Bots, Bots, Everywhere…  The Future of Automated Financial Sales

Finally, it is hereWare enjoying the realities of conversational banking; being able to talk and text using natural language to do “banking-stuff.   

It’s a fun idea, and more than that, it is hugely significant. Bots and conversational banking, using natural language to streamline digital interaction is without a doubt the next big wave in financial services.  

There are bots everywhere. And consumers and businesses alike are engaging; they like talking to the bots to get things done. And now, Revenue Bots…. The Revenue Bots are coming to optimize the sales process near you!  

Imagine if you will, a bot…. A Sales Bot. “Would you like fries with that checking account madam?”  “Did you know you are eligible for a free diet drink with your mortgage?”   

banking sales bot chat example

Sales are coming to the world of bots. In fact, sales interactions are “the” new focus for bots. Sales Bots focused on generating revenue for banks and credit unions.  

Bots: From Transactional to Conversational to Sales  

The conversational banking trend is well underway. Leading the charge have been Transaction Account Bots. Account Bots allow you to check your balance or pay a bill. These transaction bots were an easy first step and a natural extension of the digital banking experience. In reality these new services were interesting, and yet, of limited practical application. These first gen account bots have proven to be mere novelty items, partially implemented and rarely used by the people who count, the end-user.   

Enter Sales Bots.    

Why not apply the wonders of conversational banking to a different, more complex problem?  Sales and revenue generation. A problem that drives the growth of a bank or credit union.  Sales. Let’s apply automation and bots to make buying easier. Can the bot help sales???    

People have become enamored with their bank’s bots.  Over 30% of the time, when a person starts interacting with a bot, they say “hello” or some other salutation or personal greeting. Imagine that: The Bot has taken on a personality, and people are thinking of it just that way….   

Personal nature of bots over 30% of the time people say "hello" or some other personal greeting when they start interacting with a bot.

People are naturally inclined to also let the bot help them buy. The bots are helping the prospective customer figure out which checking account is best, the right term for a CD or possibly which mortgage is right for their circumstance.  Sales has become a natural, and leading way to apply conversational banking.  “What’s my balance” is kind of boring and easy to do. Selling, raising sales goals by cleverly using Sales Bots, hits the financial institutions bottom line and is very, very interesting.  

A Bot to Assist Banking Employees 

What about helping the sales rep sell?    

In the above example the Sales Bot worked with the consumer in self-service mode, and the consumer “bought” a new product or service. The next, and actually more powerful trend in Sales Bots is moving from self-service “buy” mode to employee-assisted “sell” mode.    

Yes, that’s right, employee-focused Sale Bots. Bots that support the employee and help the employee close business. The same exact Sales Bot that started with the consumer in a self-service session, also supports the employee when they finish the sale. 

In today’s world where so many sales goes from self-service to a live person, the Sales Bot provides continuity when modes and channels are switched. The Employee Sales Bot is the fastest and most efficient sales assistant ever created. The Employee Sales Bot supports the sales process, responding to requests from the employee for information and data and helps them close more deals.    

employee sales bot example

And, just as you feared, these bots are listening! The Sales Bot is very aware…It literally listens” (i.e. analyzes and interprets) into the conversations between the employee and the customer and serves up info to the Employee or Sales Rep, in real-time. It is an auto-bot that will make the employees life easier and close deals quicker…. Sales Bots. Full spectrum Sales Bots used by banking consumers and employees alikeRevenue generating Sales Bots…Revenue… So, let’s call them Revenue Bots. Revenue Bots smart enough and informed enough to close the deal.    

When bots first entered the banking sphere, naturally, people thought, “What’s my balance? Now we see the real action is elsewhere. The nature of conversational banking technology, voice and text, lends itself to the sales process. Consumers win and employees win. The entire spectrum of the sales-service experience is made better by Sales Bots.  Customers start out with them and then, once an employee is involved, that darn Bot stays right there, now helping both the customer and the employee…  This is one fully functioning, efficient Sales Bot. This is the future of conversational banking. 

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