AI-driven solutions are poised to revolutionize customer interactions, reduce operational costs, and enhance revenue generation opportunities.
Banking, an integral part of daily life, has seen a transformation with the advent of online services, from internet banking to mobile apps, and now, AI-driven chatbots.
The pervasive use of digital channels for everyday financial activities, from paying bills to conducting complex transactions, reflects this transformation. Fintechs and neobanks have set new standards by putting customers in control of their finances. As Statista predicts, the number of active online banking users worldwide will reach one billion by 2024, underscoring the urgency for traditional banks to embrace digital technologies and models.
Customers are no longer limited to online banking; they demand a comprehensive, seamless, and personalized banking experience across multiple touchpoints. This evolution extends beyond the realm of traditional online banking and includes services such as mobile banking, social media interactions, and even voice-activated assistants. Customers seek convenience, accessibility, and immediate assistance.
So, the major point of concern for the banking executives is…
The advent of cutting-edge technology, particularly Artificial Intelligence (AI) and its advancements in Natural Language Processing (NLP) and Large Language Models (LLMs), has paved the way for the development of intelligent Generative AI- Powered Virtual Assistants. These Generative AI-driven solutions are poised to revolutionize customer interactions within the banking sector. In contrast to conventional chatbots that rely on predefined responses, Generative AI-powered chatbots facilitate dynamic and individualized interactions.
They incorporate functionalities like aiding with email inquiries, analyzing sentiments, delivering accurate responses, and recognizing both images and voices, resulting in higher rates of chatbot adoption. By efficiently handling customer queries, they not only drive down operational costs but also open up opportunities to maximize revenue generation, ultimately positioning banks to meet evolving customer demands and remain competitive in an ever-dynamic financial landscape.
IBM business partner, a leading AI and Digital Transformation Company, has unveiled an intelligent AI Powered Pre-trained Banking Chatbot capable of managing a diverse array of banking tasks, from Fund Transfers to New Account Openings and Loan Applications. Our advanced chatbot framework offers enterprises the flexibility to select the most suitable NLP, LLM, and cutting-edge AI technologies for their unique business requirements. Our smart chatbot solution leverages state-of-the-art Generative AI technology like Watson X. Additionally, open-source repositories such as HuggingFace, Cohere, and similar platforms contribute to this innovative trend by providing a wide array of features and valuable insights.
Our smart chatbots for banks are backed by world-class NLP engine such as IBM Watson Assistant to deliver accurate and safe interactions. Our Conversational AI for Customer Service extends the digital experience to various social media platforms like WhatsApp, Facebook Messenger, SMS, WeChat, Google Chat, Signal, SMS, Email among others & can further be extended to voice channels including Google Home, Amazon Alexa. through natural language interactions.
Our intelligent chatbots are built on robust enterprise-grade cloud platform Like IBM Cloud. These powerful chatbot solutions are pre-integrated with the core-banking system including Finacle, SAP Core Banking, Oracle Flex Cube, among others. Furthermore, our Banking Bots incorporate advanced analytics and reporting capabilities, enabling banks to gain insights into customer usage patterns. This valuable data aids in enhancing sales strategies, ultimately leading to increased ROI for the organizations that deploy these chatbots.
Some of the Key differentiators of our Pre-Trained and pre-integrated banking bot Powered by Generative AI & World-Class NLPs are:
$13.9 Billion is the project growth for the digital banking platform market size by 2026.
Source: MarketsandMarkets Research Pvt. Ltd
Managing all customer inquiries through the chatbot itself can lead to substantial cost savings, potentially boosting conversion rates by up to 15%.
Leveraging analytics for strategic adjustments based on customer preferences has the potential to revitalize sales strategies and drive increased revenue. This has yielded an average sales increase of 10% as per Forrester’s report.
By offering round-the-clock support and accommodating customer inquiries through their preferred communication channels, overall engagement and customer satisfaction levels are significantly improved.
Global banks are experimenting with Generative AI inside their walls
Morgan Stanley, the multinational investment bank, is launching an advanced chatbot powered by OpenAI. It aims to assist its 16,000 financial advisors in harnessing the bank's vast research and data library. This chatbot provides instant answers sourced exclusively from MSWM content, streamlining financial advisory services.
Source: Morgan Stanley
By leveraging Generative AI Powered Banking Bots – banks can avail below mentioned benefits
You can choose to buy the product with an upfront amount.
This is a conversation-based subscription and is tied to the number of conversations & messages the chatbot handles. Thus, you only pay if the chatbot is getting used and is actually deflecting calls.
You can choose to Subscribe to our Bot for a fixed monthly charge.
