Banking is getting chatty

Artificial intelligence (AI) has arrived at a point where chatbots are increasingly engaging in conversation with humans, and allowing businesses to leverage this inexpensive and wide-reaching technology to gather more consumers.

As the bar of customer expectations is rising in the finance sector, the need for faster, safer and highly personalized solutions in personal finance management grows beyond measure. The use of chat bots in banking is one of the potential methods and a preferable way of accessing data on personal finances and additional information on financial products.

Some financial and banking companies are already making use of bots and offering the next generation of personal finance management through messaging. Chatbot applications in banking are going to have significant benefits if they are built with superior natural language processing and machine learning capabilities. Chatbots are cheaper and easier to build than apps. They provide more flexibility to customers as they can interpret plain text and voice questions and generate an immediate response.

A chatbot called MyKai has become popular as it provides a simple way to watch your money. This bot brings your latest bank balance and tells how much and where you are spending the money. Also, it can instantly wire money across the internet.

source: motherboard.vice.com

1.   Saves Manpower

Using a chatbot is a good method to optimize your manpower. Chatbots deliver you with highly tailored information and understand your financial needs and habits. Thus, cross-selling of relevant financial products and services would be easier with this technology. Also, it helps you in reducing the total number of employees as chatbots facilitate customer engagement, query handling, and feedback as effectively as a human assistant would do.

2.   Cuts Down Resources

With extra manpower comes the added disadvantage of spending more on resources and paid leaves which creates a restricted environment and slows down your banking processes. By utilizing chatbots, you can drastically cut down the resources required for your company.

3.   Gives Faster Response

A chatbot program, once given the right command, will take every action instantly. Bots can automatically check your account or track your transaction instantly from its logs and stored instruction sets. It minimizes the time spent on manually checking or locating a transaction and processing it.

4.   Works Uninterrupted

Bots make the experience of performing multiple tasks or even handling multiple clients seems easy. This is great for banking and financial institutions because there will virtually be no waiting. Also, chatbots can perform actions and produce results instantly and with precision day or night. Human interactions, on the other hand, are always restricted by time limits. A chatbot makes it easier for you to be available for a customer even late at night.

Conversational banking and messaging applications has made accessing and managing finances easier for customers. Implementing this technology is certainly giving customers an enhanced and personalized banking experience.