4 Ways how conversational AI is transforming Banking Industry

1. It is quite evident that in the past few years, AI has taken over almost every sector on a massive scale. Talk about industries, science, healthcare, AI has spread like wildfire covering every sector and the results are overwhelming. The services have upgraded, the quality of communication is better than ever and the funds of business are reaching the sky. Speaking of funds, it is commendable that the impact of AI has been impressive in the Banking Industry. “How?” you ask. Let’s look behind for a while to scale how far we have come. Almost 5 to 10 years back, Banking Industry was facing difficulties in terms of delivering excellent services to its customers. The lack of accuracy, as well as human resources, led to customers dropping their services with the banks. Sure thing that technology has improvised a lot but yet customers are frustrated with current banking relationships as a lot of banks are still falling behind when it comes to utilizing the best gift of this century: Conversational AI. This wondrous invention is not onboard 100% but the process is on and its humongous impact is transforming the entire Banking Industry, benefitting both the customers and banks. Here’s how. 1. Lead Generation For every business, sales are their top priority and the same goes for Banking Industry. AI Chatbot for Banking has been highly efficient in generating leads and eventually increase sales. Chatbots are programmed in a manner that they can successfully generate data of people and distinguish the qualified leads and forward it to the sales team. Chatbots automatically present a set of questionnaires to people who land on their website or app or web app and the data filled by the customers is processed by the bot to certify it as a potential lead. The implication of AI Chatbots in the banking industry gives both the bank and customers the advantage of quick service and accuracy. 2. Automated Banking Services In Banking Sector, the resolution of queries and problems is extremely important if banks want to retain their customers. And ​conversational AI platforms for banking​ are just the right thing to maintain two-way communication with the customers to resolve their problems. With the help of machine learning, bots are designed in a manner that they can efficiently provide 24/7 assistance to the customers. It has been observed that earlier, it took hours or sometimes days to resolve queries and that led to customers canceling their services with banks. But with AI chatbots, the process of resolving the queries is now limited to only a few minutes. This not only saves time for both the parties but it also makes the customer feel valued and important. 3. Feedback Management Customer service is a factor for every business that cannot be neglected. The same goes for the banking industry. Every bank has a vast number of customers to deal with and being attentive to every feedback is physically impossible. But AI for customer service in the banking service has been a boon for the bank and its customers.

2. With bots, it is possible to run mass surveys and questionnaires to know people’s opinions and enhance their services. Whereas physically it is difficult to conduct large surveys and give equal importance to each consumer. But with AI bots, real-time feedback can be obtained that eventually gives more time to act on the same and upgrade the banking services. 4. Easy Money Management The biggest advantage of having ​Chatbots in the Banking Industry​ is that it is extremely helpful for customers in terms of money management. Chatbots are programmed in a manner that they have financial information from all around the globe. For every customer registered, bots have their data and are familiar with their requirements. Hence, they can tap into a customer’s account, know their details and provide financial advice accordingly. Not just this, but these conversational AI can also keep a track of the customer’s money, spending, savings, bills, transfers and everything else. The options of subscriptions and optimization make it easier, even for the people who fail to keep track of their expenses. AI Chatbots​ in the banking industry has made it easier for everyone to survive in the world of finance. With its growing utility and awareness, people are experiencing the best services and solutions for their finances. With more and more banks opting for AI chatbots, the quality of monetary decisions has also been upgrading.