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Meet 11 of the Most Interesting Chatbots in Banking

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With consumer expectations increasing, the use of artificial intelligence, machine learning and chatbots in banking is also increasing. Banks and credit unions worldwide are testing new applications and deploying new solutions to improve the overall digital customer experience. Subscribe to The Financial Brand via email for FREE!More and more banking organizations are leveraging artificial intelligence to launch chatbot solutions, reducing costs and serving increasingly tech-savvy consumers. In many instances, chatbots are developed to facilitate two-way communication, replacing channels such as phone, email or text. The objective is to provide quick service and transactional support.


Erica, Eno, Aida and 8 More Interesting Chatbots in Banking

#artificialintelligence

With consumer expectations increasing, the use of artificial intelligence, machine learning and chatbots in banking is also increasing. Banks and credit unions worldwide are testing new applications and deploying new solutions to improve the overall digital customer experience. Subscribe to The Financial Brand via email for FREE!More and more banking organizations are leveraging artificial intelligence to launch chatbot solutions, reducing costs and serving increasingly tech-savvy consumers. In many instances, chatbots are developed to facilitate two-way communication, replacing channels such as phone, email or text. The objective is to provide quick service and transactional support.


Chatbots in Banking Benefits, Building Blocks, Examples and Future

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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.


Banking chatbot competes with your friendly bank manager

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The banking chatbot has come a long way from just linking to FAQs and referring you to a human colleague when questions get too profound. Now there is a chatbot, a virtual agent in conversational AI for banks, which its creator IPsoft claims is the first conversational banking solution. Chetan Dube, chief executive officer at IPsoft said: "With 1Bank we provide the most humanlike digital experience in the marketplace, built from the knowledge we've gained serving six of the world's leading banks with conversational AI. "We are giving banks the possibility of providing customers with their own personal banker around the clock." The virtual agent is trained with banking specific language and can communicate by web, mobile or voice, claims its parent company, a leader in enterprise AI and cognitive and autonomic solutions. The agent, called 1Bank, can open and close accounts and can recommend and even set up recurring payments from different accounts. It also advises on unpaid bills by letting customers know about incoming bills and insufficient funds in their account. The capabilities continue with the usual sorts of routine tasks you would have once needed a person to help with: finding transactions, disputing fraudulent charges, getting a new PIN and applying for a credit card. The chatbot even takes the initiative, leading customers in the next steps with travel plans, creating travel alerts after an airline purchase and recommending currency exchange and withdrawal. According to IPSoft: "Consumer relationships in the retail banking space have never been particularly strong.


Banking chatbot competes with your friendly bank manager

#artificialintelligence

The banking chatbot has come a long way from just linking to FAQs and referring you to a human colleague when questions get too profound. Now there is a chatbot, a virtual agent in conversational AI for banks, which its creator IPsoft claims is the first conversational banking solution. Chetan Dube, chief executive officer at IPsoft said: "With 1Bank we provide the most humanlike digital experience in the marketplace, built from the knowledge we've gained serving six of the world's leading banks with conversational AI. "We are giving banks the possibility of providing customers with their own personal banker around the clock." The virtual agent is trained with banking specific language and can communicate by web, mobile or voice, claims its parent company, a leader in enterprise AI and cognitive and autonomic solutions. The agent, called 1Bank, can open and close accounts and can recommend and even set up recurring payments from different accounts. It also advises on unpaid bills by letting customers know about incoming bills and insufficient funds in their account. The capabilities continue with the usual sorts of routine tasks you would have once needed a person to help with: finding transactions, disputing fraudulent charges, getting a new PIN and applying for a credit card. The chatbot even takes the initiative, leading customers in the next steps with travel plans, creating travel alerts after an airline purchase and recommending currency exchange and withdrawal. According to IPSoft: "Consumer relationships in the retail banking space have never been particularly strong.