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

Updated: Jul 8

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!