Page 31 - Banking Finance August 2022

ARTICLE

for availing basic services. Artificial intelligence is The history of chatbot started with "Elisa", first ever chatbot
dramatically changing the world. It is leading to better started in 1966. It was a very basic bot providing some basic
experience and assistance to customer .As a result marketers information related to entertainment, sports and price
understand the importance of those applications which help regulation of stock market as well. With the development
in conversing with customers and help in providing better of smart phones and the applications these chatbot have
assistance. turned all the more smart .With AI progression's and voice
recognition the application of chatbot is increasing.
Even now in the time of covid crisis, chat bots are playing
broader and wider role in providing banking assistance to
Banking Chat bots
people for financial as well as non financial transactions.
Banking chatbot is an AI application that perceives and
executes the banking transactions of customers. In banking,
Chatbots have begun to mark their presence in Indian
chatbot provide opportunities to automate the relationship
banking sector .Kotak Mahindra bank is first to launch voice
between the consumer and the bank. Banking has been
chatbot "Keya". HDFC Bank EVA's (Electronic virtual
entering a new, conversational banking era after ATMs and
assistance) is largest AI powered chatbot which has already
then telephone banking, online banking and mobile banking
answered 5 million queries with 85% accuracy. Chatbots can
since the past years. Conversational banking includes both
analyse and understand not only the content but also the
Interactive Voice Response (IVR) systems and chatbot.
context of customer's question.
Chatbot are fast, easy-to-use, and can address multiple
Chatbots & Virtual Assistant can be embedded and used
customers at a time. They use artificial intelligence to mimic
through any major messaging applications. Chatbots enable
human interactions through a chat interface, allowing
personalized services, reduction in waiting time for users,
customers to obtain the information they want using simple,
uninterrupted customer support, and a feedback channel to
natural conversational language. Embedded in the customer
a large number of customers, and guaranteeing consumer
service through major messaging applications, they enable
satisfaction.
personalized services, reduction in waiting time for users,
uninterrupted customer support, and a feedback channel to
Chatbots have already begun to make their mark in Indian
a large number of customers, and guaranteeing consumer
banking industry. Chatbots nowadays combines benefits of
satisfaction. With chat bots, it is possible to increase
virtual and human assistance and provide a differentiated
efficiencies and automate the majority of all incoming
customer experience.
queries.
Chabot is an artificial intelligence (AI) software that can
Banking chatbot can help customers accomplish
simulate a conversation or chat with a human user in natural
language through messaging application (text chats) or voice multiple tasks -
commands or may be both, which may be through Website, 1) Simple routine jobs like checking account balance.
Social media platform, or mobile apps. Techno savvy
2) Paying credit card bills to more complex ones like
customers prefer self-service and they want quick and easy
opening a bank account, delivering real-time financial
ways to get their queries responded. Chatbot conduct
analytics and processing loan requests.
conversation to respond queries and deliver meaningful
3) Chat bots today are quickly taking over the teller or the
offer and make everyday banking easier, faster and
relationship manager's place as a customer's first and
convenient.
primary interaction point with a bank.
Some of the salient features of chatbot are that they can 4) Chatbot are artificial conversational agent which is
handle Omni-platform concurrent queries, humanistic enough intelligent to initiate and simulate human like
approach, predictive in nature, they conduct short and conversation.
simple interaction with easy text driven conversation and 5) The chatbot are designed as bots that analyze the
also having simple user interface. They are at customer content typed by the user and relate it to database that
service 24*7*365 i.e. all the time.
contains possible answer.

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