Conversational Artificial Intelligence

6Evolution and Adoption of Conversational Artificial Intelligence in the Banking Industry

Neha Aggarwal^*and Kriti Bhaswar Singh

Department of Commerce and Financial Studies, Central University of Jharkhand, Ranchi, India

Abstract

Banks and other financial institutions are transforming their client interactions and are now transitioning from traditional banking to conversational banking through automated dialogues with the aid of conversational chatbots. Fintech start-ups like Facebook and Amazon and payment banks such as Paytm and Airtel are becoming more prominent, giving stiff competition to traditional banks. More than any other industry, banks are investing in AI to support regulatory compliance and risk management. Modern consumers are more tech-savvy and expect banks to provide smooth interactions by providing services at their fingertips. Artificial intelligence (AI) is changing how financial products and service information and advice are provided to banking customers. Using messaging apps, web chat, and voice channels, conversational AI automates customer and business interactions through chatbots or speech-based assistants. When it comes to striking the right balance between implementation costs and customer satisfaction advantages, financial service organizations have not quite gotten there yet.

Keywords: Artificial intelligence, banking, financial sector, conversational chatbots, customer experience, risk and fraud

6.1 Introduction

Banks are known as the heart ...