Will chatbot and AI replace Customer Service in Banks?

No.At least not right away. No amount of technology has thus far
replaced all human labor, especially in the service industry. Banking as
an industry is no exception. It has benefited greatly from
improvements in technology but these improvements have come at a time
when banking is in crisis.

There’s been a lot of talks recently about machine learning and the
advancements in AI Chatbots. If AI chatbots take off as planned, they’re
promising to revolutionize customer service as we know it. Banks are
keenly interested in AI Chatbots
as a way of improving their customer service experience and reducing
their own operating costs. This is vital for the survival of the
industry as a whole and more so now that people have lost confidence in
banks.

So how will AI chatbots come to help? Well first off, what’s an AI
chatbot? It’s a software application that runs automated tasks over the
internet. It’s what would be called in simpler terms, an internet robot.
It functions by performing tasks that are usually repetitive in nature
and that tend to be simple.

So far, there hasn’t been anything to write home about when it comes
to self-help software as they tend to be very frustrating to end users.
In most cases, you end up calling the customer service center to talk to
someone. AI chatbots are poised to change this experience. How?

Banks have teamed up with machine learning experts to try and improve self-help software.
This has led to a great deal of investment into research and
development of AI Chatbots. What’s different this time around? Instead
of having a one size fits all self-help software, banks are getting
tailormade Chatbots. Each banking client that has a chatbot integrated
into their service center, will now have to get it personalized to the
requirements of the institution and its services.

The advantage of this is that it makes the channel, less complex and
more adaptive. It also provides what these machinists call, deep
learning. Basically, that means a well-programmed computer software that
deals with the same issues of an industry will be able to organize the
enormous amounts of data, derive patterns that can then be used to
learn. This makes the chatbot very adept at solving the day to day
repetitive queries brought in by clients.

Are AI chatbots delivering as promised? Yes, with a measure of
success. Banks such as Swedbank, Bank of America, SEB, Capital One,
Wells Fargo have now incorporated Chatbots into their customer service
programmes. These banks are reporting that they are having a measure of
success in helping their clients deal with repetitive issues and issuing
effective solutions. Remember that AI chatbots are constantly learning.

There has since been an increase in value for the banks. Less time is
spent on calls with clients, thus freeing up time for the staff to
handle more complex calls that come in.

Disruptive technologies are now an industry norm. Machine learning
will most definitely make a greater impact on customer service as more
key players team up with AI enthusiasts and develop more advanced AI
Chatbots that will greatly improve the customer experience. Question is,
are we prepared for the fallout of such rapid development?.

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