Until a few years ago, assisting customers and businesses was a complicated task requiring enormous resources and time.
Recent technological developments have given chatbots the power to interpret the natural language to understand and learn from the user.
What are chatbots?
Chatbots are computer programs, designed to profess text-based or voice-based conversations with human users.
They are also called virtual assistants or conversational AI chatbots or conversational agents or intelligent AI assistants.
How do chatbots work?
A chatbot works best only of its trained by constantly feeding data to understand and respond to various human interactions.
Any successful chatbot must rely on context understanding, intent variation, and intent recognition to extract and analyze relevant phrases and then share the most appropriate responses.
Various methods used are
Pattern Matching
Rule-based chatbots mostly use this method, they use pattern matching to group the text with the standard Artificial Intelligence Markup Language(AIML) to respond to anything that matches the pattern.
Suitable algorithms
Algorithms reduce the work of pattern matches by analyzing large datasets. A set of words from the input are counted for occurrence and common type by leveraging algorithms.
Later, these inputs are ranked by the algorithms and the chatbot selects the appropriate response based on the rankings.
Natural Language Understanding (NLU)
NLU converts text into structured data to understand the input given by a user.
It enables the chatbot to figure out what exactly the user input means and classify its appropriate intention.
Natural Language Processing (NLP)
NLP converts the input text or speech to structured data empowering chatbots to parse multiple user intents and minimize the failures by Decoding intent, Recognizing utterance, Dealing with the entity, and Contextual understanding.
Chatbots for the banking sector
When chatbots were introduced into banking operations in 2015 they were able to attract a good chunk of customers into digitalization.
In the past few years, Banks and financial institutions around the globe underwent a tectonic change equipping themselves with astute techniques, Every reputed financial institution small and big have started to digitalize to match their competitors and by 2020 a good deal of the financial institutions have deployed their chatbot assistants.
But, the biggest push for the chatbot revolution is handed by the COVID- 19 epidemic, When the world was hit by covid in 2020 the diurnal routine of everyone around the world came to a pause and people were hasty for a nippy change to the existing systems.
Customers wanted to be able to access information and be offered personalized services without warranting to stay on a call or visit a branch.
So, It became inevitable for banking organizations to deploy a chatbot with customers demanding remote services, and physical branches are giving way to automated systems.
The epidemic has also pushed organizations to enhance chatbot functionalities enabling them to assist with further complex issues.
Artificial intelligence (AI) has changed the way customers receive information and advice about their financial affairs and services.
Conversational AI has automated the discussions between customers and bankers over messaging apps, web chat, and voice channels using chatbots or voice-based assistants.
NLP helps to match the degree of a human conversation and gives the customer the impression of talking to an actual person.
Research estimates that AI technologies could potentially add an additional value of $ 1 trillion per year for the global banking sector.
How a typical chatbot is used in banking?
Few use cases of chatbots in the banking sector
Money transfers
Banks have enabled chatbots to let their customers quickly pay their bills, track money transfers, and initiate or cancel payments just with a conversation.
Chatbots can also pay credit card bills and loans.
Providing customer account information
With chatbots, users can get account details, like recurring payments and expenses, card reward points, and transfer limits. They can also recover their account details and make changes like updating their current address and phone number.
Remotely opening new accounts
AI and NLP- based Chatbots have simplified the customer acquisition process. The customers can open an account sitting at home just by answering a few questions, the bots will fill up the application on the customer's behalf and submit it for verification.
Sending out notifications and reminders
Banks use chatbots to offer their customers timely reminders regarding their bank accounts. Some of these reminders include bill payment deadlines, Withdrawl notifications, and Banking offers among others.
These remainders make sure that the customers are mindful of all the activities involving their accounts and bank offers that would profit them.
Resolving urgent queries
Chatbots can resolve uncomplicated but urgent issues like unblocking or blocking cards, resetting, checking bank statements, and completing fund transfers. For complex issues, chatbots can record your issue and arrange a callback or forward the same.
Sharing the nearest branch and ATM locations
Every now and then, customers may need location-based information to solve their queries. For instance, when the customer wants to know the nearest ATM or physical branch location chatbot can answer that based on GPS position or the location entered into the interface.
YourBizBot ⓒ introduction
YourBizBot ⓒ is a business accelerator designed by {Intelligence Artificielle d'Entreprise} (I.A.E), an AI bot advisory firm based in Paris, France.
YourBizBot ⓒ aims to promote efficiency, simplicity, and ease of use with tasks that are not only end-user-oriented but also internal to take the pressure off of the employees.
It is fully integrated into the cloud world and can be used for any business model to boost the current processes and automate recurring or time-consuming tasks.
ML and NLP techniques are used to teach recurring tasks, understand user requests, and respond to user requests.
YourBizBot ⓒ can also generate timely reports at the executive level by analyzing the conversations and the data collected from them.
Unique features and advantages of YourBizBot ⓒ
Multi-functional
Multi-functionality is a peculiar feature of YourBizBot ⓒ that paves the way for future bots to follow.
YourBizBot ⓒ is designed mainly to take the pressure off the teams by automating recurring tasks like roster, payment calculations, daily reports, and many more.
However, you can also use it for customer-oriented tasks like collecting feedback and resolving queries among others.
Ubiquitous
YourBizBot ⓒ is Ubiquitous because it is accessible from anywhere and configured to get the job done without remote installation.
Then how does it work without remote installation?
The answer is simple, I.A.E will deploy the bot directly into the user interface to act as a live extension.
In addition to the above, users can customize the bot as a voice or text bot.
Compatibility
YourBizBot ⓒ seamlessly connects with your existing systems (on-premises or cloud solutions) without any compatibility issues.
It provides you with a single point of contact for all your business needs, including customer service, sales, marketing, accounting, payroll, HR, CRM, inventory management, and much more.
Agility
YourBizBot ⓒ helps businesses to automate their business processes. The bot swiftly integrates with your existing environment, irrespective of the location, when the user puts in the security code.
YourBizBot ⓒ helps to speed up the existing process by automating them with the help of AI and ML.
Insights
YourBizBot ⓒ is also a reporting tool that helps businesses understand their customers and employees.
It analyzes the conversations across channels and provides actionable insights to help companies improve their business performance.
Transparent Pricing Model
YourBizBot ⓒ is an affordable, feature-rich, and scalable solution for businesses looking to implement a chatbot.
Usually, any technological firm bills you with cost per entity meaning different payments for various aspects of the architecture.
At I.A.E, since we own the architecture entirely we are implementing a Centralized Pricing Model - One fee for everything with no hidden charges.
Advanced Security
Encryption – YourBizBot ⓒ uses end-to-end encryption so that only the user can view the conversation.
Authentication – Down the hierarchy, each user can access their accounts, YourBizBot ⓒ also provides them the privileges to manage their accounts.
Deployment – I.A.E has taken measures to securely deploy the bot into the desired user interface. We also focus on improving Sustainability with secure, and transparent upgrades also with dedicated support and development teams.
Typical chatbot vs YourBizBot ⓒ
Typical chatbot | YourBizBot ⓒ |
Expensive to install | One fee for everything |
Misinterpreting the inputs | Applies NLU to accept inputs as intended |
Can’t answer all the queries needed | Self learns from the process to answer the queries |
Poor Memory | Records all the past conversations |
Incompatible with multiple business models | Can be customized to access any business model |
No reporting capability | Generates timely reports when requested |
How YourBizBot ⓒ can be used in banking
In addition to all the typical use cases of a chatbot, YourBizBot ⓒ can perform the following use cases.
Collect employee info
The management may require employee reports that provide information on performance, and efficiency at the department level.
YourBizBot ⓒ can provide information about employees with a single click.
The management may use the info to make decisions on promotions and transfers.
Prepare statements
It is important for every organization to prepare internal financial statements at organizational and department levels such as sales, marketing, and human resource among others.
With YourBizBot ⓒ you can generate statements with desired timelines just with a simple conversation.
Track competitor activity
In today's digital world, there is something new happening almost all the time and it is essential to study every move of your competitors to stay ahead.
You can keep an eye on your competitors even when you relax with the help of YourBizBot ⓒ.
Generate performance reports
YourBizBot ⓒ records the conversations, and data that’s been fed into it through various processes.
After running various simulations and hypotheses it generates a detailed report as requested.
The generated reports are used to get a deeper understanding of the performance of the organization at various levels.
Conclusion
The banking sector is way ahead when it comes to adopting Conversational AI solutions. AI-powered bots have significantly helped to engage customers at every step of the process.
But when it comes to deploying bots to handle internal tasks banks are lagging behind a bit, there are multiple reasons like cost, maintenance, and security.
YourBizBot ⓒ puts a stop to all that, because of its unique features and use cases. It can easily pull off everything done by a conventional chatbot and many unique operations with ease.
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