What’s The Role Of AI Chatbots In Modern Digital Banking?

While the digital banking field offers innovative and original solutions every day, artificial intelligence technologies now make great contributions to digital banking services and products. Artificial intelligence takes responsibility not only for financial institutions that provide services in the field of digital banking, but also for the banking services offered by international institutions that traditionally provide banking services.

In the past, banks needed significant resources and manpower to develop communication with their customers and solve their problems instantly. Due to the limited availability of these resources, it was impossible to receive 24/7 customer support even in large-scale banks operating on an international scale.

Although AI chatbots are not yet widespread enough in 2024, a new bank or financial platform is integrating its services with this innovative technology. In this way, they increase the efficiency of the customer relations department by allocating fewer resources and people, while ensuring that customers receive a better banking experience.

How Do AI Chatbots Enhance Customer  Service In Digital Banking?

This should not be surprising when we look at what AI technologies can do in 2024. Moreover, not only with live customer support, but also many functions important for the bank, from the most accurate loan offers calculated for customers to risk analysis, can be completed with digital tools using AI technology.

For customers’ problems that have simple and short-term solutions, they do not have to make long phone calls to the bank’s call center and can access solutions in a short time. Moreover, AI chatbots, which also offer solutions for disabled citizens, are one of the most important elements in the principle of financial inclusion.

Digital banking seeks solutions for customers to access a better banking experience with all its units and services. One of the developments that have made revolutionary changes in banking in recent years is artificial intelligence technologies. Thanks to chat bots offered using technologies such as artificial intelligence and machine learning, every customer profile, large or small, can carry out all their financial transactions and needs within minutes through these chatbots, providing a unique and practical banking experience.

What Are The Benefits Of 24/7 AI Chatbot Assistance For Banking?

In digital banking, it is a common expectation for customers to have a fast and seamless banking experience. Banks also benefit from many innovative technologies to meet these expectations. One of the trending technologies of recent years is AI chatbots.

AI chat bots maintain communication between banks and customers 24/7, allowing customers to access the product or service they desire even when the people representing the bank are not available.  This technology offers great efficiency for banks in terms of less use of resources and manpower in customer services. This will be a more profitable operating model for banks.

Just like determining customers’ credit scores with artificial intelligence technologies has been used as a widespread banking model in recent years, customer services are also utilized by AI chatbots in customer services.

How Can Chatbots Improve Customer Engagement And Problem Resolution?

In the past, customers who wanted to make transactions regarding their bank accounts had to physically go to the bank. Afterwards, these transactions were carried out using telephone banking and commands given over the phone. However, today it can be done with a single mobile phone.

You can get banking services or meet your needs through an AI chatbot at any time of the day. Users who can meet their banking needs quickly and easily whenever they want, form a deep bond with the banks of which they are customers. At the same time, it is a very efficient operation for banks.

Banks, which have to allocate resources and manpower to customer services and customer relations departments, achieve an efficient way of working by minimizing such expenses thanks to AI chatbots. For example, you want to access information about your bank account or change your passwords. By communicating with AI chatbots, you can be transferred to the menus where you can perform these transactions and meet your banking needs within minutes.

Are AI Chatbots Replacing Human Bankers, And Is That A Good Thing?

Although customer service units, such as call center areas, to which banks have recently allocated significant resources, have become smaller, AI Chatbots will never eliminate the need for humans. However, it makes the work of people working in banking ecosystems easier.

Although artificial intelligence chatbots can already perform all the functions of banks’ customer service departments, banks and financial institutions will always need manpower. The human factor will remain an important factor for both the development and updating of AI chatbots and the development of organic communication with customers for many years.

It offers efficiency to the time and energy of people working as bankers by automating simple and repetitive processes. In this way, banks and financial institutions benefit more efficiently from the personnel they work with. Important income models for today’s financial universe such as stock markets, forex trading, and cryptocurrency exchanges require basic elements such as high analysis skills, risk analysis, risk management and education.

What’s The Future Of AI Chatbots in Banking Services?

In today’s world, where artificial intelligence technologies are used intensively and widely in every field, these tools offer solutions for the needs of many departments in the field of banking. Artificial intelligence technology tools called AI chatbots have greatly reduced the job responsibilities of bank employees in the customer relations department.

I can foresee that in the near future, all communication between people and banks will be completely maintained by AI chatbots. As both banks and fintech companies increase their investments and work on AI chatbots, the limits of what these chatbots can do will expand.

Although almost all banks and financial institutions use AI-based technologies and tools today, it seems that in the near future, all areas that use manpower in digital banking will be replaced by AI-based tools. Therefore, fintech companies or startups should work to diversify the areas and services where AI technology is used.

See you in the next post,

Anil UZUN