Does Conversational AI Serve the Banking Sector Better?

Financial institutions such as banks are at the forefront of technological innovations, looking for ways to execute faster and serve their customers better. It may be tempting to embrace whatever technology comes on the way in striving for the latest and greatest solutions. It has led to the proliferation of chatbots that claim to reinforce call centres with automation. In reality, these bots behave like dated robots and are stubborn in how they communicate with customers, building an IVR 2.0 format that frustrates callers and does not allow banks from serving customers. Due to the pandemic and the possibility of subsequent lockdowns, this seems challenging.