address virtually all of the most common inquiries on day one. The chatbot engages customers with guided conversations, providing answers to simple, frequently asked questions such as how to reset a password or locate the institution’s routing number, to more complex requests such as how to open a new account or apply for a loan.

Franklin Mint Federal Credit Union, a SilverCloud customer based in Chadds Ford, Pennsylvania, receives on average 488 chatbot inquiries per day, but reported a significant spike during the first week of the pandemic, receiving more than 646 chatbot inquiries daily. Mike Bunner, director of digital marketing for Franklin Mint FCU, said, “The usage has been high, especially in the current climate where member questions have skyrocketed. We estimate that it has saved us about 400 calls to our member service center every day since launching. It was an obvious value-add to our member engagement strategy.”

In a piece for BAI, DJ Haskins, vice president of marketing at SilverCloud, said, “As the industry accelerates towards a digital-first environment, customer expectations fast-track alongside it. These customers have been trained by Amazon, Uber and Netflix on the type of experience they should have with businesses, and their banking relationship is not exempt. Customers want to self-serve – they don’t want to call a contact center to ask about routing numbers and many don’t want to go into a branch to open a new account.”

He added, “The reality of implementing a successful chatbot extends well beyond the technological mechanism – technology alone will not solve support and knowledge management challenges. A successful banking chatbot requires content that not only answers questions but engages consumers in a journey and leverages a proven process that ensures the experience is constantly improving.”

Haskins further explained content for a banking chatbot is often not a one-time investment, but rather it’s a starting point that requires continuous attention and fine-tuning. It requires analytics to deliver insights into what information your customers are looking for, where customers drop off, and what additional content is required or needs optimization. A seemingly simple chatbot conversation, such as “open an account” or “reset password,” can have well over 25 decision trees.

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