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