Chatbots to become Standard of Service

If you ever visited a bank branch in 2000s, you would have surely been familiar with the plethora of standing queues for deposit, withdrawal, pass book entry etc. Going to a branch back then would mean taking a leave from office which tells how much of a tedious task it was!

Phew, thank god things have changed; Bank mobile app, Digital wallets have now made life so easier. This can be attributed to the introduction of technology to Banking sector which has revalorized banking altogether in ways we never thought. The following paragraph is about of Artificial Intelligence & chatbot which will change how we will connect with banks.

Chatbots in Banking

What is a chatbot anyway?

ChatBot is nothing but “Chat robot”. Chatbot in early days were hard coded but with the advancement in machine learning, Artificial Intelligence and Data mining, they have now become more humanized in conversation. With predictive analysis,  chatbot not just can have normal conversation but can even suggest the future activity of investment option and other stuff (this is where AI plays its part) like Ordering cab, buying stuff online ,notifying monthly rental pay and paying the same with an ‘Yes’ from your side.

Today, personalization is the key to customer satisfaction and chatbots are paving the way to stay ahead for financial institutions .Serving your customers in the most personalized way is the key to growth. Without ensuring customer satisfaction, no organization can expect to sustain for long in the competitive market. The same is the case with the banking industry.

This trend was predicted a few years back in 360 summit which many might have thought audacious then but is certainly turning true now, chatbot being the bandwagon here .Self-learning FAQ chatbot can bestow contextual, personalized and accurate responses thus increasing engagement and customer satisfaction. Also, chatbots relatively are inexpensive to develop and maintain

Chatbot to become Standard of service

HDFC’s Facebook messenger, since its launch, has grown 160% MoM in December 2016.’ERICA’ a, personalized chatbot, can assist customers to make payments, pay down debts, and check their balances along with real-time updates on finance on their favorite social media.

India is witnessing uberification of banks lately which Barclays forecasted years ago. In future, you might see players you have never dreamt in banking business like PayTM which is already evolving into a Bank with more feature rich PayTM bank; Airtel Bank isn’t far behind too. Major players like AXIS even heavily invested in AI and Chatbot with Active AI.