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For the banking sector, customer retention is vital to maintain sustainability in the longer run. Banks and financial institutions should also use an AI bot for customer retention as they do it for process automation. In addition, Chatbots can target potential customers and directly communicate with them.

Banks should use these AI-based customer retention strategies:

Customer service

Banks should improve their customer service through chatbots as they can serve customers globally 24/7. Chatbots can initiate immediate responses and screen customer complaints quickly. They can also collect user feedback and provide data to banks.

Feedback is vital

Banks should incorporate AI-based online feedback forms rather than providing manual forms to customers for feedback.

Moreover, conversational banking through AI can be used to ask personalized and interesting questions. The auto data fill tools will make it easier for the customers to complete the feedback process. Once the feedback is received by the bank, they can get an idea of the scope of improvement.

Better engagement

According to stats, 11 per cent of the people changed banks due to engagement. A multilingual bot can make the customer retention process more interesting as there can be customers from around the globe.

Customer support automation will also pave the path for banks to spur customer engagement in different media formats such as voice, maps, videos, images, etc.

AI-driven technologies can assist banks to build better customer relationships using customer retention methods. Twixor can help banks to build loyalty and is available across various channels. This customer engagement platform can link a bot to all agents to deliver personalized customer service.

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