5 ways chatbots are transforming the financial industry in India

Chatbots are taking over the world. Banks are investing heavily on the AI enabled chatbots which can chat intelligently with the clients and can make the conversation more easier and more efficient.

Human �?? human to human- machine? �?�. Better? Safer? Faster?

What are chatbots?

Chatbots are programs that interact with the customers over the internet to provide insights, services which are supported by AI and deep learning, chatbots can also predict based on data collected from the human behavior.

Why chatbots?

~90% of our time on mobile is spent on email and messaging platforms.�?? �?? Niko Bonatsos, Managing Director at General Catalyst

Statistics suggests that people have moved from social media to messaging platform. Since the integration of chatbots in the messenger, over 11000 chatbots have been added

Banking and chatbots:

Lesser support cost

Introduction of chatbots will reduce the time and cost of employing manual labour to service call centers.

CUSTOMER DELIGHT:

Imagine if you do not have to suffer this anymore: �??For English press 1. For account related queries press 2. The added advantage is that the user can finish their conversation in seconds. No more queues, no more waiting time, no need to hold your patience anymore. Just to get a piece of information from your bank. So that means better customer satisfaction and hence delight.

PERSONALISATION:

A chatbot integrated with machine learning can understand customer behavior and consumers�?? preferences over time. This helps in providing more personalized choices. For example, chatbots can learn about a customer and deliver solutions and offers relevant to that person. In today�??s world, personalization has transformed to a necessity, from merely an option to preserve customer loyalty and retention.

Not only this. An improved machine-learning algorithm can also help banks get into the arena of predictive analytics. The data gathered through chatbots can be used for more efficient cross selling and upselling activities, fraud detections and proactive alert messages.

IMPROVED TRUST:

A recent research on Banking Tech suggests that 25% of users find it easier to share sensitive information with a chatbot rather than a human being. It is time consuming, difficult and sometimes even a wary decision to provide such information to a real person. Time and again, we have received messages from banks saying that they do not ask for sensitive information on call. This could serve as a better trust worthy counterpart, if privacy settings and algorithms are in place.

HDFC, YES bank and many other leading banks in India are investing in this simple, yet brilliant technology. We�??re just at the tip of the iceberg. Chatbots seem poised to grow exponentially. With messaging apps being the platforms of the future, chatbots will be the preferred channel to access enterprise services.

Source: HOB

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