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How Chatbots Power Financial Services?

IndianMoney.com Research Team | Posted On Thursday, August 16,2018, 07:08 PM

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How Chatbots Power Financial Services?

 

 

 

Chatbots have taken the financial services industry by storm. Banks and Insurers have understood the application of chatbots and are using them to save a lot of money.

 

What are chatbots? Chatbots are programs powered by rules and AI (Artificial Intelligence) which interact with customers over the internet. Chatbots give customers an insight into financial products and services offered by banks and insurers. They also answer customer queries in seconds.

 

How do chatbots power financial services? Let’s find out. Want to know more on Investment Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

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How Chatbots Power Financial Services?

 

Chatbots are all about man-machine interactions. Studies have shown many people shifting from Social Media to messaging platforms. Banks and insurers are capitalizing on this and are using chatbots to interact with their customers.

 

1. How do chatbots help banking customers?

 

A few years ago, you had to stand in a long queue if you wanted to deposit a cheque, withdraw cash or update the passbook. Mobile banking and smart banking apps have changed all this and you don’t have to take a few hours off from work. Just tap your smartphone and technology does the rest.

 

Chatbots have taken banking to the next level and with artificial intelligence and machine learning, they not only interact with bank customers, they also learn and enhance their knowledge from these interactions.

 

  • Chatbots answer banking queries: Banks use chatbots to answer customer queries and update customers on banking products and services.

 

  • Customers don’t have to stand in long queues or wait over phone calls. With chatbots, you can say goodbye to banks IVR (Interactive voice response). Chatbots give you and other customers a quick response and customers love the

              interactions.

 

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2.  Banking Services offered by chatbots

 

HDFC Bank has the AI-based chatbot, Eva, ICICI Bank has its chatbot iPal, Axis Bank has Axis Aha, Kotak Mahindra Bank has Keya, Yes Bank has YES mPower and SBI has SBI Intelligent Assistant.

 

  • You may ask a banking executive simple questions when you interact with him. He gives you simple, structured answers. In much the same way, Chatbots answer your questions and give correct responses as they learn through interactions.

 

  • Chatbots help with financial transactions. You can transfer money, pay your utility bills like electricity and water bill or even recharge your mobile phone through queries using chatbots.

 

  • Chatbots help you with new features. These may be simple tasks like how to reset the ATM PIN.

 

 SEE ALSO: Life Insurance Purchase - Online vs Offline

 

3.  Chatbots take over insurance

 

The insurance sector is making use of chatbots in a big way. Life insurers and general insurers are using chatbots for routine tasks like servicing customers, addressing basic grievances and providing quotes.

 

  • Gone are the days when you had to wait for a customer service executive of an insurer to answer queries. Today, chatbots give you information on your insurance policy in seconds. Personalized responses are offered to life insurance and health insurance queries. You get quotes on the go.

 

  • Chatbots recommend products and help you select the right financial product or insurance policy which meets your needs. Chatbots used by insurers can even respond to your emails. If you want to find the fund value of the ULIP or the application status of your life insurance policy, the insurer’s chatbot could help you.

 

Remember: Chatbots don’t take the day off or go on leave. They work 24*7.

 

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