Understanding the Intelligent Chatbot for Banking System

Human + chatbot hybrid system to escalate important customer requests. Despite the additions of new online and mobile banking features and functionality over the past decade, digital banking simply doesn’t do everything bank customers need to do. Since problems don’t wait for business hours, AI-powered chatbots are an ideal solution for continual customer service. A chatbot can engage customers with its natural language understanding and generation.

The close imitation of a “natural” human dialogue is not a priority or even a necessity. This should be the defining factor for using AI and ML technologies to build a chatbot for banking. The beauty of this bot is that it works around the clock, so no matter when a customer wants the account status it is available for them. There’s no need for bank staff to handle these simple requests when a bot, powered by artificial intelligence , can.

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Then, you’ll need to connect your socials to Chatfuel to let your automation interact with your customers. HSBC’s internal compliance chatbot compiles policies and frequently asked questions and creates employee audit logs—demonstrating how employees can partner with chatbots. Chatbots can engage with the visitors on the bank’s digital platforms to generate leads and assess those leads with relevant questions. Accenture research shows that 57% of companies agree that chatbots can result in large returns on investment with minimal effort. According to a report, it is expected that there will be around 1.2 billion mobile banking users worldwide by the end of 2016. BFSI industries are grappling with the scarcity of skilled resources, a sharp increase in personal costs, the pressure to optimize cost & boost productivity and employee efficiency.

From loan applications to open saving accounts, documentation is involved in each process. Chatbots have gained a lot of attention in recent years and with AI chatbots can manage smart & compelling communications on the behalf of banks at low cost and high profitability. Banking chatbots should be able to initiate a maintain a productive conversation with the client. However, they should focus on the effectiveness and quick resolution of the problems encountered by a client.

» Chatbots for banks: Online assistance 24/7 WhatsApp

While the savings of chatbots will vary for every organization, their ability to automate tasks and queries means that they can substantially reduce costs. On average, introducing a chatbot will provide $0.50 to $0.70 in savings per chatbot interaction. Since chatbots can resolve more than 91% of chats from start to finish without human intervention, they also create additional support capacity for agents AI Chatbot for Banking handling complex issues. With chatbots handling simple customer inquiries, agents can more quickly respond to complex issues that need human intervention. The automatic notifications about the transactions made can keep users updated with the account activities in real-time. Banking industry can offer advice on a large scale and with better impact by using AI chatbots that can learn about user habits.

Conversational AI solutions address this pain point by offering bill reminders, answer payment due date questions and can even perform payment activities from customer requests. Chatbots can now guide users through paying their bills as they understand their balance and can use saved payment methods on their accounts to make payments once advised to. They also can set up automated payments for customers, leaving them to have one less thing to worry about. Eno is a powerful digital assistant available on the bank’s website and mobile app. The bot uses natural language processing to answer account information queries of any complexity.

What are chatbots for banking?

An aspect of AI that is redefining customer engagement is a conversational AI platform. This has been fuelled by a rise in conversational AI solutions and natural language processing technology that allows us to interact, transact, and collaborate using natural chat. As we move from using visual interfaces to using conversational AI ones, a whole new model of engagement is made possible. In fact, by automating standard procedures, human agents will have to focus on more demanding issues. Faster payment services are directly tied to higher revenues across the industry.

Discuss finances, offer advice, take questions, solve doubts – do it all with chatbots. Deploy an AI-powered virtual assistant and change the way banking is experienced. Ceba is a virtual banking assistant that answers a range of day-to-day banking questions. Ceba is one of the only banking chatbots to have human escalation and directs customers to other channels based on their specific need. With customer service, this includes customer support email, chat and messaging logs, to identify and group together similar questions and scenarios. An AI learns how a situation has been handled and teaches itself to act in the same way.

Chatbots in banking: a new customer experience

There can also be some technical issues when it comes to using chatbots for banking. If you have customers that do not have access to the internet or are unsure of how to use an online platform, it may not be an ideal customer service solution. Banks need to engage with their customers in the right way and in the right channels. Integrating chatbots as part of their engagement processes can improve customer satisfaction, reduce costs and deliver valuable qualitative and quantitative feedback on customer demands and opinions. According to a study by Juniper, chatbots will save banks up to $7.3 billion worldwide by 2023, allowing them to compete with other branches and deploy a successful digital transformation. The average cost per customer acquisition in the banking industry is USD 300.

Finally, using chatbots for your business will help you lower your costs. As a business owner, every employee that you hire costs thousands of dollars to train and recruit. You can even automatically send your customers transcriptions of their interaction with the chatbot. This way, they will not have to worry about remembering what they were told during their conversation. This can help you provide a paper trail to help with quality assurance.