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Is the future of banking distribution conversational?

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Whether through chatbots or voice assistants, bank customers are beginning to experience Banking AI and are responding favourably. Initially, the focus of these interfaces is similar to the task-oriented nature of channels that banks already provide. Though conversational interfaces have yet to attain the level of adoption expected in the banking space and has not yet matured as mobile has, there are already a variety of approaches for establishing a conversational banking capability. Going forward, I believe there will be at least four distinct banking models supported by apps and conversational interfaces. The majority of banks will begin their journey in the conversational banking space by implementing a conversational interface as an additional channel with a task-based focus.


The Future of Chatbots and Conversational AI in 2020

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The Golden age of conversational artificial intelligence (AI) is here. Conversational bots or simply put chatbots have applications that range from customer-facing AI assistants, support chatbots, skill chatbots, assistant bots, and transactional bots. The interest of business in this segment is rampant with the huge investments in this emerging technology by governments, healthcare institutions, manufacturing enterprises and so on. Conversational Chatbots are leveraging the power of conversational AI to improve their customer experience, and thereby increase the shareholder returns. Technology grows with time, and it just gets better and better day by day changing on an almost daily basis and often it becomes difficult for enterprises to keep up with this pace of change!


Enable Personalized Banking Through Conversational AI - IPsoft

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If you manage technology for a consumer bank you've probably invested time and energy researching conversational banking solutions. You've probably discovered a host of simple chatbot solutions that provide scripted responses to a pre-determined set of highly predictable questions. With these chatbots, deviation from a roster of standard FAQs means human intervention is required to complete an inquiry or task. And this has likely led you to ask a very logical question: What good is a chatbot solution if it doesn't dramatically limit the extent of human labor required to better serve your customers? Fortunately, voice and text-based conversational Artificial Intelligence (AI) solutions driven by cognitive intelligence enable banks to provide personalized, informed interactions.


Natural language processing drives conversational AI trends

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Chatbots and conversational agents were some of the first AI applications to be developed -- MIT professor Joseph Weizenbaum created ELIZA in 1964 as a way to test the progression of realistic machine-to-human conversational interactions. Chatbots have evolved significantly from these early days but still are primarily text- or voice-based applications that respond back and forth to humans engaging in natural language dialogue. Within the last decade, companies have looked to apply these chatbots and conversational interfaces to a wide range of applications: from customer support and assistant-enabled commerce to new interfaces in automobiles and devices. Conversational interfaces reduce the complexity of the interface, provides constant service and support and feels more natural for human interaction. Simply put, people like to talk more than click or swipe.


Conversational Banking Will Transform the Financial Services Industry

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Leveraging the power of artificial intelligence (AI) and the surging popularity of messaging apps, conversational interfaces are enabling unprecedented banking engagement and re-establishing relationship banking. Chatbots are a simple, lightweight solution to a host of legacy banking problems, giving progressive banks and credit unions a competitive industry edge. The arrival of the digital age has disrupted the retail banking industry and altered the relationship between banks and their customers. Where banking once meant interacting with customers in brick-and-mortar branches, new digital banking channels like websites and mobile apps have opened an entirely new way to reach customers and do business. Online and mobile banking have allowed banks to reach customers more easily and frequently, and have given customers unprecedented access to their financial information.