Conversational AI: the next evolution in banking

Automating business processes is a cost-efficient way to ensure smooth customer service. With conversational Artificial Intelligence (AI), banks are starting to evolve customer service processes without having to invest in additional resource. In reality, the bank is giving every single customer a digital concierge that can help them find new products, research account and loyalty programme options, and even handle high-value tasks such as mortgage application processing or assisting the internal HR team with employee benefits selection. Routine transactions that require manual completion by bank staff cost businesses 20 times more than transactions handled by customers online, according to Bain & Company. Rather than dedicating staff (and 20 times the resources) to handling rote processes, banks should be focusing workers on only the most important tasks.