Conversational AI in Banking: 6 Engaging Examples

8 de janeiro de 2023 11:58 por Adriano Zumba

Infosys BPM RPA solutions offer you end-to-end process automation support, from advisory services and PoC to RPA delivery and bot support to amplify your business value and enhance customer experience. With the integrated people-process-technology framework, transform your business processes and leap into the future of banking with intelligent chatbots. There is a whole army of customer service bots but a common use case for banking chatbots in the early stages of implementation is in responding to FAQs. An FAQ bot enables a smoother interaction between banks and customers, offering them convenient and easy access to answer common queries. Accessible 24/7, customers can quickly get the information they want, eliminating the need to sift through web pages or wait on hold, just to find some simple answers. Deploying an FAQ bot is a good starting point as this bot doesn’t need to access personal information.

In the past, banks have traditionally been cold in terms of virtual interactions. With a chatbot, the banking sector can now customize how they service customers. People expect reliable customer service from the banks they trust with their AI Chatbot for Banking money and assets. Using a mobile app or site should be just as easy or easier than banking face-to-face. Because of recent innovations, banks can now nurture relationships between themselves and their customers using AI technology.

The Chatbot Journey to Intelligent Digital Assistants

In another example, The Wall Street Journal lets users type in a stock symbol to get live stock quotes. These use cases are very specific and well defined and work well for bots. Several real-life examples of custom chatbots are Erica employed in Bank of America, Eno developed for Capital One, and Aida – an award-winning bot in Skandinaviska Enskilda Banken .

• Thank you, looking forward to see other innovative implementations and integrations of chatbots.
• AI-based chatbots leverage semantics to understand the context of what a person is saying.
• The advancement in technology has served almost every industry in an unmatched and flawless manner.
• In case a customer loses their credit card, action should be taken immediately to freeze or lock the card.
• But that is old news, the ways of banking have changed, and online banking has made life much easier.
• Click any of the links below to get more of our insights on FinTech customer service solutions.

It provides 24/7 instant online support to customers with any type of banking inquiries, and can also offer quick answers to common questions related to the bank’s products and services. The bot not only answers queries in the English language but also understands simple Chinese. As per the report by Accenture, it is said that most of the customers prefer to go for a voice-based interface compared to text-based messaging platforms. Today you can see a rise in using conversational bots for assisting customers over text.

Personal Banking

Customer feedback collection – they can be deployed in a mobile app or website in order to collect what customer likes or not and replace the forms. Some banks are suing bots to ask questions in conversational manner to keep customers engaged and get better submission rates. Based on the feedback, user can be redirected faster and more efficiently. For Example- Insurmi is an AI conversational chatbot to compare rates for US insurers. This chatbot helps in providing information like claims processing, sales, customer service & others.

As the pandemic carries on, chatbots are helping financial institutions, such as community or regional banks, stay and thrive in the business. When the pandemic started, the waiting time in call centers was horrible as nobody expected this to happen, and several customers faced financial concerns with furloughs and layoffs. In today’s trend, with automation, the banking world is slowly getting self-service oriented to cater to the needs and demands of digital-savvy customers. Therefore, including chatbots in the financial industry is a remarkable phenomenon to decrease the overall banking task to a great extent. To be more specific, however, the chatbot experience will improve because banks will evolve their chatbots to become intelligent digital assistants. More than just a virtual version of customer service, chatbots provide a truly human experience.

BNP Paribas develops conversational experiences with Inbenta

While banking chatbots have pros and cons, the benefits will typically outweigh the drawbacks. By partnering with the right conversational AI solution you can save time and money while providing outstanding customer experiences. 72% of customers rate personalization as “highly important” in financial services organizations. Despite its importance, most modern FSI organizations are unable to customize the customer experience beyond the very basics. FSI companies use AI in finance chatbots to leverage customer data and tailor a customer experience based on their preferences, previous queries, personal details, and all this within a secure infrastructure. With the everyday hectic schedules of Americans, there’s a lot to balance and ensuring all bills are paid on time can be a challenge.

Banks and credit unions are deploying AI-powered chatbots to modernize the ai customer experience and remove friction from everyday banking. Chatbot statistics can help prove that these banking chatbot solutions, or AI virtual assistants, are game changers for the financial industry. Tasks that used to be completed by talking to a human in a branch or on the phone now take place in a conversational interface with virtual assistants for automated support, in real-time. These banking chatbots allow financial institutions to talk to millions of customers at once and proactively alert customers to potential issues or upcoming payments. The use of virtual assistants by financial institutions to help banking customers save money, manage their bank accounts and XYZ is on the rise. Customers increasingly expect effortless and proactive customer support and banking bots are delivering the experience that customers expect.

Drive Business Growth using Pre-Trained Smart Chatbots

Showing that around 32% of the BFSI sector are already using AI chatbots. Another 37% are looking to initiate the same in the next 24 months or so. To solve a single problem, firms can leverage hundreds of solution categories with hundreds of vendors in each category.

To overcome the constraints that come with high volume requests, Artificial intelligence has come as a savior to meet the growing demands of clients. If you don’t keep this information up-to-date, your chatbot may be sending incorrect messages to your customers. This way, your customers will be protected financially from fraudulent activity. Streebo’s AI Powered Banking chatbot can be deployed across social media channels such as FB Messenger, WhatsApp, Signal, WeChat, Viber, and even SMS. Bots can even be deployed to existing digital properties such as the website and mobile App.