Conversational AI in Banking: As a customer, does waiting in a long bank line to have your passbook updated irritate you? Believe me when I tell you that everyone, including your bank clients, wants to avoid unnecessary bank encounters.
We no longer live in a world where you have to leave your house to perform something that may easily be done from the comfort of your own home. This is why, in the banking industry, automation has led the road to make life easier for clients.
Conversational AI in banking can automate and streamline the majority of these repetitive processes.
According to Business Insider research, 80 percent of organizations employ chatbots in some way. By 2022, these AI chatbots will be able to automate a stunning 90% of all incoming bank queries!
Artificial intelligence is clearly not new to financial services and banks. Several conversational AI use cases in banking have aided several banking companies in streamlining operations.
AI chatbots can handle a variety of tasks on their own, whether it’s assisting a consumer with their transactions or applying for a credit card.
What role does AI play in banking?
By automating repetitive tasks that would normally take a bank employee significantly longer, conversational AI in banking can help you comprehend and answer consumer problems.
Improved efficiency and speedier solutions also boost your trustworthiness, which is critical in the banking industry. The value of BFSI enterprises is soaring due to artificial intelligence.
So, in what ways may conversational AI assist your bank? Let’s take a look at some of the most common AI use cases in conversational banking.
The top ten use cases for conversational AI in banking
According to IDC, by 2024, banking will be one of the two businesses spending the most on AI solutions. Many banking processes follow a set of steps to finish – and AI thrives on routines. Here are some of the problems that conversational AI in banking can solve!
1. Resolve frequently asked questions
Most of your users are probably asking the same queries, such as “How can I check my last three transactions?” and “What is the status of my loan application?”
2. Keep track of payments and transactions – Conversational AI in Banking
People must clear bills, pay businesses, purchase online, or do any type of internet transaction on a frequent basis. The user can utilize a chatbot to make and track these payments.
Clearing payments are frequently urgent and time-sensitive. Switching platforms to execute transactions is often inconvenient in such situations. Your consumers can make payments wherever they are using an omnichannel chatbot, without any delays!
3. Carry out simple but critical tasks
Your users may need to lock or unlock their cards at any time, check their balance, or reset their passwords. Following credential verification, a conversational AI chatbot can readily automate these operations.
A conversational AI chatbot can provide account information such as pending transactions, card bonus points, recurring payments, cost and transfer limitations, credit card limits, and so on.
4. Document gathering and sharing made simple
Imagine your customer wants to apply for a new loan, but the bank keeps rejecting him or her due to new verification inconsistencies – how aggravating is that?
In a bank, this is an all-too-common occurrence. Nobody likes it, even you and your consumer. This occurs primarily as a result of the customer’s lack of understanding and awareness.
In banking, however, conversational AI is frequently used for form filling, document gathering, and verification.
5. Cross-sell and up-sell – Conversational AI in Banking
Chatbots can find chances to produce more revenue, which is another popular conversational AI use case in banking.
A conversational AI chatbot may analyze prior customer data to discover upsell and cross-sell opportunities for current customers.
6. Send notifications and reminders
It’s not uncommon to overlook a key payment or installment due date.
Your users may quickly set up bill reminders with the help of conversational AI in banking. To avoid any lapses or additional penalties, the chatbot will remind customers to pay on time.
7. Find the closest ATM or branch.
A conversational AI banking chatbot can also assist users in locating the nearest bank or ATM, which is crucial if they require immediate cash (for example, when they are traveling to a new place).
It can also provide information on branch hours and travel distance, making it easier and more navigable for clients.
8. Increase the number of conversions
Lead creation is one of the most well-known conversational AI use cases in banking. A chatbot can assess the problem and make suitable product recommendations by understanding the user’s intent in natural language.
For example, it can analyze the information provided by a user seeking a home loan in order to match them with the best financing options available.
9. Gather feedback
Customers can provide comments and feedback using conversational AI in banking. They can provide comments on their interactions with your bank, such as customer service, ATM performance, transaction ease, and so on.
This will enable you to better assess and comprehend consumer expectations, as well as identify opportunities for improvement. Your clients’ user experience improves by a significant margin when they feel heard and valued.
10. Detection of Fraud
Nothing can match artificial intelligence’s precision and accuracy. A conversational AI chatbot excels at detecting and analyzing violations and suspicious behavior.
If their account experiences any unexpected or unusual behavior, customers can receive notifications and assistance from the AI chatbot. If more assistance is required, the chatbot can connect the customer to an available live operator on the spot.
- Finish up
Conversational AI is a win-win situation for both the bank and the clients in the financial ecosystem.
While conversational AI chatbots provide rapid replies to clients, banks can rest certain that the automated resolutions are accurate and precise
Which is critical in the banking and financial services industry, which deals with people’s money. Automation eliminates the possibility of human error, allowing you to retain more consumers.