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Conversational AI in Banking: Top Use Cases & Benefits of AI Chatbot For BFSI

Updated: Oct 20, 2021

ORAI's blog on Top Use Cases & Benefits of AI Chatbot For BFSI
Conversational AI In Banking

Over the years, chatbots have entered all functional areas of the banking and finance industries. Areas such as retail banking, knowledge exchange, wealth management, payment, and insurance have grown with the disruption of chatbots.

But still, 68% of online banking service users don’t feel satisfied with the experience they receive. Hence, banking and financial services are now looking at conversational AI in banking to enable 100% customer satisfaction with personalized interactions.

Here, in this post, we will share with you the top use cases and benefits to help you get started effortlessly.

Use Cases of AI Chatbots in the Banking & Finance Industry

Here are the top six use cases gaining popularity across the banking and finance sectors:

  • Automate outreach and qualify leads: Communicate with potential customers on multiple channels and qualify leads in real-time.

  • Automate customer support 24*7: Avoid ‘knowledge’ hurdles by automatically answering customer questions over chat 24*7.

  • Collect documents faster: Ease onboarding by collecting documents through an AI-enabled platform to reduce drop-offs.

  • Automate balance checking: Allow customers to check their account balance anytime on their mobile phone by asking an AI.

  • Send relevant notifications and alerts: Reduce late payments and numbers of banking queries by automating relevant notifications and alerts.

  • Promote new products and offers: Send personalized messages to customers regarding exclusive deals, offers, and banking products (credit cards, loans, etc.)

Conversational AI for Fraud Prevention

AI chatbots can help you prevent frauds related to banking transactions with instant confirmations and notifications.

ORAI's chat enabled with Conversational AI for fraud prevention
Conversational AI For Fraud Prevention

5 Benefits of AI Chatbots in Banking

More than 50% of the banking service providers are planning to utilize artificial intelligence for these benefits:

1. Reduce Customer Effort

An AI chatbot serves your customers effortlessly by transferring contextual information across digital touchpoints through intent identification and omnichannel presence. This way, you get better control over the customer experience online.

2. Omnichannel Digital Experience

With an AI chatbot, you can enable organic customer communication across all channels seamlessly. You can even utilize the analytics to better understand the routes customers take to reach your banking & finance services. It will help you ensure that your prospective and existing clients receive an efficient, engaging, productive, and relevant digital experience.

3. Actionable Insights

Enabled by strong real-time analytics and ML capabilities, an AI bot delivers highly actionable insights to your customer support managers, so they can optimize the content and service processes accordingly.

4. Automated Lead Prioritization

An AI-powered chatbot for BFSI also helps you with automated lead prioritization in real-time, based on its conversations and data collected from prospective customers.

5. Process Cost Reduction

With an AI virtual assistant managing your entire digital customer journey, you can expect a drastic reduction in the cost of capturing, nurturing, and managing customers.

Empower Your Banking & Finance Services with ORAI!

ORAI is a one-stop solution to give your BFSI business an AI-enabled boost. 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 center automation.

  • ORAI Push Notification: An Excel utility to instantly deliver messages from Excel spreadsheets to customers’ WhatsApp using WhatsApp Business API.


Artificial intelligence 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. And ORAI can help you achieve it without fail!

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

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