Conversational AI
Conversational AI Assistants in Financial Services
Conversational AI is enabling consumers to manage all types of financial transactions, from bill payments and money transfers to opening new accounts and applying for mortgages, auto loans, managing investments, amongst others. By offering these self-service and personalized interactions, banks can free up customer service agents to focus on higher-value interactions and transactions.
Talking with a conversational AI assistant in everyday language instead of complex navigation menus allows customers to easily check their account balances, send money, block a card, and so on. A conversational AI assistant can simplify the daunting process of applying for mortgages, loans, and investment accounts.
Conversational AI assistants can also easily complete the application form with the customers information, ask additional questions based on the customers' circumstances, and complete the application process. It's estimated that banks will be able to automate up to 90% of their customer interactions using chatbots (Source: Juniper Research). Customers’ queries can be resolved quickly by employing an intelligent agent that understands complex problems and provides timely information such as documentation, website, or a video to solve such issues, thereby reducing call center traffic.