bankingciooutlook

Bot-Powered Banking Coaches: The Next Milestone for Digital Assistants

By Banking CIO Outlook | Tuesday, January 08, 2019

artificial intelligenceVirtual assistants are stretching their arms in the day-to-day life of humans and banking organizations are also utilizing them to improve their customer service. Banks already have introduced chatbots which deliver satisfactory service and have reduce the burden from employees shoulder but experts believe that these digital assistants can be taken a step ahead by incorporating them with advanced functions of artificial intelligence (AI). The current chatbots will then be converted into digital banking coaches who will not just provide information to customers but will also train them to manage their financial accounts. To transform these bots into coaches banking organizations need to consider a few things discussed below.

Digital coaches must support multi-mode operation. Voice- assistants, chatbot, virtual assistant all sound similar but do not function the same way and also are device specific; such drawbacks must be eliminated from the future assistants. Customers in today’s era demand more functionality with ease of operation in technology and if banks are able to provide them with same than there lies no doubt of success. While upgrading their digital assistants to digital coaches they must facilitate them to operate on multiple devices with the same efficiency and support different inputs like voice and text.

AI has enabled the current digital assistants to react to customer queries and provide them with required information but that’s not all that AI could do. It holds the capability to advance these bots to provide similar service like humans. Insight to data is what next thing customers look up to and banks need to upgrade their bots in the same fashion, where bots will not just react but also make customers understand the data and leverage them to make more effective financial decisions. All these can only be achieved by enhancing the capability of bots with the help of AI.

Check Out: Top Artificial Intelligence Solution Providers - 2018

Transforming digital assistants to digital coaches will not just benefit customers but will also save time and efforts of bank employees enabling them to shift towards more productive jobs. The new tech will also leverage banking organization to improve their customer service and gain an edge over their competitors.

New Editions