How software technologies can help financial institutions to overcome the challenges caused by COVID-19

All industries and businesses are facing a new situation and challenges due to the novel coronavirus pandemic (COV-19). According to Gartner¹, “Customer needs (68%) and customer relationships (41%) were the top two aspects of the business model most affected by COVID-19, according to a live poll of 41 financial services leaders on 19 March.” Many financial institutions face the question of how they can provide services such as account opening, money transfer, or product consulting with the same service quality but without physical customer contact. An increasing number of banks are considering new technologies that enable them to provide a wide range of services and customer care remotely. Nowadays, almost everyone uses online banking and manages money transfers digitally. But when it comes to more complicated services, it is hard to avoid the personal conversation at the counter. 

ThinkPower Information developed already a number of mobile APP projects and AI solutions to face this question. For example, customers of Cathay United Bank in Taiwan, can not only get individual product consultation and insurance policy queries via an APP but can even complete entire account openings online with the AI chatbot Alpha. Thanks to NLU, Alpha can offer a more natural customer service experience than other chatbots and showed a higher customer satisfaction rate. 

Taishin Bank also uses the extensive and award-winning APP service, Richart, also developed by ThinkPower Information, for its online banking services. The APP allows customers to access services anywhere and at any time. So customers can transfer money easily by scanning QR code or can open a new bank account in just 5 minutes via their mobile phone. Even more consultancy intensive services like loans or insurance contracts can be handled via the APP. 

Especially in times like these, software solutions for mobile development and AI technology can reduce the damage and meet customer needs also remotely. It is therefore worthwhile, to enhance digitalization processes by developing new digital banking technologies in order to meet not only the challenges of today but also of tomorrow. 

Learn more about ThinkPower’s projects in the financial sector and click here for more information. 

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¹Gartner, How Financial Services CIOs Are Reacting to COVID-19, Financial Services Business Leader Research Team, 23 March 2020.