
Chatbot Messaging
What is Driving the Demand for Conversational AI in Finance?
Conversational AI chatbot solutions help businesses increase revenues by automating processes, personalising at scale, providing unique experiences, and shortening sales cycles.
S
Shelly Prakash
•A new generation of conversational AI chatbots is sweeping the financial sector. As technology advances, it is surrendering to a more powerful force - Conversational AI. Conversational AI mimics human behaviour and provides businesses with sophisticated conversational capabilities and experiences. Increasingly, organisations are placing digital at the centre of their growth strategies, triggering the adoption of AI-based conversational interfaces within the financial services industry. Thus, AI is used by 37% of enterprises, with the rest planning to use it in the future. As AI and Natural Language Processing (NLP) capabilities have improved, along with the growing pool of client data, conversational AI implementations, such as Robo-advisors, chatbots, and virtual assistants, have grown in popularity.
A shift from Conventional to Conversational
Conversational AI, as a general idea, allows banks and financial institutions to promote direct discussions with their consumers via- text,
- chat,
- voice messaging, or
- online apps.
BFSI Reshaping Customer Service with Chatbots
Several banks already offer mobile apps, and their use is growing rapidly. Mobile apps fulfil basic requirements of a user through its limited functionality and feature-set, that forces users to go to the website or call customer service to enquire about other needs. This is where Chatbots come into play. Chatbots assist customers in managing demands more quickly and efficiently, all while learning their behaviour. They learn a little more about their clients with each conversation, such as their- likes,
- dislikes,
- plans, or
- changes in conditions.
Benefits of Chatbots to Financial Institutions
Many chatbots that are regularly active on websites may not have the impact that organisations want. When firms want to implement conversational tools in their strategy, they should choose a platform with results-oriented templates. Implementing a conversational AI for finance has several advantages, including:-
High-level Customer Engagement
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Back-end Efficiency
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Upselling Opportunities