How chatbots help in Banking

Haptik Co-Founder & CEO Aakrit VaishBanks have been the early adopters of most new technology, that has ever seen widespread commercial success. So when Artificial Intelligence started making the rounds, it was only a matter of time before banks turned to AI for smarter automation solutions to meet the ever-growing expectations of customers! In the hype cycle, chatbots have seen a lot of interest and have been implemented over the years. Chatbots are AI enabled conversational interfaces. Bots can conduct smart and compelling conversations on behalf of the bank with millions of consumers, at a fraction of the cost. They promise to enhance the bank’s customer’s experience and their approachability.

But, this meant that banks had to restructure some minor portions of their business processes. Still, given the long-term benefits, banks have been rather quick at biting the bullet. A report by Juniper Research claims that for every query that a chatbot handles, banks save 4 minutes of an agent’s time translating to per query. By 2022, this will amount to billions in yearly savings. We think it’s worth it to examine the current state of chatbots in the banking industry and see where they’re going:

Taking a look at the market is the best way to understand how bank chatbots are practically being used. Let’s have a look at a few bots from the banking industry:

1) Erica by Bank of America

As a market leader in the U.S., Bank of America introduced a chatbot to send notifications to customers, provide balance information, suggest how to save money, provide credit report updates, pay bills and help customers with simple transactions. Since the introduction, Erica’s capabilities have expanded to help clients make smarter decisions.

2) American Express

American Express uses their relationship with merchants to provide benefits to their customers with the help of chatbots. This includes real-time sale notifications, contextual recommendations, and reminders about credit card benefits. For this to work, the customer has to first connect their card with the AmEx chatbot on messenger.

3) HDFC

HDFC Bank’s EVA (Electronic Virtual Assistant) is India’s AI-powered banking assistant for HDFC’s customers. It was built with the aim to help serve the customers better and faster. Helping with Branch addresses, IFSC codes, loan and interest rate information are a few of the things that EVA does.

4) HSBC Bank(Hong Kong)

Amy is a customer servicing platform which takes the form of a Virtual Chat Assistant(VCA) for corporate banking at HSBC Bank (Hong Kong). Amy can provide instant support to customers’ inquiries on a 24×7 basis. Available in English, traditional and simplified Chinese, Amy currently covers many product pages and its coverage is to be further expanded.

5) Commonwealth Bank Australia

Commonwealth Bank launched a chatbot called Ceba to assist customers with more than 200 banking tasks such as activating their card, checking account balance, making payments, or getting cardless cash. Within one year, CBA understood 500,000 ways customers asked for 500 different banking activities, making the progressive project one of the most successful ones in the bank’s history.

Authored by:- Mr. Aakrit Vaish, Co-Founder & CEO, Haptik 

(The views expressed in this article are by Mr. Aakrit Vaish, Co-Founder & CEO, Haptik. Technuter.com doesn’t own any responsibility for it.)

@Technuter.com News Service

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