From Conversation to Conversion: How AI-powered Chatbots are Driving Growth in Banking

The future of banking and many other industries has become entwined with the rise of conversational AI. Businesses are trying to integrate AI with their operational strategies and banks are no exception. Evolving customer expectations and a need for personalized and fulfilling digital experiences are driving banks to conceptualize, test, and deploy new consumer tools. Chatbots are one such tool within this realm that is fueling a new era of conversational banking. 

Let us take a closer look at how AI-powered chatbots are positively impacting the banking industry.

Lower operational costs:

In the long run, chatbots prove to be less expensive than human staffers. There is an initial expense which is incurred by an organization for the development of chatbots with periodic upgrades that enable them to serve customers across various touch points. Comparatively, the cost to train and employ voice executives is much higher.

An intuitive interface:

By mimicking human patterns of interaction and learning from each engagement, chatbots enable us to seamlessly communicate with enterprises and quickly execute financial tasks in a manner that is personalized and intuitive.

Speedy resolution of queries:

Speed is another factor that has made chatbots so popular with customers. Imagine waiting in a never-ending queue to talk to a voice executive as compared to an instantaneous response from an AI-powered chatbot. 

Personalized advice using Analytics:

Some of the more complex AI platforms are well-equipped to manage your financial portfolio. Using analytics, AI chatbots are capable of analyzing all your data and delivering insights that can improve your financial management. 

24/7 customer support:

By adopting chatbots to serve the digital customer, banks can now boast of always being available for their customers.

As chatbots learn to handle more complex queries, they enable us to reduce the human footprint of your customer support division, saving you time and resources. TraQiQ can help in building the right dashboards for AI-based decision-making tools or build real time systems that monitor data feeds. 

Our analytics solutions can help you with data preparation, mining, management, and visualization. Insights from this data can be used to improve customer experience, result in better business operations, and provide the right target audience for marketing initiatives. 

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