In the technology-dominated times of today, a majority of customers still prefer conversing with their digital providers. Many financial institutions do offer bot-based interactions but customers still desire to talk to fellow humans. This is because human conversations result in a contextual engagement where their situation is understood and they receive personalized service.
While many businesses across industries have warmed up to the concept of chatbots, many are still considering whether to implement some form of chatbot communication option or not. Although chatbots can easily cater to generic customer concerns, the human-like touch and engagement are missing.
Enter Conversational Bots
Conversational bots offer the perfect solution to the end-users requirement of contextual engagement minus a team of hundreds of agents. Conversational bots are nothing but an extension of chatbots. Powered by AI, conversational bots offer a human-like conversational interface, which augments the overall customer engagement.
What Makes Conversational Bots Different?
AI-powered conversational bots facilitate conversations to interact and understand the customers naturally. They intend to improve the overall customer experience. For which they even leverage big data analytics to gain insights about the customer’s areas of interest or areas where they need more assistance, expediting more personalized experiences.
This allows businesses to automate conversations on any platform, including the company’s website, a mobile application, and social media channels like Facebook and Twitter. Customers are also able to initiate these conversations from anywhere, home, car, or street.
Conversational AI further improves the capabilities of chatbots in the banking industry, from managing simple interactions, such as balance inquiries and bill payments to understanding complex requirements and resolving them without the customer having to interact with a live agent. Moreover, with AI fueling the conversational bots, they self-learn and get smarter with time, learning to manage complex tasks in conjunction with technology and data.
Conversational AI in Financial Institutions
Customer expectations from financial institutions are no different from any other business – timely, complete responses in a short time. Conversational AI, despite being a smart agent, enables customers to converse in simple language and ask questions, just like they do with a human and it will provide them contextual answers. Implementing a conversational AI platform can benefit financial institutions in more than one way.
A well-designed conversational AI platform can handle huge volumes of interactions without tiring and requiring any increase in team size. Even the customer support personnel are free to respond to more complex problems that require human intervention.
Powered by AI, conversational bots can take a broader range of nuances, such as the customer’s tone, sarcasm, previous engagements, and customer touchpoint into consideration. This results in highly personalized and detailed conversations that are not robotic.
Conversational bots store all the customer engagements in a central repository. It recognizes the conversation flow of the past to understand their requirements. The result is, the customer never gets frustrated by repeating their interaction history; instead, they receive personalized engagement.
A simple customer service chatbot with canned answers can only help resolve simple issues but navigating increasingly complex platforms requires more contextual awareness, where conversational bot scores big. Powered by AI, conversational bots have a lot to offer and can become the next frontier in customer service in the foreseen future. While conversational bots will influence all industries, financial institutes with their increasing reliance on digital banking would require them more than any other.
That is it from us.
Until next time!
- AI in Banking(2) – Chatbots
Hello readers, as promised, we are here with our 2nd blog in the series of blogs on “AI in Banking and Financial Services”, focusing on Chatbots. As discussed in the…
- ChatBots (Part 2) – How to make Bots
“It is said that to explain is to explain away. This maxim is nowhere so well fulfilled as in the area of computer programming, especially in what is called heuristic…
- AI in Banking – Fraud Detection
Hello readers, as promised, we are here with our third blog in the series “AI in Banking and Financial Services”. While our previous two blogs focused on Anti-Money Laundering (AML)…
- Introduction to Chat bots (Part 1)
Chat bots Chat bots are Conversational agents or a Dialog system that simulates Intelligent conversation using text or speech. Why chat bots? In recent times, a sudden rise in interest towards…
- AI in Banking – Stock Trading
Hello Readers, as promised, we are here with the fourth blog in the series “AI in Banking and Financial Services”. In our previous blogs, we focused on Anti-Money Laundering (AML)…
- Implementing bot in IoT ecosystem
What we did... With the help of Hallwaze beat’s RTM api and a bot engine that uses popular Wit.ai for NLU and NLP. We cooked some very interesting bots. We…