Does Conversational AI Serve the Banking Sector Better?

Does Conversational AI Serve the Banking Sector Better?

Does Conversational AI Serve the Banking Sector Better? Chatbots, true AI and conversational AI are not the same and do not provide the same results. Wherein chatbots cannot handle the unexpected; digital employees can evolve with customer requirements.

Financial institutions such as banks are at the forefront of technological innovations, looking for ways to execute faster and serve their customers better. It may be tempting to embrace whatever technology comes on the way in striving for the latest and greatest solutions. It has led to the proliferation of chatbots that claim to reinforce call centres with automation. In reality, these bots behave like dated robots and are stubborn in how they communicate with customers, building an IVR 2.0 format that frustrates callers and does not allow banks from serving customers.

Due to the pandemic and the possibility of subsequent lockdowns, this seems challenging. Most of the banks were inundated by an influx of calls at the height of the quarantine. Now they are facing a potential resurgence as many states and cities reconsider their decision to reopen.

Even when call volumes are high, banks need to be able to serve the same quality of service over the phone as they would physically. However, banks cannot be expected to hire an overabundance of call centre executives for the smooth functioning of call volumes and satisfy customers with chatbots. They should instead monitor the power of digital employees, which can help them to meet customers’ expectations in ways that are impossible with any other technology.

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