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  /  Latest News   /  Conversational AI and Banking – How does the picture look life?
Conversational AI

Conversational AI and Banking – How does the picture look life?

The use of technology in banking needs no special mention. Now that the world is inclined towards digital transformation, the importance of technology is at its peak. How can one not mention the impact of pandemic on digital banking? The last one year has seen a range of digital interactions making their way. Banks have put in every possible effort to meet the needs of the customers. Engaging with the customers in the best way possible is what banks pay utmost importance to. On that lines, banks have deployed Conversational AI technology to improve their engagement with the customers. Conversational AI is probably answer to increasing customer demands as far as personalized experiences are concerned.

 

What are the benefits of Conversational AI in banking?

What are the benefits of Conversational AI in banking – this is surely one of those questions that’s grabbing eyeballs from everywhere around. Some of the key benefits are –

  • No more static information – Over the years, it was evidently seen that financial information was static. This throws light on how the interaction would have been, definitely one-dimensional. Though there isn’t any problem as such with static information, but as said, the expectations are evolving with every passing day. A Conversational AI space allows the user to access any relevant information.
  • An improved conversational experience – Deploying Conversational AI has served to be one of the best ways in delivering best-in-class conversational natural language understanding and natural language processing (NLU/NLP) technology. This is a great feature as the banks focus on personal finances.
  • Better responseAI has the potential to understand the customers better. When the users initiate a conversation with the platform, AI is able to understand the context of the conversation. This engages the customers naturally and keeps the conversation going with ease. When AI is able to deliver responses just as required by the users, this not only leads to the users staying in the conversation for long but also builds trust. And without trust, it is very tough for the organization catering to the financial services to sustain.

Not just this, the Conversational AI platform is robust and powerful. Its main task is to come up with accurate responses to as many questions as possible. There are a range of financial questions that come in. Responding to all of these with the right information is what AI engine works on.

Now that the banks are looking towards integrating AI way more than earlier in banks, we get to see AI-powered virtual assistants coming into play. Right from opening accounts, facilitating transactions to taking payments into account – AI-powered virtual assistants have got you covered. All those online and mobile banking channels are catered to in the best possible manner.

Technology gets advanced with every passing day. Hence, these AI-powered assistants will soon be a thing of the past. Now is the era of predictive technology. With this technology in place, banks would be in a position to know when a consumer makes a payment and how much would they typically spend each month. Additional features like being alarmed, among others would see a great usage.

In a nutshell, Conversational AI offers more accurate data, better insights and hyper-personalized interactions. All these will enable the banks to invest in this next-generation technology and this would ultimately pave the way for the consumers to embrace digital experiences.