Page 30 - Banking Finance August 2022

ARTICLE

ROLE OF

CHATBOT AS

A BANKING

TOOL

Artificial Intelligence intelligence processes by machines, especially computer
systems. Specific applications of AI include expert systems,
With consumer expectation increasing, the use of artificial
natural language processing (NLP), speech recognition and
intelligence, machine learning and chat bots in banking is
machine vision and various other facets AI programming
also increasing. Banks and credit unions worldwide are
focuses on three cognitive skills: learning, reasoning and self-
testing new application and deploying new solution to
correction.
improve overall digital customer experience.
Learning Processes- This aspect of AI programming focuses
In order to achieve operational efficiencies, reduction in cost
on acquiring data and creating rules for how to turn the data
of operations and better financial control, banks in India are
into actionable information. The rules, which are called
adopting the latest technologies. After the adoption of
algorithms, provide computing devices with step-by-step
central banking system (core banking), Indian banks are
instructions for how to complete a specific task.
heading towards implementation of emerging technologies
like big data, analytics, machine learning, artificial
Reasoning Processes - This aspect of AI programming
intelligence (AI)
focuses on choosing the right algorithm to reach a desired
outcome.
Artificial intelligence (AI) is the simulation of human
Self-correction processes - This aspect of AI programming
About the author
is designed to continually fine-tune algorithms and ensure
they provide the most accurate results possible.
Abhinav Jain
Senior Manager - Faculty
CHATBOT
STC Gurgaon
Union Bank of India Gone are those days where people have to stand in Banks

30 | 2022 | AUGUST | BANKING FINANCE