Frequently Asked Questions
Conversational AI (artificial intelligence) is a set of technologies that enable computers to imitate human interactions by recognizing speech, processing text, and generating human language. These technologies, like virtual agents and chatbots, combine NLU (Natural Language Understanding) and NLP (Natural Language Processing) with machine-learning models to imitate human engagement.
In banking, conversational AI is used to engage and interact with customers while providing banking services through natural language conversations. It involves systems and algorithms that understand, process, and respond to human language. This technology can be used for tasks like account balance inquiries, fund transfers, transaction history, and more.
Conversation AI offers a multitude of benefits for customers in the banking industry. Here are some of the most important benefits:
Around-the-clock availability: With conversational AI, customers can access banking services and support 24/7, meaning they can be attended to even outside regular banking hours. This technology is always available to assist with transactions, inquiries, and account management.
Faster response: Conversational artificial intelligence provides instant responses to customers’ queries, eliminating the need for waiting on hold. Customers can get instant answers to their questions and address issues in real-time.
Personalized experiences: Conversational AI uses state-of-the-art technology to analyze customer data and transaction history to generate personalized recommendations. It offers tailored solutions based on individual financial goals.
Convenient and seamless interactions: This technology allows customers to interact with their bank using natural language. With conversational AI, customers don’t need to learn complex banking systems or navigate through multiple menus. They can access information and services in a seamless, conversational manner.
Setting up conversational AI can be quite complex because it requires technical expertise. Our tech experts at Clinc will evaluate your business and help you set up conversational AI capabilities that meet your customer needs.
One of the critical aspects to consider when implementing conversational AI is integrating your existing banking systems with data sources. This involves connecting APIs and securely accessing customer data. Building effective conversational AI systems is also required. The tech team at Clinc uses high-end tools to implement conversational capabilities that can streamline your banking services and provide a high return on investment.
The cost of setting up conversational AI can vary depending on a range of factors, including the specific requirements, the scale of deployment, and the complexity of the system. Other factors that can affect the implementation cost include:
- Maintenance and updates – In most cases, conversational AI systems require regular maintenance, updates, and ongoing training to improve accuracy and keep up with the changing customer needs.
- Scalability – It is also essential to consider the cost of scaling up conversational AI systems to expand to new channels and services as well as meet the growing customer demands.
Other factors to look into include licensing and provider fees and the cost involved in developing and integrating conversational AI into existing banking systems.
Technically, conversational AI is built to improve and streamline customer service and enhance operational efficiency. It does not intend to replace human jobs entirely.
It is safe to say that conversational AI is secure. This technology is designed with robust security capabilities to protect customer data and transactions. It uses secure connections, encryption systems, and authentication protocols to ensure the safety and integrity of customer information.