Consumer engagement and customer service is the backbone for any service industry. Without consumer interactions, it is tough to help consumers understand products or help them complete the formalities for the same. Customer service is imperative for banks and financial corporations. Only when a customer is explained the various details of an account or any investment, is he able to comprehend its benefits and take a decision accordingly.

Banks and financial institutions have to hire a large number of customer service executives in order to explain and sell their products. Technology has gone one step ahead. Chatbots are softwares designed using Artificial Intelligence. A Chatbot is programmed with all the information regarding a certain product/ investment. It is also programmed with the responses to usual questions that people may have.

If a consumer feels liked investing in a product/ service, he can simply logon to the website and the chatbot can share information and answer all his/ her queries. This saves the time that an executive could take to travel to the various locations that his consumer is at. This also allows a chatbot to service multiple consumers at the same time.

Chatbots are relatively easy to design and use. With the availability of low-cost internet and increased use of smartphones, this AI-based software has spread much faster than what was anticipated.

Many large financial corporations such as Bank of America, JP Morgan Chase, Capital One, American Express and HSBC have tested chatbots on a large scale in many OECD countries. Only when they did taste success, were these launched on a large scale globally. This has been possible due to the investments done in Artificial Intelligence and Machine Learning.

These banks/ companies are also planning to integrate other technologies, such as facial recognition (for security) and virtual reality with these bots in order to give consumers a safer and more interactive experience.

In India, many financial institutions and banks have adopted chatbots. Recently, the Muthoot Group has started using AI based chatbots. These shall be the new customer interface platform and shall act as a financial advisors. Their chatbot platform- MATTU and MITTU will be available 24*7 for customer support. It is designed to respond to all queries related to their financial products such as – gold loan, insurance, money transfer, forex, mutual funds, home loan, etc.

Haptik.ai, a popular AI based company, that develops chatbots describes how chatbots will fit correctly in a customer support system. According to them, the advantage of an AI-based chatbots lies in handling multiple queries at a time. Chatbots can handle lakhs of queries at the same time, a task that is tough for traditional call centres.

Designing the best chatbot system requires time, effort and money. Sometimes the cost and time involved in building chatbots will be very high for a country like India, where the bot has to be comfortable with over 30 languages. Looking at things from the perspective of a large organization, chatbots are a great investment and are the best solution for customer support.

As banks adapt more chatbots, the need for having an internal system to manage the AI systems and act as an interface between the systems and the various internals teams. Professionals who can handle various AI systems will soon be in great demand due to their implementation in multiple banks and MNCs.

BSE Institute, a 100% subsidiary of BSE India, offers various short term courses on their online platform BSE Varsity. Students and working professionals can acquire the vital technical knowledge of needed to be experts in Artificial Intelligence through BSE Institute’s course of Artificial Intelligence. This course helps students and professionals get a solid foundation in AI and can help them begin their careers in this industry.

 

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