Home Blog Blog Detail

AI Can Help Future Banks Speed Up Leads, Upselling & Cross-Selling

Won’t you sleep on before investing in mutual funds or equity? Of course, it’s not only you but everyone also brainstorms many-a-times prior. But here we would rather emphasize on the banking tips that can boom up upselling and cross selling their products. How? It’s so simple. With artificial intelligence, any business can keep its chin up. The need is there to give those hybrid ideas of banking a try.      

Artificial intelligence-the future banking system:

How’s it when Siri device switches off lights and doors via voice instructions? Your eyes would be widened while witnessing this ice-breaking happening. If you think that machines still need manual help to function, then correct your ideas. However, it’s a dumbstruck idea but is true that machines have become superfluously smarter than ever. Like a human, their electronic brains are evolved sharper. They can perceive and even, sense like you and me. To live on everyone’s expectation, artificial intelligence has proven its worth.

Google’s Home, Alexa, Oculus Rift and many more ultra-fast and intelligent devices have started giving cut-throat competition to the human race. Would you ever ignore if any profitable investment scheme would ping to your mobile banking app? And how’s it if you come to know the answers of your all FAQs regarding that investment? Indeed, money is our basic requirement. We get super excited to save it up for our future.       

Benefits of artificial intelligence to win banking leads, upselling and cross-selling:

  • Leverages hybrid approach: Have you tried selling products via facebook messenger? I’m sure you would have tried placing order for domino’s pizza via it. If you haven’t done it yet, give this crazy idea a try. It sounds senseless but it illustrates sense, i.e. the sense of artificial intelligence (AI).

Singapore-based DBS bank proves its million-dollar idea to capitalize on AI. It’s pioneered digital transactions with zero balance. Its open architecture platform is powered by an incredible idea whereby customers can compare bank products and claim insurance settlements. Even, UPI and mVisa QR code features are particularly integrated to let the user access multiple banks’ account through one channel with extensive security. These revolutionary features would definitely accelerate leads, upselling and cross-selling of diverse insurance policies, fixed deposits, mutual funds and other equities.        

  • Contextual conversation: Isn’t it great to shop while chatting? It’s no more a fantasy but the reality. Mastercard has integrated artificial intelligence bots to transact, manage funds and shop. These multiple tasks would be possible through messaging. In association with Kasisto, Mastercard bots are powering virtual assistance as well as valuable banking services. Wondering how’s it possible? With perfect storage of historical transactions and data management of those transfers & transactions, deriving consumer’s behavior and its context would be more proximal to conversion.

Suppose you have bank account in the Gold Coast’s bank. As a user, you inquire to the mastercard bots what your balance is after purchasing online. The bot would dive down into its purchase history and then call its data management services in the Gold Coast bank. Subsequently, the pan analytics would display analytical result along with balance. And all these functions would be available just over a ping in the messaging bot of this mastercard.   

  • Self-service: Except withdrawal and deposition at ATM kiosk, have you ever experienced banking transactions without any manual help? With the onset of automation, self-servicing received a boost. The users need not stand in serpentine queues. Neither do they have to access their wallet for paying off against the service, like air-ticket.

With the chat bots and integrated messaging bots, you can self-serve what you need to. 

  • Conversational commerce: By aligning banking services with the business drivers and technical complexities, selling is just a step away. Eye-grabbing offers always push the banks in the win-win situation. By pre-loading bank specific domain knowledge, like account management, payments, transfers, debit and credit card offers, the conversational commerce would be a no big deal.