Artificial intelligence has become very important in financial institutions and banking. Many of the applications and banking software are embracing AI extensively to compete in a very intense atmosphere. They are using various applications like virtual assistants, chatbots and AI debt collection assistants.
It is believed that more than 85% of bank customer interactions will be solely managed by artificial intelligence by 2020. TechEmergence, the AI market research specialist believes that chatbots are going to become the primary consumer AI apps in the future as banks need to engage with their customers who seek help and information.
AI Solutions in Banks & Financial Institutions
The use of chatbots and various virtual assistants reduce the expensive and tedious tasks in call centres. This reduces the work of customer service agents to a great extent. All financial institutions and banks have no alternative other than artificial intelligence to provide quick and fast responses and effective solutions to their thousands of customers who contact them every day.
Here are the top 4 Artificial Intelligence solutions that are currently being used in banks and financial institutions:
Sales Assistant
Artificial intelligence provides real-time assistance to fill forms in banks. This can increase the bank’s conversion rate from 2% to 12%. It is an impossible task for banks to employ salespersons to assist thousands of visitors who visit the bank website every day and also the people who call their IVRS to get product information. So by using an AI bot banks can provide fast, intelligent and personalized assistance for 24 hours to each and every prospect who enquire through digital channels like IVRS, website chat, social or app etc.
Customer Support Assistant
Customer expectations for speedy response and convenience are very important and are increasing over time. Gone are the days when bank customers are habituated to wait for their turn to talk to a support representative. But now customers are expecting a quick and efficient response to fulfil their needs. As speed and convenience are very much important to guarantee customers retention, banks are now using AI Customer Support Assistant chatbots which can offer personalized and quick assistance to all their customers 24/7.
Accessibility Assistant
Artificial intelligence can now help people with disabilities to access the website and mobile apps. Digital AI technology improves accessibility beyond small and basic requirements and makes sure that each and every customer has an equal experience. It provides natural, personalized and intelligent assistance to all differently abled bank customers, 24/7. It is believed that 1 in 7 persons in the world has some form of disability.
Debt Collection Assistant
Artificial intelligence can now assist debt collection for collection agencies and banks. It’s a known fact that collecting debts is a horrendous experience for the customer as well as the lender. Now AI debt collection assistant bots can easily personalize your outreach and also a collection strategy.
