The buzzword in the World of Financial Services is the chatbot. What is this chatbot? A chatbot is a computer program designed to stimulate conversation with a human user over the internet. It mimics a human conservation which includes text and spoken language using artificial intelligence techniques. What’s great about the chatbot is it learns from past interactions and becomes intelligent with time.
Chatbots have wide applications in customer support where they address customer queries, insurance where they explain risk and various insurance products and also financial services like banking where they help customers avail banking products.
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Chatbots are making their mark across the Indian Banking Industry. Many top private banks in IIndia areusing AI-powered chatbots and voicebots to enhance the customer feel.
So, what are the applications of chatbots in the banking industry? Banks are using chatbots to offer customers personalized services, to answer customer queries and give customers an idea on the various banking products.
Many citizens in India have adopted mobile banking and this is where chatbots play a large role. Chatbots help banks streamline communications, promote interactions and widen the customer experience. Simply speaking Chatbots are your 24*7 Personal Banking Assistant.
A chatbot helps with banking related queries and answers them anywhere, anytime. There’s no need to wait on a call or search online. With the services of a chatbot, you can send and transfer money, pay your bills, get the mini-bank statement, check bank balance and take a look at all the recent transactions. Chatbots also help you locate bank branches and ATMs.
There are chatbots at banks which can answer questions like interest rates on home loans, interest rates on loans and any generic question on banking.
With growing popularity of mobile apps can chatbots be far behind? Some of the famous chatbots are Yes Banks: Yes robot, HDFC Banks OnChat, ICICI Banks: iPal and SBI’s chatbot called SBI Intelligent Assistant.
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Insurers have a new friend and it’s called the chatbot. If your insurer responds to your queries in seconds and you are surprised, blame it all on the chatbot.
Many of the top insurers in India are investing in chatbots. Insurers are using chatbots for customer support and sales. So, how do you benefit from chatbots in insurance?
Well for one, there’s faster customer service. If you write to the insurer asking for a copy of policy documents, an email bot responds in an instant. You can easily get queries answered through chatbots of top insurers. There’s more….The chatbot helps to register claims, check the status of life insurance policies, check the claim status, locate the branch of an insurer, a network hospital or even a workshop….
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