Prashant Jajodia : AI chatbots have transformed the consumer digital banking experience by enabling 24 / 7 availability , multilingual support and instant problem-solving abilities . They can understand and respond to queries in real time , freeing up human resources for more complex tasks .
Examples include Natwest ’ s implementation of a watsonx assistant to provide digital mortgage support , which has resulted in the business seeing a 20 % improvement in customer loyalty and call duration dropping by 10 % with staff now having access to more support . As well as Virgin Money ’ s chatbot Redi which was built by IBM Consulting on Microsoft OpenAI and has a higher NPS score than some of the traditional channels .
Jamil Jiva : As clients and decision-makers come to expect more from chatbots , it becomes more important to ensure that AI chatbots provide high-quality answers from existing internal knowledge bases ( using a technique known as retrieval augmented generation ).
Chatbots are also now expected to help financial services institutions to keep up-to-date comprehensive customer profiles by automating the collection of customer information from account and conversation history ( such as KYC information , future plans
“ Banks use AI to analyse decades of consumer banking habits , deciding on new products before shifting customer demands ”
MARCO SANTOS , CO-CEO , GFT
and life moments ).
This makes it possible to automate more complex tasks and suggest products or content . This works particularly well in a hybrid model where chatbots are on hand to help human agents be more productive , and provide personalised recommendations and financial advice .
Peter Pugh Jones : AI chatbots have transformed the consumer digital banking experience , making banking more seamless , personalised and secure . These chatbots , powered by AI and machine learning , improve the user experience by providing real-time assistance , automating routine tasks and offering tailored financial advice .
Unlike traditional banking , where
196 November 2024