How Banking Chatbots are Transforming Financial Services

How Banking Chatbots are Transforming Financial Services

Banking chatbots are transforming the way financial institutions connect with their customers. Artificial intelligence (AI) backed chatbots for financial services such as banking, insurance, and wealth management are improving the customer...

Banking chatbots are transforming the way financial institutions connect with their customers. Artificial intelligence (AI) backed chatbots for financial services such as banking, insurance, and wealth management are improving the customer experience across digital channels. From enhanced customer support to personalized budgetary advice, chatbot development services are automating the banking sector with notable success.

This blog post highlights how applications of financial chatbots are changing the future of banking operations.

Key Functionalities of Banking Chatbots

  1. Improved Customer Support
    Customer support is at the heart of the banking industry However, the current state of unempathetic banking services fails to understand customer needs and resolve their queries effectively.

AI-powered automation is propelling new and efficient opportunities in consumer banking with automated chatbot solutions for-

a) Addressing Customer Queries
Assisting customers in making well-informed decisions with accurate and speedy information systems. Chatbots powered by natural language processing techniques can process complex user queries like certain life insurance plan details or calculating EMIs.

b) Scheduling Appointments
In the case of unrecognized queries, chatbots with advanced algorithms are performing beyond the “Sorry, I didn’t get you” message. Such complex queries are automatically directed to the concerned executive for better redressal of consumer grievances.

  1. Effective Lead Generation
    Diversified customer needs and preferences make it difficult for banks to develop and maintain an immersive user experience across digital channels. Moreover, modern-day customers are well past traditional lead generation methods such as spam emails and cold calls.

Artificial intelligence services embed cognitive abilities into banking portals to maintain an interactive and immersive experience round the clock with chatbots. Bankings chatbots take a subtle approach in connecting with potential customers for-

a) Understanding customer needs and suggesting the appropriate services in time.

b) Adding a novelty factor to the bank’s digital channel to keep customers engaged and interested.

c) Triggering sales leads by collecting relevant customer data that can be later used by marketing personnel to make follow-up efforts.

  1. Fulfilling Investment Recommendations
    Banking operations and interactions generate tonnes of valuable data every year. With technological advancements, banks are beginning to realize this value using big data analytics.

IDC’s Semiannual Big Data and Analytics Spending Guide 2016 reveals that the banking sector invested over .8 billion in big data analytics in 2016.

Banks can use the insights generated from big data analytics to create intuitive conversational interfaces with chatbots that-

a) Analyze customer’s data such as spending habits and incomes to provide credit scores, manage budgets, prepare smart spending guides, etc.

b) Also, chatbots can provide AI-powered recommendations including personalized offers and advice to customers.

c) Informative notifications and multimedia messages such as educational videos on finance and budgetary planning make chatbots a valuable asset for banks.

Integrating AI-powered chatbots for Financial Services with Oodles AI
We, at Oodles AI, have hands-on experience in training AI-powered chatbots with relevant customer data to build intelligent conversational interfaces. Our AI team enables banking and insurance businesses to analyze and respond to customer needs with natural language-based chatbots. Here’s a recent insurance chatbot built by Oodles AI for a global medical institution-

The chatbot assists online customers in planning and fetching accurate details about multiple insurance services.

In addition, we provide chatbot integration services across digital channels such as Facebook, WhatsApp, Slack, Telegram, etc. Also, we have adept knowledge in building AI-powered chatbots using various frameworks such as IBM Watson, Dialogflow, Amazon Lex, and more.

Talk to our AI team to know more about our artificial intelligence and chatbot development services.

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Things to know before getting your own chatbot- Custom Chatbot Development

Things to know before getting your own chatbot- Custom Chatbot Development

This article gives you complete information on custom chatbots. We provide a complete understanding on chatbots and show a comparative analysis between platform chatbot and custom chatbot development

This article gives you complete information on custom chatbots. We provide a complete understanding on chatbots and show a comparative analysis between platform chatbot and custom chatbot development with its benefits.

Is Low-code or no-code development is future of mobile app development

Is Low-code or no-code development is future of mobile app development

Mobile app development has skyrocketed over these years with the increasing demand of mobile apps for a variety of purposes like entertainment, banking, weather update, health, booking movie tickets, booking a taxi etc. With the latest...

Mobile app development has skyrocketed over these years with the increasing demand of mobile apps for a variety of purposes like entertainment, banking, weather update, health, booking movie tickets, booking a taxi etc. With the latest technologies adopted by mobile app development services, there are different app development approaches which are being practiced. Among them is low-code or no-code development. But will it be the future of mobile app development? Will any mobile application development company start taking this approach as the primary one. Let’s try to find a detailed answer to this question.

But first, let’s understand what this approach exactly is? Well, it is a streamlined approach which involves swift design as well as development with minimal coding, generally relying on different third-party APIs.

Even though there isn’t any single definition of no-code or low-code development because it is actually more of a mindset rather than something which can be directly measured, this mindset has certainly led to a vast community mushrooming up with this mentality. Android app development services are rapidly adopted by this approach. Low-code app innovators are rapidly disrupting all types of various industries. There are a plethora of benefits to these low code platforms and let’s look at this.

1. Less Number of Bugs

It is pretty evident that less code actually means fewer bugs. As simple as that. The entire bug testing phase is actually a major part of modern and latest application development. It is quite inevitable that various issues will come up if there is actually enough code present there. But the best thing regarding low code platforms is that there’s certainly less to test. Also, when they actually tap into APIs, those particular APIs are actually tested by other people.

Lesser number of bugs is better for both users, as well as developers since less amount of time, will be taken up with bug-fixes and troubleshooting. Also, the fast pace of this development approach actually means that if in any case a bug is found, it is generally better just to develop a new iteration rather than fixing it.

2. Significant Lower Costs

Among the most obvious reasons for why you would actually opt for any low code platform is that in reality, low code results in lower cost. Low code development leads to faster app development which saves a lot of time and as a result, lower cost.

It's not only good for companies but also for developers. It certainly cut out the intermediaries, and while they charge less, they use fewer resources and finally come out on top. It is fun for developers because it stops them from actually finding themselves stuck on one particular project which seems to last forever. This is why most of the companies hire app developer who is a well-versed with low-code development.

3. Better Accessibility

The lesser amount of code an application uses, the lesser bandwidth is needed to download it as well as run it. This is quite good news for the people who are based in rural areas or in different developing countries where access to the internet isn’t as prevalent as Western countries. Also, as low code applications can easily be created quite easily than a traditional app, they can easily be released much more swiftly and at a much lower price, and sometimes for free. iPhone app development services follow this approach because it will help in increasing the uptake of their apps as it reduces the entry barrier for every person from lower-income families.

Innovative Development Approach

Among the most promising instances of a low-code or no-code platform is Uber. The apps tap into Google for Maps, Dropbox for storage, Braintree for payments and much more. The most interesting thing about this is that app programming interfaces of APIs which Uber actually relies upon are easily available to anyone who wishes to use them. Uber took those APIs and then used them to create, which was new without requiring to develop each of those particular individual elements, all by themselves. They developed their own brand on top of it by means of looking at how they could actually differentiate themselves from the rest of the others. Mobile app development services should follow this example to create their own low code mobile app which disrupts the market.

The best thing about this is that it inspires innovation. At present, the marketplace actually decides, and only the best applications rise to the top. Also, low code development easily allows developers to iterate much more quickly and can aim for higher more.

The Role of Artificial Intelligence (AI)

Artificial Intelligence is certainly making big waves in different businesses, and as this technology improves further, it will find its way in different other uncharted areas. Among those areas is the low code app development, where it comes in quite useful for a wide range of tasks and actions including the integration of various data sources or just making sense of an entire unstructured or semi-structured data.

Artificial Intelligence is quite great at analysing and conducting trial and error. Hence, it won’t be quite long until the usage of AI becomes quite a standard part of the low code app development. A mobile application development company can find ways to reduce the total amount of code that it is using through AI and flagging potential and possible improvements.

Conclusion

It is quite certain that low-code or no-code app development is the future of app development for one of the simplest reasons that it is quite easier as well as faster and efficiently uses time. It actually doesn’t matter whether Android app development services or iPhone app development services are on-board with this particular change or not. This is quite inevitable as this approach is the path of least resistance. Also, as the inherent demand for low code platforms keeps in growing, developers will certainly find themselves to adopt it.

It is quite a great news as it will push the developers of mobile application development services to become the best. Also, there won’t be any time to redoing it to create the same thing, or any room for sloppy code as well as lengthy development processes which makes the mobile apps redundant even before they are actually finished. Hence, low-code or no-code development will certainly lead the future of mobile app development, and mobile app developers certainly have to get on the bandwagon, one way or the other.

ECommerce Mobile App Development | Ecommerce Mobile App Development Services

We are leading ecommerce mobile application development company. Hire our ecommerce mobile app developer for your custom Ecommerce project at competitive rates. **Know about [Top ECommerce Mobile App Development...

We are leading ecommerce mobile application development company. Hire our ecommerce mobile app developer for your custom Ecommerce project at competitive rates.

Know about Top ECommerce Mobile App Development Company