Banks Harnessing AI Tools
76% of worldwide banks will deploy AI interfaces as their primary point of interaction with customers within the three years to come, according to a survey conducted by Accenture. With AI in the picture, banks will not only revolutionize the customer relationship management, it will provide personalized recommendations of products based on their customer’s habits and needs, and will also offer personalized financial advice and portfolio management that caters to their subject’s financial plans. Banks will also be able to cut down on expenses related to basic customer service and back-office tasks, while optimizing their performance on both ends.
Also known as Smart Virtual Assistants (SVAS), Chatbots are artificially intelligent softwares that can maintain a conversation with a person; they’re automated chat systems that do not require any human intervention. By identifying the context and emotions exuded by their subject during a chat, they respond with the relevant and appropriate answer. Some chatbots are voice activated and other are text activated. By employing this smart tool, banks will redefine customer support. In fact, chatbots offer a wide array of benefits including 24/7 customer service, cost saving plans, penetration of millennials, and targeted content delivery.