Advanced technology in chatbots and artificial intelligence lets banks and financial institutions align themselves with the future.
Chatbots mimic human interaction using a conversational interface, and they are transforming the way banks conduct business and deliver services.
With chatbots, banks streamline the customer experience, as well as collect and analyze an abundance of marketable customer insights.
Chatbots do more than just chat. They have evolved to function as digital assistants, performing complex operations and calculations in real time. Their speed, accuracy and availability lower the stress and complexity of financial planning for customers, and make extracting and processing customer information more efficient for financial institutions.
With chatbots, a customer can access their banking information and execute banking transactions immediately from the messaging platform, without visiting an ATM. They can receive financial advice while the bots analyze their data and make predictive analyses, as well as be alerted to any instances of possible fraud.
The public’s confidence in the financial sector was shaken by the 2008 financial crash, general market volatility and issues around the security of personal data. Millennials in particular now expect transparency, convenience and personalized service when dealing with banks. As digital natives, using messaging apps to conduct banking is a natural step — a boon for the financial industry who risked alienating this crucial demographic.
Chatbot technology is more than just digital banking. Banks and financial institutions can use it to engage with customers and provide efficient personalized service as never before, embracing a future driven by artificial intelligence.
The topic of this article is inspired by the curriculum for the Schulich ExecEd program Artificial Intelligence (AI) in FinTech for Company Growth (March 26-27, 2020). This program is designed to give participants a comprehensive overview of how AI in the fintech market is currently being used, and how it can be further leveraged.