How AI Chatbots Are Transforming the Banking Industry

How AI Chatbots Are Transforming the Banking Industry

12 May 2021 | Team Wavelabs

A chatbot is a computer program that enables people to get information from machines in a natural, conversational way, using text and voice.

Banking chatbot is an AI application that understands and executes the banking transactions of customers.

Banks have been one of the pioneers in embracing new technologies in order to enhance their end users’ experience.  Banking is entering a new era after the ATMs, telephone banking, online banking and mobile banking. 

It is  Conversational Banking – it includes both Interactive Voice Response (IVR) systems and AI powered chatbots.  
Chatbots provide opportunities to automate the relationship between the consumer and the bank. Banking Chatbots are gaining more popularity with AI developments and increased mobile use. 

Research predicts that 90% of interactions in banks will be automated by 2022 using chatbots. It also suggests that “dramatic cost savings” can be achieved in the banking sector through the use of Intelligent Automation. 

24/7 available chatbots integrated to mobile applications can offer users immediate solutions to their urgent problems that they cannot resolve via the app. Almost all mobile users are familiar with messaging apps such as Whatsapp, Telegram, Slack etc. As customers prefer messaging, banks are testing intelligent solutions for customer service. 

Chatbots will bring additional savings and efficiency, and the right mix can significantly lower costs. Chatbots help customers by providing instant & consistent answers. Companies benefit from chatbots through improved customer satisfaction, increased customer engagement and understanding of their customers’ needs and desires

We can provide a highly customized chatbot solution for your business. Contact us, and our experts will help you create a solution that will bring you significant savings while improving your customer service. 

Chatbot - Banking Industry