Menu
  • Home
  • Features
  • Products
      • NLP Middleware
      • AI Chatbots
  • Blog
Breadcrumbs Image

Learn How Conversational AI Can Redefine Banking

  • Nov 28, 2019
  • Admin
  • 10Comments

Learn How Conversational AI Can Redefine Banking

In recent times Banks and financial institutions are eagerly adopting various technologies that allow them to reach widespread commercial success. Banks and financial institutions closely work with customers and the business heavily depends on client relationships. It is a constant challenge to meet ever changing customer expectations and increased demand for fast service, customer support and management. We are moving from generalized service to more personalized profile oriented service. In this financial landscape, AI powered Conversational Bots are game changers that can tackle most customer service related challenges.Chatbots and virtual assistants can enable banks and financial institutions to redefine banking and serve customers fast, effectively and reliably in various ways..

" According to a survey by Celent, 85% of the banks think that AI will have significant effects on banking. 32% of the banks have already started making direct investments in it."

24x7 Automated Customer Service

With AI powered chatbots customers will never have to wait for their query to be answered, replies are instant. For basic tasks and questions they don't have to go to a branch, they don’t need to wait for a human agent to help and they are certainly not constrained by business hours. Chatbots can provide personalized instant service every time, on demand. Bots can help clients with:

  • Account information
  • Transaction history
  • Credit Card information
  • ATM and Branch information
  • Promotions on brand, services and products.

" A 2017 report by Juniper Research claims that for every query that a chatbot handles, banks save 4 minutes of an agent’s time translating to a cost saving of 0.70 USD per query "

Improving Lead Generation

There are many ways to reach potential new clients. Email marketing and branded texts are the ways of the past as chatbots with interactive UI’s are more effective. Chatbots can initiate conversations on banking apps and websites and curve out the interests of clients and later deliver the captured “leads” to the sales team to follow up on until a sale is secured.

" Brands have seen as high as 600% increase in the number of leads collected using chatbots as opposed to traditional lead generation methods. "

Banking Channels Are Connected

In the Banking sector it's really important to connect all the branches of banks to collect and create information that will benefit both the management and the customers. In this modern day with the help of mobile devices and the internet, clients are interacting more with the banks.In order to serve the increasing customer base, banks establish different offices, mobile applications, tellers, kiosks, ATMs. The lack of proper connectivity between their channels often creates disjoint, resulting in disrupted customer service experience. Chatbots can play a game changing role in connecting banking channels as it can unite all the components of the bank from clients to management, creating single service for online mobile banking.

  • Chatbots created for banking will easily remove discrepancies between the branches.
  • Capability of creating centralization of management.
  • Chatbots can easily detect system errors regarding the data and information of their past, present and future transactions with the bank.

Fraud Detection
Single Articles

Fraud prevention and detection is vital in the banking sector. Chatbots designed and trained for banking can easily monitor and recognize signs of fraudulent activity. It can immediately notify bank authority whenever there is false information, identity theft or suspicious transaction activity.

Understand Client Feedback

As banks are always out there to improve their service, collecting feedback is essential. Traditional feedback forms are the things of the past as chatbots with interactive conversation can easily collect feedback and improve banking experience. The conversational survey format of feedback bots makes it a far better alternative to the use of lengthy, static feedback forms – therefore boosting feedback collection.

Tags:

Diploma Sports Art
  • Previous Post
  • Next Post

Categories

  • Machine Learning
  • Deep Learning
  • Artificial Intelligence
  • Computer Vision
  • NLP

Related Post

post image
Anticipated Report For NLP
  • Admin
  • 28 June, 2019
post image
Anticipated Report For NLP
  • Admin
  • 28 June, 2019
post image
Anticipated Report For NLP
  • Admin
  • 28 June, 2019

Tags

  • Apps
  • Design
  • Development
  • Artificial
  • Learning
  • Apps
  • Design
  • Development
  • Artificial
  • Learning

Automate Your Business With Conversational AI

Contact Us

hello@chatlogy.ai +8801811409698

Navigate

  • About Us
  • Features
  • Blog
  • ChatBot
  • NLP Middleware

Privacy & Tos

  • Privacy

ChatBot

Active

Hello Friend, I can help you with anything related to chatbots!

Let me know if you're planning to create a chatbot for your business!

Let’s Start a Chat

© Copyrights 2020 Chatlogy.ai