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Chatbot in Banking Industry

The banking industry is the busiest industry in India. Lots of workloads, queries, money transfer, loans, employee data, customer data, and many more to do. In this case, the chatbot has come up with a solution. The use of chatbots is increasing a lot these days. Industries are using chatbots to solve the queries of online users.

A chatbot is a type of robot also known as software. It works on Artificial Intelligence. Many users must have seen this chatbot on different websites. Like other industries, banks have also slowly started incorporating chatbots into their systems.

Banks are integrating Artificial Intelligence applications in the form of smart chatbots for better customer service, greater efficiency for back-office, better self-service, and reducing the risk of fraud. With the help of these chatbots, cases of human error can be reduced. These chatbots work on artificial intelligence and their accuracy rate has been up to 90 percent.

We can simply take an example to understand the advantage of AI Chatbot in Banking. As we know cheques are in use of banking from the rising of the banking system. Earlier it was done by the employees. Nowadays, authentication of cheques is being done by artificial intelligence in the bank not by any bank employee. 

It has many advantages:

  • Usually, humans miss catching a small mistake made in a cheque or sign, but these smart chatbots are absolute experts in this, and fake signs or any kind of error cannot be avoided. 
  • If we put the responsibility of lakhs of cheques daily on the employees, then the chances of mistakes and fraud can increase significantly but Artificial Intelligence is getting better at handling cheques as well as other things.
  • Apart from fraud detection, the chatbot can also do answering user queries, bill payments, fund transfers and mobile recharges.
  • A smart chatbot is also capable of answering complex questions like GST, digital initiatives of the government, service requests, ATM location, branch details, and IFSC Code.

Artificial Intelligence is rapidly emerging as one of the most innovative technologies to personalize the customer experience. Banks are using artificial intelligence in 3 different channels – Front Office, Back Office, and Middle Office. Therefore, its meaningful applications are not limited to retail banking services only, but they have been found in many more aspects of banking.

Get the Best Chatbot services in India from authorizing chatbot service provider AILifebot. It is a genuine chatbot service that helps to generate more leads. This platform provides enough functions to meet your industry’s requirements.