Shweta Verma Contributor

I write columns on news related to bots, specially in the categories of Artificial Intelligence, bot startup, bot funding.I am also interested in recent developments in the fields of data science, machine learning and natural language processing ...

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I write columns on news related to bots, specially in the categories of Artificial Intelligence, bot startup, bot funding.I am also interested in recent developments in the fields of data science, machine learning and natural language processing

Is The Banking Industry Benefited By AI Based Chatbots?
741 days ago

AI Cons on Private and Public Sector
741 days ago

Is The Banking Industry Benefited By AI Based Chatbots?
10377 views

AI Cons on Private and Public Sector
6279 views

Is The Banking Industry Benefited By AI Based Chatbots?

By Shweta Verma |Email | Aug 14, 2017 | 10377 Views

The chatbots have made life simpler for humans. The way they are designed, today they are capable of assisting us with almost everything. Saying that they can be your friend, philosopher, and guide won't be wrong. We can notice chatbots marking their presence around us. While some of them are simple in their design, few are complex enough to surprise even a tech savvy individual with their capabilities.

They have the expertise to avail your services and guidance like a professional. And yes, with no physical existence they can be beneficial for Banking and Finance Industry . But let's not go with random verdicts and try to understand the benefits offered by Artificial Intelligence based chatbots for Banking Industry:



Smooth Customer Support
Today, serving your customers in the most personalized way is the key to growth. Without ensuring customer satisfaction, no organisation can expect to sustain for long in the competitive market. The same is the case with the banking industry.

With the advent of chatbots, it is possible to provide the customers with a 24X7 support system. They can help you with the tasks like customer KYC, resolving queries, and acknowledging them about your new products and services. With this, you can ensure better customer satisfaction, by resolving more questions in less time. Besides this, organisations often spend a good sum of money over deploying Call Centres for Customer Support. With the help of these AI based chatbots, you don't have to make any extra investment on employing human resources and also allotting a designated place for them to work. In fact, if used wisely, chatbots can help you reduce your spending by approximately 14%.

Easy to use
It has been noticed that customers often flee away by going through the online authorization process. They have to fill up details again and again to ensure the system about their authenticity. The AI chatbots are smart enough to help you with it. It gives users a Personal Finance Assistant that can help them at each stage of banking just through a Mobile.

Automation
Chatbots aren't just an excellent tool to interact and help your clients. In fact, they have proven their expertise in fraud detection, fetching analytics, and data capture. Prevention of frauds is a critical policy for every bank. According to a report released in 2014, credit cards of 31.8 million US customers were breached. This is 13% of the entire adult population of the US.

Here chatbots can extend the helping hand by sharing a notification. The automatic notifications about the transactions made can keep users updated with the account activities in real-time.

Apart from this, their ability to understand a customer's pain points and needs can empower them to assist in a much better way. This empowers them to share the data obtained, which can eventually help you in finding the areas of customer dissatisfaction.

Increase User Engagement
Banking industry has an array of goods and services for its clients. It has been seen that not all the customers are aware of these products and services. Chatbots can be a beneficial resource to spread this message to your end users. They can send not only the details about these products and services but also test the user engagement on them. Also, as we all are aware that Bots are not humans, but a machine that behaves like people. They can be easily stopped by a customer through a simple text if they are bothering them.

Safety against Fraud
This is currently used by almost all the financial organisations. Remember, the last time you swiped your card, and you received the message acknowledging you about the activity? Well, that was ChatBot. You can reply to these messages with a pre-customized command to stop the transactions if in case it wasn't you. Reducing fraud is very important for the banking industry. It is not only the customer's loss of money but also your goodwill. If chatbots are well planned and implemented, they can be a very helpful resource for the same.

Human touch
The chatbots are an inevitable contribution to science by the humanity. They are adorned with a human touch, which commendably enhances the bond we share with technology. Chatbots won't let your customers feel like they are interacting with a machine. They ensure that you solve your customer's queries in the shortest period and flawlessly.

Source: Chatbotmagzine