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The future of banking and financial services is here. Conversational AI is the fastest growing technology of this decade. These intelligent virtual assistants use natural language processing (NLP), machine learning, and artificial intelligence to converse with human customers and provide a superior customer experience.
Banks and financial services companies are now looking at Conversational AI in banking to enable 100% customer satisfaction with personalized interactions.
This blog will discuss some of the top use cases of AI Chatbots and what benefits they bring to the banking industry.
AI in banking is changing the way people understand and manage financial products. Conversational AI is the future of chatbots in banking, where customers will receive instant, intent-based information from any platform.
Chatbots are used in banking for an array of purposes. We believe that chatbots have the potential to be a disruptive technology in banking. They are already transforming customer service by offering solutions to banking problems via a digital interface and can also enhance customer experience through automation.
Chatbots can be extremely helpful in the banking industry, as they can help people with several different tasks. For example, if a customer wants to transfer money to a certain account, he can ask a chatbot for help. Or, if a customer wants to know the balance of his accounts, a chatbot could help him out with that, too. Chatbots can also provide real-time support to customers. When a customer has questions, a chatbot can answer them.
Benefits Of Conversational AI In banking
1. Improve customer experience and Increase customer satisfaction
2. Reduce operational cost
3. Enhance service delivery
5. Better marketing strategy and sales process
6. Provide better assistance to customers
7. Lower customer costs
8. Increase productivity and efficiency
9. Helping customers with a 24/7 chat support
10. Automated fraud detection and prevention
Customer Experience with Conversational AI in Banking
Chatbots can help your banking customer experience by providing valuable content, like account notifications, mobile and web banking assistance, customer service, fraud and error resolution, and much more.
1. Transforming the mortgage application process
2. Enhancing account opening and customer service
3. Fraud prevention and credit risk mitigation
4. Providing 24/7 account access and information via SMS and other channels
5. Automated bill payment and payment of other financial obligations
Chatbots have been touted as a game-changer in the financial services sector, but they need the right tech stack to be successful. It's time to build a banking platform that's ready for the future.
This is an exciting time for banks, with a new wave of technology disrupting customer expectations, enabling them to get real-time answers to their questions at the tap of a button.
ORAI can help you achieve it without fail!
We are revolutionizing banking through customer experience. With ORAI, you can easily create a customer journey that has you as the central point of customer interaction.
We provide all the following solutions to help with your marketing, service, and support efforts.
OSHI: An AI Virtual Assistant powered by Multilingual, Omnichannel, NLP, and humanlike bot capabilities.
Conversational Ads: ORAI platform integration to transform static ads into conversational ads across multiple channels.
AI-Based Lead Information Validation: Automated, real-time validation of lead quality through AI-based predictive analysis.
Live Agents: Both Virtual Agent & Live Agent availability for customers, enabling real-time 3-way conversations.
Video Chat: Automated AI-powered video chat solution for audio/visual customer connection on any platform.
Broadcasts & Campaigns: Automated, message-first, personalized drip marketing campaigns using WhatsApp Business API.
IVR: IVR-ready AI-powered virtual assistant for call centre automation.
ORAI Push Notification: A Google sheet/Excel utility to instantly deliver messages from Google sheet/Excel spreadsheets to customers’ WhatsApp using WhatsApp Business API.
WhatsApp OTP Verification: WhatsApp OTP Verification is a simple and secure feature that helps you verify your user and validates their WhatsApp number. It streamlines working and improves the efficiency of your sales and customer service team by filtering junk leads, creating room for better communication.
If you’d like to see all mentioned use cases of AI chatbots in banking in action, we can arrange a FREE DEMO for you. Or you can drop your questions over the WhatsApp chat now!
Swapnil Jain
CEO-ORAI Robotics
Stay in contact with ORAI