bankingciooutlook

How Conversational AI is Influencing Customer Finance?

Banking CIO Outlook | Friday, June 25, 2021

Chatbots are less expensive than human employees. A chatbot has a one-time development cost and must be updated with information over a short period of time before it can manage thousands of clients across many channels.

Fremont, CA: Banks are no exception to the trend of using artificial intelligence in their business and operations strategies. Rising customer expectations and an emphasis on individualized, digital experiences are leading banks to design, test, and deploy new consumer products. Among these is the not-so-innocent chatbot, which is ushering in a new era of conversational banking.

Let's take a look at how chatbots are benefiting the banking business:

Lower Operational Expenses

Chatbots are less expensive than human employees. A chatbot has a one-time development cost and must be updated with information over a short period of time before it can manage thousands of clients across many channels. The expense of training and employing humans for identical activity is significantly higher. Furthermore, developing a chatbot that works across various consumer touchpoints can be less expensive than developing dedicated banking software, especially when using a cloud-based platform.

Getting More Reach Than an App

A chatbot, unlike an app, may run on channels that consumers already use, making it easier to provide support, nurture leads, and develop multichannel customer experiences. Chatbots enable one to meet their customers on their terms, from social media sites like LinkedIn and Facebook Messenger to voice assistants like Siri, Alexa, Bixby, and Google Assistant.

An Intuitive Interface

A mobile banking app must be downloaded and installed before it can be used, and even then, it is often navigated using buttons and menus. A chatbot, on the other hand, answers queries in a conversational way. Chatbots help one to effortlessly communicate with organizations and efficiently execute financial operations in a tailored and intuitive manner by replicating human patterns of interaction and learning from each encounter. Another consideration is speed. When one compares the boredom of waiting on hold with a customer service representative to the near-instantaneous responses they would receive from a chatbot, it's clear to see why the chatbot is gaining popularity.

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