Bots in banking – overview of top 5 examples

The banking industry has changed a lot recently, and one of the fascinating changes is in how they use artificial intelligence to make everyday and repetitive tasks easier. Today, more and more banks are using AI chatbots to increase efficiency and better identify customer needs.

According to a survey conducted by Juniper Research, bank hours savings via bots reach 862 million hours. Banks use bots to automate several processes to improve customer satisfaction and save time and money. Artificial intelligence also enables better management of large amounts of data and the detection of potential fraud.

In this article, I will discuss the impact of AI bots on banking, as it's not just some trendy thing anymore but a real game-changer in our highly digitized world.

What are AI chatbots for banking?

AI chatbots for banking are a type of conversational platform that utilizes artificial intelligence to support the banking industry and talk to customers online. These AI-powered bots are designed to automate repetitive tasks (e.g., answer common questions or assist with transactions), provide customer service through digital text channels or voice-controlled applications, and offer banks an innovative solution to manage their resources more efficiently.

Most of these bots are based on the NLU engine (Natural Language Understanding), which allows for precise intent recognition, making them ideal for enterprise-level customers like banks. They can understand customer queries and respond naturally, depending on the context of the conversation. This way, your employees don't have to manually answer each customer's question and can focus on more complex tasks while the bots take care of the simpler ones.

As customer service is critical in the banking industry, you must ensure that the bots are well-trained. With a solid 94% accuracy in recognizing customer intent, our AI chatbots are reliable and efficient in handling your needs. Our NLU algorithms were built on a massive dataset of 30 billion customer conversations and are skilled at understanding customer sentiment, intent, and conversation specifics. This allows bots to respond accurately without any human intervention.

How to use AI chatbots in banking

AI chatbots are changing the banking world by delivering smooth, efficient customer experiences. They're helpful for everyday account things – like checking balances, moving money around, or paying bills. Plus, they're great at personalizing recommendations for financial products and services that hit the mark, like suggesting the perfect credit card based on customer spending style.

What else can they do? Let's see some examples!

AUTOMATING REPETITIVE TASKS OR CUSTOMER REQUESTS

Do you know what's awesome? Chatbots can take care of those repetitive tasks and customer requests, which can be really time-consuming. They're like the ultimate multitaskers, handling everything from password resets to updating contact info without any break.

This allows the bank's employees to focus on the bigger picture and address more complex issues, making life easier for everyone. In addition, customers benefit from lightning-fast service, as chatbots can juggle multiple requests at once and keep things moving 24/7.

24/7 SERVICE, ALL YEAR ROUND

One of the benefits of using chatbots in banking is that they can work around the clock every day of the year. Customers can get help through voice- or chatbots at any time, no matter the time zone.

Unlike human employees, chatbots don't need vacations or overtime pay. Plus, customers don't have to wait on hold or navigate complicated phone systems to get help. For this reason, chatbots can be especially useful for people who need help outside regular business hours and want quick assistance.

PERSONALIZED CUSTOMER EXPERIENCE

Chatbots in banking can make the service feel more personal for customers. By accessing a customer's records and conversations, chatbots can adapt their response to each situation and provide better assistance. Even though customers are talking to AI-powered bots, it can feel like they are talking to someone who knows them.

Chatbots can also remember previous customer conversations, making it easier to continue a dialogue where it left off. With this kind of personalization, chatbots can improve the customer experience by providing efficient and effective assistance tailored to the individual.

5 examples of chatbots in the banking industry

Insider Intelligence estimates that using chatbots could save the healthcare, banking, and retail sectors $11 billion annually by 2023. In fact, many banks are already using AI tools. I have selected some of the most popular examples for you.

1. Erica from Bank of America

Erica is a chatbot-personal assistant designed to make banking easier for Bank of America customers. She's helping them check their account balance, manage cards, or schedule payments. In addition to doing routine banking tasks, Erica is also equipped to handle more complex issues. If a customer needs assistance beyond what Erica can provide, she can seamlessly connect the customer with a human agent for further support. Erica is still being developed, and plans include "teaching" her to operate in Spanish.

2. Ally Assist

The chatbot called Ally Assist helps customers of Ally Bank with various tasks, such as checking their account history or making a deposit. The chatbot is available 24/7 through the Ally Bank mobile app and website.

One of the unique features of Ally Assist is its ability to track transfers via voice communications. The chatbot also provides personalized tips and information to help customers better understand their finances and make informed decisions.

3. Amy?

HSBC created Amy, a virtual assistant chatbot to help customers with their banking needs. They can ask Amy anything, from checking accounts to seeing transaction history, and the chatbot will provide immediate assistance with accurate information.

In addition to answering basic banking queries, Amy can support more complex banking tasks. For instance, if a customer wants to open a new account or apply for a loan, Amy can guide them through the process step-by-step. This feature allows customers to complete complex banking tasks at their convenience without visiting a physical branch or waiting on hold to speak with a human representative.

4. Eno

Eno is a chatbot that supports Capital One's clients via its mobile app and website. Customers can use Eno to check their bills, make payments, and track their spending, among other things. One of Eno's unique attributes is its ability to identify potentially fraudulent activity and report the customer in real time. With Eno's real-time reporting, customers can quickly confirm whether a transaction was authorized and take action to protect their accounts from fraud.

Eno's advanced technology also makes it possible to provide personalized assistance to each customer. By analyzing a customer's spending habits, Eno can provide customized recommendations and tips to help them manage their finances more effectively. Eno can also provide proactive notifications to remind customers of upcoming payments.

5. Ceba

Commonwealth Bank in Australia develops Ceba. Customers can use Ceba to ask questions and get help with various banking tasks, including transferring funds and paying bills. One of the unique features of Ceba is its ability to provide personalized financial advice to customers. Ceba uses machine learning algorithms to analyze customers' spending habits and make recommendations to help them save money and achieve their financial goals.

Overall, Ceba is a powerful tool for managing finances and achieving financial goals. Its personalized recommendations, convenient features, and easy-to-use interface make it an essential tool for Commonwealth Bank.

Try AI-powered bots!?

Eager to try AI bots in banking? Check out SentiOne!

With up to 94% accuracy in intent recognition and NLU algorithms, SentiOne provides you with a full suite of AI-driven banking solutions. So, you can improve your customer service and operate at even higher speeds.

If you want to implement voicebots/chatbots in your company, look no further. Book a demo and see how our technology can help you automate daily tasks.