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New technologies, chatbots, and virtual assistants have been introduced into the banking and financial sectors, simplifying the interaction between humans and computers. Chatbots have become extremely familiar due to dramatic advancements in machine learning natural language processing technology. The most common functional area of the Chatbots in the banking and finance sector is customer support and engagement. Bank of America, Royal Bank of Scotland, and Capital One are the only few organizations in the landscape where chatbots are engaged with customers. Chatbots can save maximum time as it accesses bulk information in no time. Bots are emerging apps, where tech experts began hailing the bots globally as a new medium.
Robo-advisors aid investors in providing advice where no human intervention is required. This gathers all the necessary information required from the user and fetches accurate advise plan that is relevant to investors. Chatbots also eliminate fraudulent by detecting anomalies in behavioral and statistical patterns. In banking sectors, chatbots send notifications or messages whenever an account is logged in. Reverting to these messages with a pre-customized command, further transactions can be stopped. Reducing the fraud rate is very important to the banking and financial sectors to protect the customer from loss of money. Payments are made quickly with the assistance of chatbots. Bots prove that technology serves as a global force for good as long as bots are in the right hands.
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PayPal uses the concept of peer-to-peer mode of payment. This facilitates users to make payments through chat messages. Santander UK’s voice recognition tool enables to make payments through voice commands in everyday language.
Increased cybercrime rates are observed these days. As the global transactions over digital channels are increased, the possibility of electronic fraud is also increasing. A report from McAfee revealed that cybercrime costs the world economy more than $600 billion a year leading to monetary damages and loss of customer’s trust in the banking sectors. Global Economic Crime and Fraud Survey by PwC states that 49 percent of world organizations faced financial crime in the past two years. This forces for banks to deploy advanced automation to fight against cybercrime. The cybercrime free future looks within reach because of the innovations happening in AI against cybercrime. However, banks now can leverage self-learning technology to identify the fraud and prevent them.
Medium | CIOReview