Conversational AI in Commercial Banking

Written by CFTE’s Experts

Conversational AI in banking is changing how banks draw in their clients using more frictionless and advantageous methods. 

As customers utilise different correspondence channels to get a wide range of services in their regular day-to-day activities, they have come to anticipate a comparable degree of convenient products and services from financial institutions as well. Banking chatbots are creating new methods for financial institutions to change clients’ banking experiences and to improve upon client acquisition, conversion, and loyalty levels – all at a much lower operational cost.

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Why Conversational AI Can Transform Commercial Banking

Conversational AI is rethinking bank-client commitment. This has been powered by an ascent in conversational interfaces and innovations in Natural Language Processing (NLP) that permit us to interact and work together with AI systems while using regular language patterns. As we move from visual interfaces to utilizing conversational ones, a totally different model of communication is made available.

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Applications of Conversational AI in Commercial Banking

There are three primary territories in monetary administrations where conversational AI bots can improve communication to a better degree and increase consumers’ brand loyalty. 

Services

By permitting clients to make requests through a remote helper, commercial banks can improve operational efficiencies and decrease the volume of customer helpline calls and standby times. 

For instance, customers may inquire: 

– What’s my bank account balance?

– Where’s the closest ATM

– How would I make a deposit while on the move?

Engagement

A sophisticated AI chatbot helps empower commercial banks to give more financial services to clients to reinforce brand dependability.

For instance, customers may inquire: 

– Make, follow and get custom warnings on their personalised monetary goals

– Receive payment alerts

– Make payments based on alerts

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Acquisition

Conversational AI bots can assist clients with finding applicable items and services in a quick, efficient and logical manner to help upsell higher value products and services and raise the customer’s value for the bank.

For instance, customers may inquire: 

– Apply for loans or credit cards

– Activate and start using a new credit card

– Raise their credit limits for purchases

Some Financial Institutions Using Conversational AI:

– Bank of America: Erica
– Capital One: Eno
– MasterCard: Chatbot on Facebook Messenger
– Ally Bank: Ally Assist
– Barclays Africa: Absa ChatBanking
– Royal Bank of Scotland: Luvo

Final Words

Artificial Intelligence and Conversational Chatbots are quickly changing the commercial banking industry. As the innovation develops further and becomes more affordable to create and actualize, it’s never been simpler for banks to use this innovation to streamline their business.
The biggest financial institutions across the globe are now experimenting with and reaping the multiple benefits of conversational AI to improve and streamline their business tasks, digitize client care systems, and create a more efficient and pleasant client experience. As these banks see expanded income and reduced costs, the remainder of the global financial institutions will most make the shift and adopt this technology in time. If not, it will be a select few who will rise to the top of the banking sector, having taken advantage of being the pioneers embracing AI in the banking sector.

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Frequently Asked Questions

The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital revolution in finance. CFTE’s courses are globally recognised with accreditations from ACT, IBF, CPD, SkillsFuture and ABS.

At CFTE, our mission resonates with every learner’s goals to rapidly advance in their career, to thrive in their next project or even to lead the disruption in finance with their own venture. To help you do this, CFTE gives you the tools you need to master the right skills in digital finance. We bring exclusive insights from leaders that are steering the developments in the financial sphere from global CEOs to disruptive entrepreneurs. With CFTE you don’t just learn what’s in the books, you live the experience by grasping real-world applications.

If you are looking for rich insights into how the Financial Technology arena is transforming from within, we can help you get the latest knowledge that will stir things up in your career. CFTE offers leading online programmes in digital finance, covering an expanse of topics like – Payments, AI, Open Banking, Platforms, Fintech, Intrapreneurship and more, that will help you conquer the financial technology landscape. With this expertise at your disposal, you will be on track to turbocharge your career.

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