The Shift toward Cloud: Is it a Cost-Effective Process?
Enterprise AI: How to Meet the Challenges
Augmented Intelligence is Improving Customer Experience
The Dawn of a New Era in Sales Solution
Changing Trends in the Chatbot Space
Justin Vandehey, Co-Founder, Disco
An Era of Social Media Optimization (SMO) Is Ahead: What Can We...
Yuval Ben-Itzhak, CEO, Socialbakers
Revolutionizing Customer Relationships through Chatbots
Mamie Peers, VP of Digital Marketing, The Cosmopolitan of Las Vegas
What do you do when your RPA journey takes a wrong turn?
Rod Dunlap, Senior Director - RPA, Capgemini
Thank you for Subscribing to CIO Applications Weekly Brief
AI Chatbots are Changing Our Banking Practices!
The emergence of AI-powered chatbots has enabled banks to provide seamless customer service and enhance customer engagement.
FREMONT, CA: Chatbots were not always reliable, especially in the banking sector. However, the times are changing, and so is the capability of chatbots. Customers used to get vague and unreliable answers for their queries. However, they can now expect more eloquent, and comprehensible replies. The emergence of artificial intelligence (AI) technology has birthed a new era of seamless conversational banking, empowering customers with simplified self-service.
Consumer all across the world have come to rely on mobile apps for various processes, and this includes personal banking. Major banks such as Bank of America, Wells Fargo, and Capitol One are leveraging chatbots to provide enhanced services to their customers. The chatbots are designed for tasks that range from offering savings suggestions to checking account balance.
The AI-bolstered conversational banking process enables financial organizations to offer personalized service to the customers, complete with human-like emotional and contextual understanding. It allows them to tailor their financial services based on customer location. Also, it empowers customers to ask banking questions to the conversational apps, without the need to divulge sensitive details.
The FIS’ 2019 Performance Against Customer Expectations (PACE) survey reveals that almost 75 percent of interactions between banks and their customers take place online and on mobile devices. The advancements in technology have enabled banks to provide an omnichannel experience, including branch, teller, phone, mobile app, live chat, email, online banking, kiosks, ATMs, and in-store retail branches. However, banks often find it challenging to harness the customer data from every channel, which might result in disjointed customer experience.
AI-backed conversational banking will potentially eliminate the disconnect between different channels. It will enable banks to deploy a single bot with centralized management faculty across several channels. Customers will be able to leverage this capability to get accurate, relevant, and seamless services.
Consumers often contact their banks to aid them in specific monetary processes. Conversational banking will not only enable banks to deliver prompt aid to their customers but also automate the customer service process. Several AI-powered chatbots are specifically designed to provide information regarding mortgage products. The chat function in the mobile bank app leverages customer information to offer guidance regarding mortgage options and other services. Banks are widely implementing conversational banking to enhance their services and improve customer engagement.