Chatbots in Banking Benefits, Building Blocks, Examples and Future

Conversations with customers have become the need of the hour for businesses. Now we are witnessing a paradigm shift from mass-centered to granular, account-based approach. Banks and other financial institutions, who work closely with customers and rely heavily on customer relationships, have always leveraged technology to assist them. First, it was internet banking in the late 90s, then mobile banking when the smartphone revolution took over the world. Now, with the advent of AI and machine cognizance, conversational banking is on the rise. Conversational banking is nothing but communication between a bank and its customer through text, voice or visual interface. It adds that extra touch of personalization in customer relationships. Conversational banking, though highly effective, comes with the hardship of effective implementation given the sheer volume of customers banks serve (or any B2C business for that matter). That is why AI becomes extremely important in conversational banking.