Page 39 - Banking Finance May 2023

ARTICLE

REINVENTING

CUSTOMER

EXPERIENCE

THROUGH

CONVERSATIONAL

BANKING

Introduction What is Conversational Banking?
The Banking, Financial Services & Insurance (BFSI) industry Conversational banking means banking digitally through
is continuously undergoing a remarkable digital voice, text messaging apps or by engaging the customer
transformation that is leading the way with new FinTech, using visual tools. The communication can take the form of
InsurTech and RegTech services. Taking a cue from this, a chat, either text or voice or video, where the customer
banks that have moved from traditional banking methods can directly chat with the bank. Soon, this can even take
to digital methods should start thinking about engaging their the form of communicating face-to-face in a virtual
customers through conversational banking strategies. environment (metaverse, for example).

Research shows that most of the institutions, at some point, Advantages
considered determining the next best action in customer
Conversational banking facilitates customers to interact with
communication using strategies that involved optimizing the
chatbots, voice assistants, human agents via live chat,
use of technology by leveraging Customer/ Data Analytics,
mobile apps to get customized advice. By adding a personal
Artificial Intelligence and Machine Learning to improve the
touch on the customers' preferred mode of digital
overall experience of the customer.
interaction, along with the convenience, they are also
offered a quick and logical solution with an emotional touch.
About the author
Meansof Conversational Banking
Prasanna Babu M R
Support through Automation
Manager (Research)
State Bank Institute of Innovation & Chatbots in banking can assist to conduct a wide variety of
Technology (SBIIT), Hyderabad
financial transactions in a customer-friendly conversational

36 | 2023 | MAY | BANKING FINANCE