The trend: As artificial intelligence (AI) is integrated into digital banking, chatbots could become the bridge connecting the technology with human interaction.
Chatbots on the rise: Digital banking has shifted interactions from in-person at branches to online, leading banks to re-envision their communication with customers. One widely adopted medium is chatbots.
Today chatbots perform simple tasks, like providing an account balance or instructions for mobile deposits. But some banks are leveraging natural language processing to determine a customer’s intent when interacting with a bot. Increasing advancements in AI will ultimately create a seamless experience for banking customers who interact with both a chatbot and a human.
That frictionless experience will be valuable for banks striving to improve their customer service. The Consumer Financial Protection Bureau (CFPB) has highlighted some challenges that customers face when interacting with their banks, like needing to repeatedly explain problems, or bank employees being unaware of a customer’s situation. Chatbots that pass along the information gained through AI to employees working in customer service could relieve many of these pain points.
Who do chatbots help? Chatbots are primarily thought of as virtual assistants for banking customers.
But chatbots also can be used internally to train the bank’s employees, handle documentation, and automate administrative tasks.
Chatbots and AI: Chatbots that leverage AI technology will become more powerful over time as they learn from continuous customer interactions, training the algorithms to identify patterns and trends. But while AI tool implementation is relatively simple, ensuring these tools’ integrity is more difficult.
Who’s worth watching? Some banks have already developed strong chatbots that have started pairing AI technology with a human touch.