Why Banks are embracing chatbots?

Banking chatbots leverage artificial intelligence to comprehend and deliver seamless responses to customers. These special computer programs, also called as bots, are now capable of using Large Language Models (LLMs). This brings a higher level of performance to understand everyday language, find important information in documents, read tables, search databases, and provide quality answers. They also gather necessary details from customers to handle different business tasks efficiently.

 

Embracing chatbots enables banks to streamline customer service operations, cut costs, improve accessibility, and enhance the productivity of customer service advisors.

 

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Key features of banking chatbots

Since the banking sector deals with a lot of customer information and follows strict rules, chatbots must come equipped with essential features to adeptly handle these complexities.

 

  • 24/7 Availability: access to banking support anytime, ensuring customers have help and information outside normal hours

 

  • Banking-Specific Language Understanding: uses advanced technology (LLMs) to interpret human (natural) language and give clear responses, based on the customer’s queries and bank’s terminology

 

  • Advanced Document Analysis: equip the chatbots with dedicated chunking mechanisms to process banking documents like terms and conditions (t&c), fee tables and product descriptions; the specialized mechanisms are designed for accurate data extraction from complex banking formats, such as extensive tables

 

  • Omnichannel Integration: seamlessly connects with various customer touchpoints, including digital banking (Internet and mobile app), and social media platforms

 

  • Direct Access to Customer Data: enables logged-in customers to inquire about their accounts and perform transactions through simple conversations

 

  • Security and Regulatory Compliance: developed to meet strict standards for protecting customer data and banking transactions

 

  • Efficient Scalability: capable of expanding to handle more customer interactions smoothly as demand increases

 

  • Reduced Errors and Misinterpretations: designed for avoiding hallucinations, tested for minimizing inaccuracies in responses, crucial for handling sensitive banking processes

 

The conversational banking experience is about the perfect balance between technology and human-centric service. Let us introduce you to the delightful convenience of AI-powered Conversational Mobile Banking of the future! Watch the video and discover how every mobile banking interaction is a step towards a more personalized, effortless financial journey.

Implementing chatbots in Banking

With the rise of advanced large language models (LLMs), we’re seeing a revolution in chatbot technology. Gone are the days of manually setting up chatbots with endless scenarios configuration. Now, we can streamline and automate this process, making chatbot deployment much more efficient. In banking, chatbots are transforming customer service by acting as digital assistants. They are also capable of supporting bank staff with internal tasks. Far from replacing human employees, these chatbots actually enhance their work by taking on some inquiries, which allows staff to focus on more complex and meaningful customer interactions.

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Boost Efficiency and Productivity

Banking chatbots handle routine tasks like answering basic questions and fulfilling straightforward customer requests. This allows bank staff to dedicate more time to complex customer needs. Additionally, internal chatbots provide instant access to company policies and documentation, eliminating the need to search through various sources (documents, databases etc.).

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Enhance Customer Experience

Available around the clock, chatbots offer prompt responses to basic inquiries, improving overall customer satisfaction.

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Provide Valuable Insights

Through interactions, chatbots collect important customer data that bank staff can analyse to better understand customer preferences and needs. This information helps to tailor financial products and services more effectively.

Let’s talk about how we can help your organization make the most of chatbots!

Michał Walerowski

Business Unit Director AI/ML & Data Solutions

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