The improved cognition and social simulation have ensured that Artificial Intelligence technology has moved from the backburner to the centre of communication. When was it last that you stood in a queue in front of a teller’s desk in the bank? Can’t remember? Indeed, the Internet has already reshaped and eased our banking experiences. But that’s not all. Gear up to witness more innovative changes in the banking sector in this FinTech era. In today’s post, we shall offer you some insights into the power of a new force – Conversational AI Chatbots in the BFSI sector.  

Can AI Chatbots Redefine the Customer Experience in BFSI Sector? 

Conversational AI has huge potential for improving customer service and the overall customer experience in the retail banking sector. The finance industry is claimed to have truly benefitted the most with the help of Artificial Intelligence. AI can be used abundantly in processes that involve auditing financial transactions. Companies can be expected to rely on Artificial Intelligence to make significant business-related decisions shortly. AI also holds the potential to identify how customers will react to various situations and problems. This future-ready technology will help people and firms make smarter decisions quickly. 

A report shows that 80% of businesses use chatbots in one way or another. And these AI chatbots will be able to automate 90% of all incoming queries in banks in 2022. Many processes in banking follow a procedure to complete – and AI loves handling a routine. Let’s see how conversational chatbots are reshaping the BFSI sector.

5 Ways AI Chatbots are Transforming the BFSI Sector

1. Faster Resolution Time

There are some questions that your users may frequently ask, like “How do I check my last five transactions?” or “What’s the status of my loan application?”. A conversational AI chatbot can accurately resolve these queries in real-time without making the users wait. Imagine the comfort for a customer as you make it effortless for them to keep track of their finances. There will be no need for complex navigation menus; your customers can check their account balances, send money, and even block a card simply by talking to your AI chatbot!

2. Fraud Detection & Management

When monetary fraud happens, it’s obvious that users would get skeptical about a financial institution’s security practices, and they would lose trust. Therefore, fraud prevention is a binding activity in the BFSI sector. AI is on top when it comes to safety and fraud detection. It can use past spending behaviours on different transaction instruments to point out anomalies, such as a card transaction from another country just a few hours after being used else where or an attempt to withdraw an amount of money that is unusual for the user or account in question. 

3. Automated & Seamless Digital Experience

Fintech can be improved significantly with technologies within the scope of the AI suite, such as data analytics, machine learning, neural networks, and more. Thankfully, the BFSI sector can automate and error-proof laborious tasks by relying on AI. Thus, AI chatbots are indeed driving new efficiencies and delivering value in all areas of FinTech. You can even utilize the analytics to understand and optimize the routes users take to reach your financial services. Conversational AI chatbots will also help ensure that your prospective and current clients receive an engaging, productive, efficient, and seamless digital experience. 

4. Generating More Conversions

AI chatbots have no match when interaction comes to play. They can communicate with customers for the very first time and still understand their needs and sentiments behind the conversation. This can help financial institutions acquire new leads and get their personal information. This information is then transferred to the sales team to nurture that lead. With real-time interactions, conversational AI chatbots can positively impact users’ perspectives. Which, ultimately, helps banks hit the mark and build a service opportunity.

5. Upselling Opportunities

By handling up to 30% of support inquiries, AI-powered chatbots present customer service teams time to focus on aspects such as customisation and personalisation. Furthermore, by using deep learning and artificial neural networks to emulate the functions of the human brain, AI chatbots conduct predictive analytics and can offer smart recommendations. For example, a conversational AI chatbot not only identifies opportunities to upsell but also makes sure that the process is completed and the sale is made as convenient as possible for the customer. 

Empower Your BFSI Services with Mtalkz

AI chatbots are evolving, and they are getting smarter, more intelligent and omnipresent as we progress towards an AI-first world. Mtalkz is a one-stop solution to give your BFSI business an AI-powered boost. From engaging customers 24*7 to deliver winning experiences, your conversational AI chatbot can redefine your entire banking landscape with Mtalkz.