Rising Popularity of Chatbot Banking App

By Prateek Saxena

2. min read

Last update on: June 3, 2021

Rising Popularity of Chatbot Banking App

Our daily routine works will be reduced to a great extent by automation of tasks. A piece of interactive software, powered by Artificial Intelligence that is designed to automate a specific task is termed as chatbot. The task is delivered by the chatbot around a simulated conversation or chat. The chatbots are most effectively used to deliver automated customer support, imparting content and interactive experiences through the medium of messaging.

A chatbot is build by effective integration or creation of chat app or a channel of communication and then integrating with Artificial Intelligence for understanding and answering the user queries, while understanding the intent. It keeps on adding up to the knowledge base, in order to better understand the user queries in a much better manner. The bots are about to bring changes to many sectors and banking happens to be one of them. The banking bots will be extremely useful to reduce many of banking work, without even visiting the branches. As of now, there are some functions those are manageable by the chatbots and these are:

Money Transfer
Check Deposits
Content Delivery Channels
Customer Support
Offers
Inquiries
FAQs and Search

Money Transfer

Money Transfer is one of the functionalities handled by the banking app. The same may incorporate chatbot messages and automate the task, with a simple chat, directing the customer to take that action.

Check Deposits

Microsoft Bot Framework and Facebook Messenger API easily address the security issues around a chatbot. No longer is it required to visit the branch for depositing the checks. What is just needed is an image of the check, and the Cognitive API of Microsoft Azure, Google and IBM Watson will understand the check image, the amount deposited and the account details. There might be serious security issues that are centred around user generated errors and privacy, mistakes pertaining to Cognitive API and authentication.

Content Delivery Channels

The chatbots are used for sending the messages, as per their earlier enquiries. The persona of the user is found and then the highly personalized content is delivered, with any annoying effect.

Customer Support

The customer support centres without the chatbots needs training the personnel. The human based chat system are to be replaced by the bots, offering advantages like cost reduction and the human errors in the responses that are given. The chatbots will considerably reduce the waiting time.

Offers

Personalized messages are better ways to communicate with the customers, as they normally use the messenger for communicating with their friends, business contacts and family.

Inquiries

The user enquire the banking bots with queries on salary credits, last few transactions and the account balance. This requires opening the mobile app, checking the facts and logging out. The chatbot used for the same purpose will ask a question in skype and will be immediately responded back.

FAQs and Search

The banking apps lacks the FAQ sections. Whatever, be the query from the customers the bank will immediately respond or relevant questions can be added to the existing database of FAQ questions.

Benefits of Chatbots in the Banking Sector

1. Better Customer Understanding

Machine learning algorithm helps to process the messenger data, revealing hidden facts about the customer.

2. Reduced Cost

Overall IT cost gets reduced as the development of support for new enquiries becomes easier.

3. Higher Level of User Agreement

The communication channels such as Slack, Skype and Facebook Messenger makes it easier for reaching out to the banks. The overall response time and the human errors are reduced.

However, with all the advantages provided by the chatbot banking apps, there are many a limitations too. Bot Frameworks are yet to be developed in the area of authentication and authorization. There is also a need for the bots to understand how to understand a message and then take an action on it. The need, is to have better Natural Language Processing (NLP) with cognitive systems in place. Despite all these the chatbots serve the purpose of connected banking, serving them anywhere, anytime.

AppInventiv, is rated as one of the fastest growing mobile app development companies that works with cutting edge technologies, irrespective of platforms and devices. One of their recent achievement is working in the field of chatbot development.