Simply put, Conversational AI systems are computers or systems that people can interact with by having a natural conversation. Some Conversational AIs are able to communicate with us effortlessly to solve problems, and they tend to get smarter over time. Conversational AIs are a huge improvement in the way we interact with computers. Instead of using touchscreens, or clicking a mouse, we are able to use our voices to have a natural conversation with our computer. Via Conversational AIs, voice-enabled devices like Amazon Echo and voice services like Alexa are able to communicate with persons in ways that feel more natural, effortless, or human like to answer questions, solve problems etc.
Today Conversational AI platforms, are being embraced across the banking, insurance and telecommunications industry. Such platforms offer natural language interfaces and they showcase the advancements and rapid improvements in emerging technologies including speech synthesis, natural language understanding (NLU), machine learning and cognitive technologies. Such Conversational Ai platforms and systems are capable of replacing humans in a variety of tasks.
A growing number of banks and FIs today are leveraging artificial intelligence to launch chatbot solutions, in an attempt to serve an increasingly tech-savvy customer base and to provide quicker service and transactions support. Today banks are facing growing pressure to remain competitive, and to do so they have to continue to innovate digitally. Some Banks are utilizing third-party chatbot providers while others are are investing in building or developing their own ai chatbot or conversational ai platform in-house.
For simpler tasks such as opening Accounts, resolving queries etc.
Conversational AI or AI Chatbots have the potential to automate these and other repetitive time consuming tasks. AI Chatbots by incorporating artificial intelligence into mobile banking offerings will help customers manage simpler banking needs more efficiently and consistently, allowing the banking specialists and professionals to spend more time dealing with more complex needs, analysis and requests, in the process helping their members to improve their financial lives. More advanced banking Ai chatbots are able to provide customer’s with 24/7 access to their data and banking information. These chatbots can track spending habits, provide credit scores, manage budgets, monitor consumer spending habits and make recommendations etc. Via Conversational AI Chatbots, banks are able to provide 24-7 digital support, which is more expected by the increasingly digital consumer.
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