Banking Research Technology

AI Chatbots Will Transform Banking

AI in the movies seems esoteric and even threatening to mankind’s future. However, the reality of AI is that is it becoming pervasive in everyday life, as well as several industries including manufacturing, insurance and banking. When you use Siri, you are interacting with AI. Netflix tracks your preferences and makes suggestions thanks to AI algorithms.

Compared to the movies, some of the applications of AI can seem rather mundane at first glance. But don’t be fooled, AI applications are driving massive changes in various industries.  In the world of banking, AI is set to make a massive impact. AI chatbots will transform the way we bank, by providing a conversational interface akin to a personal assistant.

Conversational banking can help drive better customer engagement for banks while also providing notable cost savings. The NLP (Natural Language Processing) abilities of AI help make conversational banking possible. Machine Learning helps analyze patterns based on historical behavior so that relevant personalized suggestions can be made to customers. Chatbots are the natural choice for customer support as they enable customers to find answers to questions much quicker and in a streamlined fashion. Imagine struggling through multiple pages on a website to get the answer to your question. Sounds time-consuming, confusing and like quite a painful process, right?

Customer Support

Providing high-quality, satisfactory customer support is extremely important for banks as it impacts customer satisfaction even more than products and services. Chatbots are often much faster at providing resolutions than other channels of engagement. The cost of such a human and chatbot interaction is a fraction of the cost of a phone call with a service agent, or a live web chat with an agent. Quality customer support helps cement long-term relationships with customers. It also allows banks to capitalize on real-time customer opportunities as they crop up.

Chatbots will not completely supplant the human touch in customer support. For more complex queries, a human agent will be required. Chatbots will simply automate the routine tasks of customer support, leaving more challenging resolutions to human agents.

Financial Advisors

AI chatbots can go one step further, functioning as financial advisors. Imagine a personal assistant who gives you tips on how to invest, manage expenses, and assets that are worth investing in. This saves customers a lot of time and effort while providing advice in simple language rather than technical terms.

Fraud Detection

They can also help provide actionable responses to fraudulent activities in a timely fashion. These automated notifications provide real-time updates to customers. Such alerts enable customers to easily respond to stop such transactions.

Gathering Data

Filling in mandatory bank forms is a tedious process for customers. However, it is necessary for banks to verify customer authenticity. AI chatbots make this process much easier in a conversational format through a mobile or other device.

Banks are starting to catch on to the many ways in which they can leverage the power of AI, and the benefits of doing so. Chatbots are set to become the norm in banking. Are you ready for conversational banking?

You can read more about the applications of AI in Banking here.

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