How Banking AI Chatbots Are Revolutionizing Financial Services

banking ai chatbot

Conversational AI, in particular, has seen a lot of interest in recent years, with a number of banks implementing AI-powered conversational solutions. Bots, be it chatbots or voice bots, can conduct smart and compelling conversations on behalf of the bank with millions of consumers, at a fraction of the cost of using human customer service staff. More recently, it has been estimated that the operational cost savings from the use of Conversational AI in the banking sector will reach 7.3 billion USD by 2023. This represents a total time saved for banks in 2023 of 862 million hours – equivalent to nearly half a million working years! Needless to say, the outlook for Chatbot in banking looks very promising indeed. Chatbots enhance customer service in banking by providing instant, 24/7 support.

banking ai chatbot

Because financial chatbots can handle hundreds of transactions and inquiries at any given time. While bots take over the simple service queries, they take some weight off your agents’ shoulders. And the best part is, you won’t lose on customer satisfaction as bots can deliver personalized service to your customers. Bank employees often hear the same questions over and over again from customers. Kore.ai’s chatbots for banking can automate repetitive questions, freeing up employees to focus on more complex tasks.

Simple lead generation:

In these cases, they need to have extra employees scheduled to deal with the higher volume of calls. This allows your employees to focus on more complex queries that can help your bank run smoother. By learning more about these pros and cons, you can determine if artificial intelligence is the right choice for your company.

banking ai chatbot

The company offers chatbot and virtual assistant applications for employees and customers. Kore.ai’s employee experience products include IT Assist, HR Assist, and WorkAssist—software applications that assist employees resolve their issues and queries in the areas of IT, HR, and day-to-day working. Customer experience products include contact center automation, digital customer service, and Bank Assist—an intelligent VA that responds to regular retail banking queries through personalized conversations. Commonwealth Bank launched a virtual banking assistant called Ceba to provide real-time customer support.

Increase Product Adoption

Chatbots offer consumers an immediate response facility to connect with brands in real-time to provide instant solutions and resolve their queries. Nowadays, most banks have implemented chatbots to handle routine tasks such as fund transfers between accounts, resetting mobile banking passwords, paying bills, and even opening a new checking account. A chatbot solution with a Live Chat option offers the perfect interplay between the high-tech and the human. Bank customers enjoy both the convenience of AI and the reassurance of human-to-human exchange to resolve simple queries when they want or get the personalized services they need for complex issues. In this article, we will explain in detail what banking chatbots are, what their benefits are to banks and customers, and how you can build functional banking chatbots.

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