Applications of Chatbots In Banking Industries

The large organizations across the world are using the chatbots to support the help desk operations. Chatbot is a software application that boosts the conversation of human being using voice commands or texts. Sometimes, it uses both the methods. It is a feature of artificialintelligencethat is used for both text messaging and conversation. It consists of a chat interface that can interpret or the process the words of the user and provide an answer to the questions. These chatbots are easier to understand that create a flow and implement a drag and drop approach. The chatbots in banking industries are used for enhancing the interaction of bankers with customers.

Chatbots in banking industries

Many prominent banks across the world are using the chatbot facility. They use their mobile and web services and hence they can use the Chatbot facility also. The chatbots in banking industries are used to perform several processes such as loan queries, balance inquiry, providing bank details etc. So, using this facility, the customer representatives can provide information to the customers quickly. The ArtificialIntelligenceis used for enriching the banking experience. The banking organizations are using the chatbot to interact with the customer on social network providing them conversational banking services. They can record their conversation on these apps and interact with the customers.

Applications of chatbots in banks

Some of the leading banks across the world use this application to send notification to the customers, providing balance information, provides money-saving tips to the customers, provides credit updates to the customers, and also facilitates the bill payment of the customers. So, they help the customers to acquire information about their account. For e.g.when a person visits the ATM center to withdraw cash, he can find many other options such as balance enquiry, pin generation, etc. So, they can just use those options and view their balance or even overall bank statements. So, they help the customers to perform some simple transactions. The chatbots in banking industry are used to provide support to the customers performing more than 100 tasks such as activating the card, accessing the balance, etc.

Some of the important tasks performed by the chatbots in banking

Yet, many banks install this application on their social network. They can link their cards to these messengers. Then, they receive the push notifications in the Messengers. So, they send notifications to the customers when they make purchases. It also provides information about debit and credit transactions. It provides some loyalty program features and additionally they can respond to the query of the customers.

The famous HDFC bank uses the EVA feature of Electronic Virtual Assistant that is used as a powerful bank assistant to provide quicker services to the customers. It is powered with the power of processing a language and hence it can understand the conversation of a human being and hence fulfill its needs. It processes the information from different sources. It can easily access information of the customers such as IFSC code, interest rate, branch address, etc. It provides answers to the queries of the customers and handles the routine FAQs also. The chatbots in banking industry are used to respond complex queries and can analyze the feedback of the customers.