Use Cases of Artificial Intelligence in Banking sector

We can see around the world, Banks have been the early adopters of most new technology, that has ever seen widespread commercial success.

Use Cases of Artificial Intelligence in Banking section

Once artificial intelligence started creating the noise, it had been solely a matter of time before banks turned to AI for smarter automation solutions to fulfil the ever-growing expectations of customers!

In the publicity cycle, conversational engines have seen loads of interest and are enforced over the years. conversational engines are AI enabled conversational interfaces. Bots will conduct good and compelling conversations on behalf of the bank with innumerable customers, at a fraction of the value. They promise to boost the bank’s customer’s experience and their friendliness.

But, this meant that banks had to reconstitute some minor parts of their business processes. Still, given the long edges, banks are rather fast at biting the bullet.

A report by Juniper analysis claims that for each question that a chatbot handles, banks save four minutes of an agent’s time translating to per question. By 2022, this can amount to billion in annual savings.

We think it’s worthwhile to look at the present state of conversational engines within the banking industry and see wherever they’re going:

Bank conversational engines (chatbots) from around the world!

Taking a glance at the market is that the best way to perceive how bank conversational engines are much being used. Let’s have a glance at a few bots from the banking industry:

Bank conversational engines (chatbots) from around the world!

1) Erica by Bank of America

As a market leader in the U.S., Bank of America introduced a conversational interface (chatbot) to send notifications to customers, provide balance information, suggest how to save money, access reports and updates, pay utility bills and help their customers with transactions. Since the introduction of Artificial Intelligence-based conversational chatbots, Erica’s capabilities have expanded to help clients make smarter decisions.

2) American Express

American Express Bank uses conversational engines (chatbots) to provide benefits to their customers with the help of Artificial Intelligence. This includes real-time sale notifications, recommendations, and reminders about the product benefits. The Card help will work once the customer connects their Credit Card with the AmEx AI Engine on the messenger.

3) HDFC Bank’s EVA

HDFC Bank has EVA (Electronic Virtual Assistant). HDFC Bank is India’s first AI-powered banking assistant for its customers. The main aim behind the AI Powered virtual Assistant was to help the customers serves better and faster. The conversational chatbot help to serve the customers to find out Branch addresses, IFSC codes of the Bank, loan and interest rate of the products and services information and other few things that EVA help the Bank.

4) HSBC Bank’s VCA

HSBC Bank has Amy, a customer servicing platform powered by Artificial Intelligence which takes the form of a Virtual Chat Assistant (VCA) for their corporate banking at HSBC Bank (Hong Kong). Amy provides instant customer support to the customers’ inquiries 24×7. The chat conversational agent is available in multiple languages, English, traditional and simplified Chinese. Amy, the chat agent currently provides many product details and its coverage would further be expanded.

5) Commonwealth Bank Australia’s CEBA

Commonwealth Bank launched a conversational interface chatbot called CEBA to provides assistance to the customers with more than 200 transactional and banking detail such as activating the customer’s Credit Card, checking customers account balance, making utility payments, or transacting cardless cash. Within a year, CBA understood and processed more than 500,000 ways their customers asked for more than 500 different banking activities, making the project a successful one in the Bank’s history.

Best use cases that have worked so far!

There are many use cases where Banking and Financial Sector Industry players are using conversational engines powered by Artificial Intelligence.

Best use cases that have worked so far!

However, we can evidently say that there are major 3 business applications where conversational chatbots are used:

1) Lead Generation

The rate with which email campaigns and cold calls are going out of fashion, conversational engines not only present a less irritating front but also add a novelty factor to the entire process of lead generation.

These conversational engines are embedded on the bank’s website/app and start conversations with users to find out if they wish to purchase products and gauge their interest. The captured ‘leads’ can be sent to the Bank’s CRM System for additional follow-up until the sale is completed.

Brands have seen as high as 600% increase in the number of leads collected using conversational engines as opposed to traditional mechanisms.

2) Customer Support

With the advancements in the field of computing and natural language processing, conversational engines have now become capable of having smarter and more compelling conversation which means they can handle a wide variety of customer support queries which are redundant in nature.

These conversational chatbots can be plugged into most customer touch point channels like social media profiles (Facebook Messenger, Twitter), website, app, SMS, Missed Calls and other platforms. The conversational interface ask the users to specify the problems and either give them immediate direct solutions or redirect their request to the right customer support person.

A lot of banks have had some serious success in reducing the queries coming on to their support centre post application of conversational engines for support.

3) Feedback Collection

With the constant endeavour of improving the bank’s services and the absence of the technological shift in the feedback collection mechanisms, the collection of customer feedback through conversational engines has shown phenomenal results for a lot of brands. The survey format and interface makes it compelling for the users and turns the static form-style more conversational and interesting.

You can find the organizations providing the Artificial Intelligence solutions to Banking industries by visiting the website.