Have you noticed the virtual assistants available on almost every website that you go? Everywhere you go there is a silly pop-up grabbing the corner of a screen. These computer programs have invaded every industry, and the Indian financial sector has seen the most invasion. They provide a friendly replacement of human counterparts in dealing with frequent customer queries (not all queries though).
The omnipresence of smartphones and low-cost internet has catalyzed the use of AI in software applications over the last few years. Today’s article will highlight the reasons why the financial sector is seeing such spur in chatbot deployment.
Every company now deploys a chatbot
One can’t unsee how all the large financial corporations have deployed chatbots – Wells Fargo, JP Morgan, Chase, Bank of America, Capital One, American Express, HSBC etc. Most of the implementations are seen in resolving customer queries and personalising the experience of customers. Banks may have similar bots but these corporations are looking to provide “personalized experience”. This has become the epicentre among finance entities.
A report shows that forward looking financial institutions have already invested in chatbots to deliver ‘contextual insights’ to the right person at the right time. Chatbots are the new age customer contact executives, that minimize the turnaround time and costs.
The same report also mentions the plethora of applications these chatbots can allow. Think about integrating technologies such as facial recognition, virtual reality etc. into bots. It would revolutionize the way we interact with technology. If we don’t move in this direction, we would be at the danger of overseeing newer problems.
One can also see that more and more Indian banking and financial institutions have resorted to adopting chatbots. The most recent addition is of Muthoot group -an Indian multinational conglomerate. Their AI bot is the customer interface for new customers acting as a financial advisor. The chatbot platform -MATTU & MITTU will serve as 24/7 customer support and respond to queries related to all the provided services including gold loan, insurance, money transfer, Forex, Mutual Funds, Home Loan and all.
What makes chatbots popular?
Chatbots provide better customer service and support ecosystem
Haptik.ai -a popular chatbot development company, recently published an article about how chatbots can fit in customer support services. The primary advantage -handling of multiple user queries at a time, which is not possible for human support executives. That’s not all, we can use the bots to show bank statements, loan policies, a 24/7 help desk support etc.
For example, consider HDFC Bank’s Eva Chatbot. Eva helps the customers with the latest product/services from the bank. The popularity is because the bot can Indian languages and integrates with social media websites.
They are economic
No doubt chatbots are much cheaper than their human counterparts. Humans require more resources to perform any financial service (computers, expertise etc.). Chatbots are easy to build and deploy, also they consume less resources. Also, this allows humans to focus more on high priority tasks which require diligence due to complexity.
In the end, bots will predominantly power the best of finance in coming years.