Barsh & Cohen P.C. | Artificial intelligence in banking: the role of chatbots
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Artificial intelligence in banking: the role of chatbots

Artificial intelligence in banking: the role of chatbots

60322792 - chatbot concept with instant messenger displayed on smart phoneChatbots are making their appearance in many different industries including transportation, flight services, restaurants, IT, healthcare, finance, education and more. Industries benefit by having chatbots take care of many routine customer service requests like general queries, booking flights or ordering food. The potential to improve the quality of customer service through the use of chatbots is only starting to be fully realized.

The World Economic Forum recently labeled artificial intelligence as the fourth industrial revolution. Artificial Intelligence (AI) has been on the rise within recent years and is having an impact on the way people live, work and conduct their daily lives.

One area where AI is making a big difference is in the financial sector, particularly banking. Robots, chatbots and other instruments of artificial intelligence are able to handle everything from customer education, account services to even entertainment. This is just the beginning. Look for customer service robots that will do more complicated tasks in the future.

AI can help in the customer experience realm during those times when human interaction isn’t needed. They can handle a simple answer to a question or perform non-essential or administrative tasks such as the processing of a mortgage loan application. Chatbots can speed up customer service requests and can, in some instances, take the place of traditional means of customer communications including phone, email or text.

Many big banks have undergone some sort of AI transformation and are either currently using or testing instruments including chatbots, humanoid robots and other virtual AI devices. Some of the banks have already rolled out virtual e-transfers by voice-commands through Siri (Apple virtual assistant).

What AI instruments have you interacted with lately in your own business interactions? It will be amazing to watch the role AI has in banking over the course of the next several years!

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