Humanising banking experience through a chatbot solution

CIMB Bank Singapore embraces the new way of customer-centric banking – Conversational Banking.

A chatbot is one of the value propositions of conversational banking services to enable CIMB Bank Singapore (“CIMB”) to maximise customer-centricity by making banking as convenient as possible by allowing real-time customer engagement, a concept that CIMB envisioned as “Banking at your Fingertips”. EVA, the bank’s Chatbot, aims to make all that possible.

Traditionally, communications in banking is typically a one-sided affair where the bank attempts to reach out to customers via traditional means such as SMS, EDM, or advertisement. However, such means lack the interactive element, and as such, there’s no real-time engagement with the customer. Additionally, in circumstances where customers do actually reach out to the bank, there tends to be a long waiting time. 

CIMB understands that this can be frustrating, so EVA seeks to address the aforementioned customer pain points so as to make their banking experience as smooth and as relaxed as possible by using AI technology. 

With EVA, CIMB is able to provide an avenue for customers to have real-time conversations with the bank round the clock, with the recent functions launched including assisting customers to book a branch service appointment, and providing ‘live’ exchange rate inquiries by focusing on their diverse individual needs. It also acts as a personal assistant by reminding customers prior to their appointments. In just a few clicks, customers will now be able to check ‘live’ rates via EVA and secure them instantly. They can easily amend their bookings through EVA by entering their mobile numbers used for registration earlier. EVA is also able to work seamlessly across multiple devices, making it truly convenient for customers.

CIMB has always been putting customers first and ensures only relevant information is communicated on demand. Hence, all conversations are specially curated according to the various customer segments. 

Within a short period of time since its rollout, the EVA bot signup rate has increased drastically. Other than a simplified booking process, the cancellation rate was reduced from 40% to 2% due to the ease of appointment booking and appointment reminders. All of these have translated to higher productivity at the branch by 30%. 

Head of Consumer Banking and Digital, Ms Merlyn Tsai, shared that the Bank has put in place a full-fledged digital roadmap for new solutions to make the banking experience more convenient for customers. As the technology continues to improve, it becomes more feasible for more used cases for EVA.

This effective solution caught the attention of the Asian Experience Awards, with the Singapore Branch of CIMB Bank Berhad winning the Singapore Digital Experience of the Year - Banking award.

The prestigious awards programme aims to highlight the ingenious initiatives of creative companies delivering meaningful brand experiences to their stakeholders.

The Asian Experience Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2023 awards programme and be acclaimed for providing meaningful brand experiences to stakeholders, please contact Jane Patiag at [email protected].