Allowing customers to check their account balances, review their financial transaction and pay their bills from the convenience of their homes, or offices. A decade later, and as smartphones became the channel of choice for many on the go customers, Mobile banking was born to fulfill the needs of those who need access anytime and anywhere, and although many banks started by just offering mobile-friendly versions of their internet banking channels, the overwhelming customer demand for more functionalities, forced banks to give mobile banking its own identity as a separate channel, developing powerful mobile banking apps with unique functions. Causing mobile banking to become the most frequently used banking channel in many countries around the world. Fast forward to about three years ago, where development in technology and innovation accessible to the banking industry, allowed banks to consolidate their Internet and Mobile banking services into a single platform that allowed a unified user experience across different channels, whether it was online banking, Mobile banking (Mobile Banking apps, Virtual Wallets, etc ..), and even through ATM Services, offering customers a unified, more personalized and on the go experience. Advances in Machine Learning and artificial intelligence (AI), have allowed more and more banking organizations to leverage artificial intelligence to launch chatbot solutions, reducing costs and serving increasingly tech-savvy consumers, and to facilitate two-way communication, and in many instances, replacing channels such as phone, email or text, allowing customers to ask questions or request services using natural language.
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.
The introduction of smartphones was just the beginning. According to a report, it is expected that there will be around 1.2 billion mobile banking users worldwide by the end of 2016. By choosing to focus on customer satisfaction, many sectors have been attracting their target audience. It is only natural that the banking industry does the same. Chatbots indeed have the potential to replace the tasks of humans to a lot of extents.
Chatbots indeed have the potential to replace the tasks of humans to a lot of extents. Due to Artificial Intelligence, chatbots can pursue and continue a conversation. That is the beauty of modern innovations. According to a report released by Juniper, chatbots will be responsible for over $8 billion per annum of cost savings by 2022. The same website also shares that on an average, a chatbot inquiry saves more than 4 minutes in comparison to traditional call centres.
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.