Hey, everyone! I’m Keith Armstrong, the C-O-O here at Abe AI. Today I want to talk to you about conversational data. But first, ask yourself just one simple question. How well do you know really know your banking customers? And be honest about this. Sure, you know some things right? Like what’s their current account balance at least with your institution or how often they overdraft. But did you know that one of your customers just had a baby? Or that another is about to buy a home for the first time ? And some have questions about savings and retirement as well. See, despite the evolution of digital banking and the convenience of having information available almost instantly and at your fingertips It’s really created a one-sided relationship between bankers and their customers. And this is not good for business long-term because if you aren’t getting to know your customers, how on earth can you possibly serve them? Right now, you have bits and pieces of a customer’s financial story. Today I want to tell you how you can get the rest. The answer is really simple. You actually talk to them. Now, you might be thinking “but I already talk to my customers.” But are you collecting meaningful information off of these interactions. If you’re like most banks, you’re probably not. And you can’t forget about customers who are strictly banking digitally. The ones you really never see. So, what do you do there? This is where a banking chatbot comes in. By now you’ve probably heard the benefits of chatbots for helping customer service and streamlining other back office operations, but did you realize that customer conversations with a chatbot can generate richer data than what you’re currently collecting? It’s called conversational data. Conversational data has three main advantages. The first is automation. Chatbots capture more information than a human can. The entire conversation between the customer and the chatbot is automatically recorded and stored to be analyzed in the future. Conversational data is also asynchronous. Think of talking to a friend through SMS or Facebook’s Messenger. You probably get the message in the morning, but maybe you wait to respond later that night. Either because you didn’t see it or you didn’t have the time to answer right away. Customers can talk back when they are ready and comfortable. Bringing that disconnect back to a two-way friendlier conversation. Finally, conversational data is just more human. Let’s face it, no one likes the hassle and frustration of filling out a form. So, why make customers give you information in this way too? It’s not very personal and you learn less about their personality, needs, and goals. In my opinion, having a conversation is the most natural way to really learn about your customers So, how do become a banking customer’s number one choice? You take the time understand who they are by collecting better data and giving them a personalized customer experience. That’s all the time we have for now. You can always keep up with us during the week on Twitter, Facebook, and LinkedIn. Don’t forget to subscribe! We’ll see you next time!