Artificial intelligence caters to banks and customer needs

Abstract

Banking customers do not think, speak, text, or communicate as financial institutions do. For humans, banking is as simple as “check balance,” “transfer,” “credit card payment,” and we prefer to talk in that language. When users contact a customer service representative, they want accurate answers without spending too much time over the phone or email. However, during these “new normal” times, the waiting time to reach a customer service rep has tremendously increased. Human agents cannot scale up with the ever-increasing demand to resolve customers’ queries. More often than not, agents feel burned out as they do not have enough tools at their disposal for delivering fast response time. With conversational artificial intelligence (AI) kicking in, the technology uses machine learning (ML) and natural language processing (NLP) to create a better customer experience. With the right set of programs and rules written, AI/ML tools can do much more than chatting and providing basic information to customers. For example, you could also update your contact and residential address, check your credit card balance, activate your card, etc. Chatbots are no longer “bots” just with pre defined answers to limited questions fed into them, with conversational AI and NLP- they are at par with human like responses and answer as accurately as a human would do. The businesses which are time zone independent find them more helpful.