| |April 20229Chatbots and intelligent assistants have a two-fold capability when it comes to driving innovation in the financial services sectorthat require soft skills, while customer care depart-ments can hand-over standard requests to AI-based assistants, giving them more time to focus on com-plex customer queries.Ubiquitous Customer ServicesPerhaps, the most attractive thing with AI-powered customer service for financial institutions is its ubiquity. With a virtual customer care center oper-ating 24x7 and through various channels such as email, social media, telephone, and messages, it is a win-win situation for both customers and staff. From a client's perspective, minor requests such as international transactions enablement and reset-ting passwords can be done instantly, and there is no need to visit the bank or spend hours on the tele-phone speaking with a customer care representative. 24x7 Banking SupportUnlike customer care agents, digital virtual assis-tants can work 24x7 with no breaks or tiring. For modern customers, more so millennials who prefer managing their finances at any time of the day, inte-grating chatbots and intelligent assistants will soon become the norm for most financial service provid-ers. Banks that don't scale this technology might find themselves at a severe competitive advantage. Going Beyond Simple ChatbotsUse cases are rapidly expanding. Customers can now communicate through voice or text to get answers. Voice-enabled AI assistants can handle credit card activations, transfers, and payments, freeing-up time to focus on complex customer inquiries. As time goes on, conversational AI will become more and more widely accepted, as financial institutions gear to harness the technology to drive operational efficiencies and customer engagement. Delivering Better Insights & Improved SecurityUnlocking essential business insights should also be a key driver that should motivate financial institu-tions to invest in chatbots. With these sophisticated systems, it is easy to recognize and identify patterns from sheer amounts of data. With these, financial in-stitutions can seamlessly identify the most common transactions by a client of a particular demograph-ic and then retarget them for personalized sales or marketing campaigns. These real-time insights can make it possible for administrators to make concrete and informed decisions.BottomlineFrom the early days of telephones and print media to the advent of the internet and online banking, banks and other financial service providers have engaged their clients in a wide array of ways. In this era, con-versational AI characterizes one of the biggest shifts in user interfaces since the emergence of Automated Teller Machines 40 years ago. To meet the needs of the new emerging market of millennials, financial institutions need to up the wager of trust, personal-ization and convenience by applying the latest tech to gain and retain this budding customer segment.
< Page 8 | Page 10 >