Chatbots and the Future of Banking

by Nick Gordon
Chatbots services in banking
POSTED BY: Nick Gordon       IN Chatbots    

Banking is a big responsibility for most everyone and being able to build a chatbot relationship to do it is the way of the future

Imagine calling the number on the back of your bank card and rather than a voice directing you to push one for balance, two for last transaction details and push three for whatever three is designated for you actually have a voice that says “Hello, How may I assist you today?”

The Chatbot Banking Interaction

Now, understand, this is not a real person you will be talking to but rather a Chatbot that will be able to assist you in in all the same ways that a real person would be able to and that in the past before the automation revolution took hold an actual person actually did!

The use of Artificial Intelligence powered Chatbots to interact with customers on a one on one basis is the latest technological advancement that is now taking the world by storm.

Just as the use of apps was considered at first to be unconventional and took some time to be embraced by the public as a whole but have now been so accepted that we no longer even think about it when we encounter something powered by an app, the same will eventually hold true with artificially intelligent chatbots.

Chatbots are already being used and accepted in certain applications such as e-commerce with the use of A.I powered Chatbots being used as Sales Assistants that help customers navigate the web pages of sales sites and are able to fully interact with the potential customers in such a way as to create the illusion that you are actually interacting with a real human being.

How intelligent are the Banking Chatbots?

The technology has allowed Chatbots to actually think and to adjust to situations in real time based on the questions being asked by the customer.

This same type of A.I powered Chatbots are already being used in other applications as well, with healthcare being another avenue that benefits from the use of these advancements. Calling to schedule appointments, or answering phones to give consumers the information they may require are all functions that a Chatbot can and will be used for in the not too distant future and in some cases already are.

powered Chatbots

Based on the sensitive nature that financial institutions and Banks must work under it is critically important that they rely on a company like CenturySoft to provide them with the AI that they will be using as Chatbots and virtual assistants. These types of AI applications demand the very best and must be customized on an individual level for each business using them. CenturySoft is able to provide this type of service and is just one of many that have placed them as a leader in the usage of AI for not only the financial industry but many others.

There is a very wide variety of different applications that the banking industry can use to benefit from by using the technology of Artificial Intelligence and Chatbots that can free up actual people to perform duties that are more important than simply answering the phone or giving customer directions to the nearest location.

Many institutions are already employing this technology in limited applications now. The future is here. And Chatbots and Artificial Intelligence are the way of the future for many industries and applications.

The use of Chatbots is virtually limitless in certain applications and rather than fight against this tech we need to fully embrace it and see exactly how it will benefit it us in the very near future.

Author: Nick Gordon

Nick Gordon is a senior writer at Centurysoft Blog, where he covers topics such as Digital Media, Data Analytics, Chatbots, Artificial Intelligence and Business Intelligence. He attended Stanford University and now lives in Brooklyn. He enjoys traveling, live music and reading a good book in his spare time.