Technology is strengthening the Indian banking system for a better tomorrow. Digitalization has brought in a revolutionary change from ‘conventional to convenience’ services in the banking sector.
The need to physically visit bank branches has minimized significantly, as most of the banking work can be done on mobile phones. Technology is doing wonders by providing secure, convenient and real-time services in no time.
Today, conversational banking or use of chatbots have further simplified banking, thanks to the real-time facility.
Here are some amazing benefits of chatbots or conversational banking:
It lowers operating costs: Cost of digital transactions are relatively lower than the cost involved in ATM transaction. Digital approach are also more cost-effective for banks.
Real-time communication: Chatbots are a type of software that enables conversation with banker/customer. Chatbots listen and respond with required information as they are built in a way to understand human language, interpret it and process the information to provide relevant answers on a real-time basis.
Secure and convenient: With the facility of convenient banking, Artificial Intelligence in chatbots has a capacity to identify fraudulent transactions. And, therefore, it offers security and safety.
Time-saver: As communication happens in real-time, chatbots can save help their clients save time.
The present and future of chatbots
Due to the growing popularity of conversational interface, various banks have adopted chatbots. Let’s take a look at few of them.
HDFC Bank – EVA and ON CHAT
You just need to say ‘Ok Google, talk to HDFC Bank’ and you will be connected to the bank’s AI-based chatbot named EVA.
HDFC Bank has stated that they would also enable real banking transaction services on EVA in the future. Currently, EVA address day-to-day banking queries.
HDFC also has a Facebook messenger chatbot called ‘ON CHAT’, wherein customers can pay their utility bills and other bookings on the go.
Yes Bank – YES TAG
Yes Bank offers a chat-based banking app called ‘YES TAG’ on various messaging platforms like Facebook Messenger, Skype, Twitter, WeChat and Telegram. Various banking queries related to transactions, cheque book requests and fixed deposits are addressed by the app.
Kotak Mahindra Bank – Keya
Kotak Mahindra Bank recently launched an AI-based voice bot. This facility is integrated with Kotak’s phone banking services.
SBI - SIA
SBI also addresses customer queries through a chat assistant named ‘SIA’. It addresses queries related to products and services on a real-time basis.
There has been a digital transformation in the banking industry. Thanks to voice bots, banks are using digital technology to enhance customer service. The industry feels that chatbots’ numerous merits can help them bring more business. The growing popularity suggests we can see bots handling customers in the near future. Chatbots are believed to be future game changers due to improved customer services.
To conclude, artificial intelligence has now a key component for every bank. Chatbots promote real-time conversations along with providing safety and convenience, thereby redefining the bank-customer relationship.