| |April 20228HOW CHATBOTS & INTELLIGENT ASSISTANTS ARE RE-SHAPING FINANCIAL SERVICESBy Puneet Gupta, Co-Founder, UNOBankanks have always been at the fore-front of the curve when it comes to efforts towards elevating their cus-tomers' experience. Lot has been done, but a whole lot still remains to be done. I have been very bullish on the role of AI driven conversational tech and the way enterprises need to adopt intelligent chatbots to fur-ther the customer experience agenda. And this is reflected in my actions. One of the first things I did post starting CoantumLeap was in-cubation of Polynomial.ai, a startup with the man-date of furthering the quality of automated conver-sational experiences by investing in foundational deep learning. And now, I am doing the same with Neofy & UNOBank by weaving intelligent chatbot experiences deep within the banks' mobile apps. While chatbots as an idea is not new, its real adop-tion has suffered, given the lack of conversational quality because of use of basic AI. As reliability, us-ability, and sophistication increase, chatbots and in-telligent assistants are attracting growing interest. To understand how voice and intelligent assis-tants are shaping the future of financial services, we undertook the task of interviewing technology ven-dors, experts, innovation leaders, and benchmark-ing existing services across the financial services sector. The research highlights a big potential for chatbots and intelligent assistants, as platforms to increase customer understanding and personaliza-tion. So, how are these cognitive assistants shaping financial services? Chatbots & Intelligent Assistants: The New Voice of BankingChatbots and intelligent assistants are offering a game changing opportunity to financial services to maintain customer service levels whilst reducing operational costs. With these, financial institutions can transform the way they engage their clients across all touch points in their financial interac-tions. Emerging channels of communication made possible by social media messaging platforms, mo-bile devices, and voice activated assistants have cre-ated exciting and new possibilities that are centered on conversations. Powered by Artificial intelligence and machine learning, automated customer inter-actions make it possible for fluid conversations and human-like chats. To the customer, Chatbots and intelligent assis-tants bring more convenience, lower friction, and increased accessibility to their banking needs & preferences. For banks and other financial institu-tions, it ushers a novel wave of novelty centered on customer interaction and conversations. With this technology, banks and other financial service pro-viders have a voice and can deliver their services and products in more expedient and automated ways across multiple communication channels and touch points. Building a Hybrid WorkforceChatbots and intelligent assistants have a two-fold capability when it comes to driving innovation in the financial services sector. First and foremost, they can be employed in back-office operations such as HR and finance. Secondly, they can enhance and supplement customer service centers. Building a hy-brid workforce of virtual assistants and employees can boost staff productivity and drive enormous cost efficiencies. In simple terms, employees under administrative roles get relieved from repetitive tasks by handing them over to digital assistants. This creates more time to focus on creative tasks BExpert Opinion
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