Video Credits: AI Diaries via Youtube
Artificial Intelligence (AI) Chatbots in Banking and Financial Sector: image credited: push.al edited by Docxdrl via Bitlanders
The banking and financial sectors are leveraging the influence of Artificial Intelligence (AI) chatbots to improve solutions, reduce costs and provide quality services to their customers and prospects. In many instances, chatbots facilitate two-way communication between the industry and the customer. And now, chatbots are gradually replacing the use email, text and online customer support to simplify, smoothing and deliver positive interactions between the people and the industry.
Giving detailed & precise information for a banking/financial sector operation can be tasking especially when the customer or client is in a hurry. Thankfully, through the use of artificial intelligence chatbots, this eliminates the odds hours of reading through a PDF document of a thousand pages to find the information needed.
According to juniperresearch chatbots will be responsible for saving over $8 billion in annual costs by 2022. This agrees with the views of Gartner when he postulated that chatbots will power 85% of all customers’ services interactions by the year 2020
image credits: verdict
Imagine the number of customer’s calls, texts, customer support & emails banks and financial sector will entertain every business day? It’s awfully massive and will take a long time to fully comprehend the need of the customer and provide each with the appropriate and accurate response.
Today, artificial intelligence chatbots used in banks and the financial sector are already yielding positive results.
Chatbots have the capacity to perform tasks that range from checking an account balance to offering users suggestions on how to save money
credited: Forbes
Banks/financial sectors success depends on customer satisfaction and the availability of precise and accurate information that the client can make a productive and informed decision. Therefore, is the use of AI-chatbots in the banking and financial sectors really meeting the needs of the customer? Can the chatbots deliver to the customers’ satisfaction? How can banks use chatbots to become competitors in the sector?
Related blog: Chatbot: What is Chatbot and why are Chatbots Important Today?
Artificial intelligence chatbots conversational banking is becoming more sophisticated to meet the needs of the customer, it is also been personalized to relate to the understanding of what the customer may want to know about his banking or financial capabilities before embarking on any financial transaction within or outside the banking sector.
The successful common use of Chatbots in Banking and Financial
AI-powered chatbots are not sentient and not 100 per cent able to handle customer’s queries. These means that AI chatbots have not become fully automated in the banking/financial sector, yet their impact, effectiveness and efficiency are felt across the business environment as they are transforming how customers interact with their banks. Chatbots have found a common use case in the following;
image credits: insurancejournal
Frequently Asked Questions (FAQ):
The most common use of artificial intelligence in the banking/financial sector is providing automated services that answer questions like a simple and mundane question about the operations of the bank like; how long it will take me to get a new ATM card? This help to free up time so that customer care can become productive by answer better questions like; why was my account debited with $150 without a reason?
Lead Generation:
A conversational interface; AI-chatbots are steadily making E-mail campaigns lose their effectiveness as they interact with people directly and provide them with costs accurate information. Unlike an email, you only get a message the sender needs you to know about. Leads generation bots are embedded in the bank’s or financial institution sector website/app. They initiate conversation and find out what the people need and send these leads to the industries for appropriate actions. Chatbots automatically delivers the qualified leads to sales organization while also fighting the fatigue of the customer care centre of answering the same question over and over again day-in-day-out.
image credits: Docxdrl via Querlo chat
24/7 Online Support:
The most popular use of AI-chatbots in the banking/financial sector is its ability to provide support for customers without taking a break or having fatigue for working over a long period of time. By using AI chatbots, even when business hours are closed for the day, customers and prospects will definitely be informed with the right information.
Feedback Collection and Analysis:
Banks and financial sectors are always on the lookout for new ways to satisfy the needs of their customer by improving their services. To effectively achieve such a feat, collection and analysis of feedback are needed. AI-chatbots are best suited for these jobs.
These show the power of artificial intelligence in the banking and financial sector as a new opportunity for both the sector and their customer. Using AI-chatbots, the banking and financial sector understands the needs of her customers and the customer likewise.
The following topics are the main contents of the Querlo C-Blog for today.
Challenges faced by banks & Financial Institutions
Banking product/services
Fraud prevention
Recommending products and collecting feedback
After the successful launch of “The Bilanders C-blogging” conversational AI blogging by Querlo powered by IBM Watson and Microsoft Azury. Bitlanders continues to support its joint venture Querlo. We believe in our mission to pomote our future-Artificial Intelligence (AI)-and bild AI conversations via blogging, here we are to introduce Bitlanders AI-themed blogging!
Credited: Micky-the-slanted-salerno
On A Final Note
Chatbots applications in banking and the financial sectors are streamlining interactions between people and services by enhancing customer experience, delivering result and reducing the cost of hiring and maintaining customer care services.
For any successful banking or financial system, the effective and efficient use of artificial intelligent powered chatbots to provide the services such as a human can perform goes a long way of removing the mundane questions asked by customers.
AI chatbots have now elevated the banking and financial sector by providing the necessary information based on the queries submitted by the customers in a more convenient and two-way communication that stimulate interest and satisfaction. The more people interact with banking artificial intelligence (AI) chatbots, they learn and evolve to better serve the people.
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