I am a marketing intern at Valuefirst Digital Media. I write blogs on AI, Machine Learning, Chatbots, Automation etc for House of Bots. ...

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I am a marketing intern at Valuefirst Digital Media. I write blogs on AI, Machine Learning, Chatbots, Automation etc for House of Bots.

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Significance of Chatbots in Banks

By shiwaneeg |Email | Apr 19, 2018 | 7764 Views

Nowadays, companies are inclined towards artificial intelligence (AI) and has made it a big part of their digital approach. The rise of chatbots in finance and banking sectors is helping to change the face of the communication interface by adopting AI.

Chatbots in the banking segment have a huge potential in bringing a great impact in customer experience. And with chatbots, banks can easily improve their operations by automating all the repetitive customer queries which are generally time-consuming. Introducing chatbots in the banking industry improves overall customer satisfaction and engagement. 

Banks today cater their services to a much more tech-savvy audience than they used to, a decade ago. They need to appear competent, efficient, and up-to-speed with the latest technologies. A 24x7 instant chat feature is something that customers are expecting in any modern service today. 

Banking applications designed are typically complex and frustrating for the users. As more banking is done online, banks are getting weighed down by the complexity of their systems because users aren't willingly accepting this change. So, there is problem in providing better user experience.

Banks need to be able to answer customers' queries within communication medium their customers are already using, without them having to log into a website or an app each time they want to view recent transactions or check their balance. By using chatbots, banks can alleviate a lot of the complexity for the user. Plus, they can gather valuable user data with each interaction so they can provide more personalized experiences.

In order to get there, banks need to implement chatbots that understand not only what the user is trying to say, but also their context. If a banking bot doesn't provide customers with valuable and timely information, insight & guidance then it is not fulfilling its basic purpose. They need to be able to predict, rather than simply react to customer's needs. Luckily, technologies that power today's intelligent bots, such as NLP and machine learning, are quite advanced and can be used to create better banking experiences.

Thus, banks are heavily investing and indulging themselves with this technology due to numerous advantages & consumers' demand.

Source: HOB