How The Pandemic Leads Banks To Adopt Conversational AI

How The Pandemic Leads Banks To Adopt Conversational AI

A priority for some time now, banks have been using digital transformation to compete with big companies and even bigger banks. By offering more convenient, faster options for customer service, banks hope to stay ahead of their competition. This can be challenging, to say the least. To stay afloat in the midst of a pandemic, banks are facing tougher challenges and, in some cases, uncertainty. In the last year and a half, there's been a 150% rise in the demand for banks to provide superior online services. Banks adopt conversational AI in the pursuit of, if not staying well ahead of, the game, to at least keep up with the competition. 

According to research, operational efficiency should be elevated by approximately 25% (by the year 2025) when customer service organizations embed AI in multichannel customer engagement platforms. 

Along Came COVID-19

How banks should go about functioning and "thinking" in the future is being changed by the pandemic. Financial institutions have been forced to make long-term digital transformation investments (courtesy of conversational AI) and look to the future. To reduce contact center pressures, there is a clear shift with a distinct growth in interest for banking using conversational AI. In many cases (linked to the type of chatbots that are high-powered), conversational banking plays a big part.

Using AI

Several abilities for banks are provided courtesy of today's technology, from executing bank transactions through bitcoin technology from any part of the world to detecting fraud and risk management using AI. However, using conversational AI for customer support and marketing in banks is something that truly stands out.

How’s It Working Out?

With varying degrees of achievement, conversational AI is being used by banks. After adopting AI, some banks have enjoyed obvious benefits. These have ranged from helping customers with the right loan choice to personalized customer service. In this manner, customers stay loyal to the bank longer because they always feel pampered and well-served.

Customer Support 24/7

For banks, chatbots and conversational AI are a big boon. Why? Because 24/7, this technology can engage directly with customers and respond to their questions. The bank's customer care executives are relieved by this development, to say the least.

When it comes to resolving customer issues faster, a key role is being played by chatbots. Clients get the answer they need/want, waiting time is reduced, and unhappy customers are helped in a manner that removes any reason for taking things to higher authorities.

Incredibly, with the rise in customer expectations and demand, chatbots are keeping pace because they are evolving. Chatbots are being improved, in part, thanks to NLP (natural language processing). How chatbots interact with customers has changed for the better through NLP-based AI technologies. The bots can now remember call context, follow complicated customer conversations, resume a topic discussed earlier, and detect user intents.

Enterprise Bot – We Have The Technology You Need

For live chat, voice bot, email bot, chatbots, and more, leading enterprises all over the planet put their trust in Enterprise Bot every day. For seamless communication, we deploy conversational AI applications to enterprises throughout the world. 

With intelligent automation, we drive business value for these companies. We provide quick, cost-effective, and out-of-the-box domain integration and knowledge. 

To find out how we can be of assistance to you, contact us today. You can also email us at sales@enterprisebot.ai.