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Chatbot: Building Customer base in Banking.

Courtesy/By: Muskaan Aggarwal | 2020-07-30 17:08

Chatbot: Building Customer base in Banking.

Banking Sector has a big impact when there is some technological remodelling, banks can dilate their customer base through various customers experience, predicting future outcomes and trends and effective decision making. All reviews and transforms will be processed by using the Robotic automation of processes. They can use Natural Learning Processing (NLP) to know what clicks with their users out of three major wings of Artificial Intelligence, other two are Machine Learning (ML) and Deep Learning (Neural Networks).

Artificial intelligence is increasingly being seen as a way to make all aspects of governance more equitable. Chatbots are an important aspect of AI to identify the context and emotions in the text chat and respond to it in the most appropriate way. These cognitive machines enable banks to save not only time and improve efficiency but also help banks to save millions of dollars as a result of cumulative cost savings also knowledge workers can focus on something else which require analysis.

Bank of America has introduced the chatbot ‘Erica’ for customer assistance. It is a first virtual assistant now available for free within the Bank of America’s mobile app to the bank's 25 million mobile customers.

Cognitive technology with AI can offer features that aim to stimulate human thought like cognitive perceptions or cognitive strategy formation. Through AI, a support system can be developed that targets the user’s personal preferences, reduces human intervention, catches data patterns and devises strategies based on market subtilities.

It can reduce money laundering activities in this sector by performing the obligations imposed on the banking companies by Prevention of Money Laundering Act, 2002 for verifying identities of clients and beneficial owner and performing enhanced due diligence for each specified transaction under various sections of the Act. This will help to create trust and mutual understanding among the banks and their customers.

But AI cannot replace Human thinking, using it for clerical and non-analytical purpose is fine but as studies have manifested that there is a possibility that AI may not be as fair or as accurate as it seems to be. It might violate the due process rights of individuals.

Courtesy/By: Muskaan Aggarwal | 2020-07-30 17:08