AI Bots Revolutionizing the Finance and Banking Space
In today’s business world, technology is not just playing the most crucial role in helping businesses to stay ahead of the competition but is predominantly simplifying the services for customers while enhancing the experience of availing those services. Artificial Intelligence (AI), Deep Learning (DL), and Machine Learning (ML) are current buzzwords that identify advanced technological systems and concepts that have revolutionized both the operations, strategies, workflows and projects of SMEs and larger enterprises. Nowadays, customers are expecting more than ever and experience has become as important as an organization’s products or services. To improve the same factor business are now leveraging the power of AI chatbots. Chatbots are one of the most popularly implemented forms of advanced AI. Chatbots, or simply bots, are software robots that operate like a human - with near-human intelligence - that automate tasks, increase operational efficiency, crunch and analyze data, and produce business intelligence, all via AI, ML and DL.
Currently, businesses and enterprises from almost every sectors are utilizing the benefits of chatbots to improve the experience of their customers, and for the same context, one can pretty much say that bots have become a critical part of customer service automation. One such space that is leveraging the potential of AI is the finance industry. From Robo-advisors and predictive analytics to the systematic automation of manual processes, AI is disrupting the finance industry more each day. AI chatbots are streamlining personal banking, analyzing the financial market, securing banking systems, automating internal finance department workflows, and even managing companies’ assets and investments.
How are they making difference?
You must have noticed a small pop-up window asking, “How can I help?” when you visit a website. The window even answers to your queries. That window is nothing but a bot. But, greeting and answering simple questions are now very common. AI chatbots are evolving to support finance and banking customers.
With the rise in popularity of live chat software in banking and finance businesses, chatbots are the natural evolution. Much like the support that chatbots can offer in retail interactions, they’re able to assist finance customers with simple transaction support and FAQs. Customers get a helpful, quick service at any time of the day, driving the ease and convenience of making contact.
The potential of AI chatbot is beyond just greeting and answer basic questions about spending limits and recent transactions. Not only can AI chatbots support consumers, but they can also now help them manage their money. The future versions are slated to become full-service virtual assistants that can make payments and track budgets and manage assets for customers. These bots do this by analyzing spending patterns and monitoring bank balance. These chatbots help consumers save by micro saving. They automatically calculate what you can afford to put away, and transfer small amounts of money to your savings account for you every few days.
Smart Bots at Work
NatWest, the London-based retail banking organization has led the way in the function of AI chatbots for finance with Cora. Cora had been working for NatWest as a chatbot for a year already. Having successfully served over 400,000 customers, she earned some extra development into a ‘digital human’. This meant gaining a human face and making her capable of holding a two-way vocal conversation to support customers 24/7, without the queues.
Cleo, developed by the London-based startup Cleo AI Ltd, is an AI chatbot that seeks to help consumers manage their finances and budget better. It will tell you where you’re spending your money, advice on daily budgets, and remind you of upcoming bills.
Sweden’s private banking company, SEB’s Aida, a female chatbot for customers and an internal chatbot Amelia, for employees, are doing miracles. In Amelia’s first three weeks, over 4,000 conversations were held with 700 employees, and she solved the majority of issues without delay. Rather than helping customers with traditional banking needs, Amelia’s tasked with working with employees and assisting internal IT support. By early 2017, Aida was rolled out across SEB’s internal help desk and hired as a ‘trainee’ for the bank’s front-end customer service. Currently, she handles about 13 percent of all IT support questions, as well as helping bank customers with card issues, account queries and booking meetings.
What’s in the Future?
The expectation is that bots will soon be able to automate the entire financial close, only asking a human to step in when an exception arises. Apart from that, finance employees will be freed from performing rote tasks and will be able to spend their time on truly challenging and critical work. There is an opportunity for financial organizations to provide a differentiated experience applying customer insights for advanced recommendations and advice. There is also the opportunity to engage in conversational banking where insights are delivered proactively through contextual decision making.
AI bots aren’t just good for the business in terms of having more minds working on long-term financial strategy; it’s also good for keeping employees engaged, challenged and enthusiastic at work. The banking industry has only begun to scratch the surface with regard to the potential of AI, machine learning, chatbots and advanced technology. At the foundation of all of these advances is the ability to collect insights and apply advanced analytics to benefit the consumer. Apart from that intelligent bots will be a critical part of unleashing the power of people in the organization to do amazing things.