How chatbots and artificial intelligence will save banks and the finance industry billions

Chatbots, computer programs that typically use text-based live chat as an interface to carry out tasks for customers on behalf of the business, are emerging as an inexpensive way to introduce artificial intelligence (AI) in banking. New digitally savvy companies have found success attracting consumers with user-friendly offerings, while legacy banks are finding it difficult to invest in and adopt innovative products. To remain competitive, these large banks will have to adapt their traditional services by incorporating more robotics in banking that will attract more tech-savvy customers. Chatbots in banking are a digital solution that is relatively inexpensive to develop and maintain. For starters, chatbots require less coding than standalone banking apps.