24 Oct Chatbots in lending institutions: an innovative way to engage clients
Chatbots are making their appearance in many different industries, from transportation to restaurants and from health care to banking and other financial institutions. Companies find they benefit from having chatbots — computer programs designed to simulate conversation with human users over the Internet — take care of many routine customer service requests. The potential to improve the quality of customer service through the use of chatbots is only starting to be realized.
For instance, banks and other financial institutions are finding chatbots useful for those occasions when a human interaction isn’t needed, such as when a customer has a simple question, such as ‘What time does my bank open?” Chatbots can speed up customer service requests, in some instances taking the place of phone, email or text. Customers like that they can typically receive a transcript of the “conversation” in their email when finished.
Chatbots are enabled by artificial intelligence (AI), which The World Economic Forum recently labeled as the fourth industrial revolution. Many big banks have already begun using AI or are testing instruments of AI, including chatbots, humanoid robots and other virtual AI devices. Some banks have already rolled out virtual e-transfers through voice-commands through Siri (Apple virtual assistant). It will be amazing to watch the role AI has in banking over the course of the next several years!