Introduction – Opportunities for Banking Sector
The article discusses a significant change in the customer base that presents a
valuable opportunity for the banking sector to increase profits and enhance customer satisfaction.
It
explores the potential of advanced artificial intelligence technologies, such as Natural Language
Processing and Generative AI, and suggests that banking institutions can benefit from these
technologies by automating routine business operations and customer interactions using platforms
like
Open.AI’s GPT. The latter part of the article proposes a comprehensive solution that utilizes
leading
NLP technologies from IBM Watson, Google Dialog Flow, Microsoft CLU, Amazon Lex, and Open.AI’s GPT.
This approach allows clients to use any combination of these powerful AI providers to create an all-in-one solution that takes advantage of the shift in the user base to increase revenue and customer satisfaction while minimizing interaction costs with customers and prospects.
This approach allows clients to use any combination of these powerful AI providers to create an all-in-one solution that takes advantage of the shift in the user base to increase revenue and customer satisfaction while minimizing interaction costs with customers and prospects.
Digital Disruption in Banking – A Tectonic Shift
The last couple of years has seen a huge surge in social media traffic. The
Pandemic forced users to work and socialize remotely and this change has been irreversible. Tech
Crunch reported a 40% surge YOY over the last few years in social media traffic and in the usage
of
messaging platforms both internal and external. This has fundamentally altered how we interact
at
work and socialize outside work.
What does this mean for the Banking segment? Simple, we have to be where our users are – Banks that will extend their presence beyond web and mobile and embrace these messaging platforms will stand to gain market share and improve efficiencies. There are numerous case-studies and independent reports that show new customer acquisition through social media channels such as WhatsApp, FB (Meta) Messenger, Twitter, Instagram and even SMS.
Banks that are using internal messaging platforms to communicate are seeing productivity gains and thus are helping with cost-cutting. Needless to say, managing these channels with real live humans is cost prohibitory thus banks have to look for ways to automate the interactions on these channels.
What does this mean for the Banking segment? Simple, we have to be where our users are – Banks that will extend their presence beyond web and mobile and embrace these messaging platforms will stand to gain market share and improve efficiencies. There are numerous case-studies and independent reports that show new customer acquisition through social media channels such as WhatsApp, FB (Meta) Messenger, Twitter, Instagram and even SMS.
Banks that are using internal messaging platforms to communicate are seeing productivity gains and thus are helping with cost-cutting. Needless to say, managing these channels with real live humans is cost prohibitory thus banks have to look for ways to automate the interactions on these channels.
The Power of Conversational AI in Banking Sector
Thanks to advancements in Artificial Intelligence and particularly the field
of
Natural Language Processing now chat and voice interactions can be indeed automated. Natural
Language
Processing (NLP) technologies such as IBM Watson, Amazon Lex and Google Dialog are powerful NLP
engines that can process incoming interactions. The presence of AI-powered chatbots on
asynchronous
messaging channels like WhatsApp, Facebook, and SMS among others has opened up new opportunities
for
banks to reach new customers, particularly younger generations who are more likely to use social
media
and digital channels for banking.
- 90% of bank-related interactions will be automated by 2024 using chatbots.
- 7.3 B$ of the operational cost will be saved using chatbots in the banking sector by 2023.
Conversational Artificial Intelligence, Machine Learning, and Natural language
processing (NLP) technology are revolutionizing the banking sector like never before. Customers
can
communicate with a variety of conversational AI banking workflows with the chat interface,
including
reporting possible fraud on their banking cards, requesting an increase in their credit card
limit,
and obtaining a breakdown of recent transactions.
Conversational AI solutions have evolved from the early days of basic question and answer type interactions to now bring customers through high-value journeys with automated end-to-end workflows. We are currently in an era where improved user experiences are meeting increased degrees of automation, allowing self-service models like never before. This is due to the maturation of natural language processing and machine learning technology.
Conversational AI solutions have evolved from the early days of basic question and answer type interactions to now bring customers through high-value journeys with automated end-to-end workflows. We are currently in an era where improved user experiences are meeting increased degrees of automation, allowing self-service models like never before. This is due to the maturation of natural language processing and machine learning technology.
Enter ChatGPT – A Disrupter
The latest GPT platform from Open.AI takes the NLP even further as it is not
only able to process natural language but also Generate Text using its Generative.AI
capabilities.
ChatGPT is a powerful chatbot that can engage the users and give precise information to the
end-user. Thus, with GPT integration, Chatbots have evolved to a point where it can understand
the
requests, and respond with high accuracy and dynamic texts. This helps in increasing customer
engagement.
With expertise in chatbots and Conversational AI,
Streebo, a leading digital transformation company has rolled out pre-integrated smart
bots
powered by top NLP engines including IBM Watson, Microsoft CLU, Amazon Lex from AWS, and
Google DialogFlow from GCP. In the latest release, we have integrated our bots with
Generative AI technology GPT from Open.AI, taking the capabilities of these new
technologies
even further with cutting-edge Conversational AI solution, ChatGPT for Enterprise. GPT
stands
for Generative Pre-trained Transformer, an NLP model that generates text based on
natural
language structures. Our Virtual Banking Assistants utilize this technology to provide
unparalleled customer service.
Why Conversational AI Solution for Banking Services with ChatGPT capabilities?
At Streebo, our focus is Conversational AI. We have come up with a smart AI
Powered, Pre-trained Banking chatbot solution that can handle all banking-related activities
including
Fund Transfer, Opening a New A/c, and Loan Applications, among others. All these banking
transactions
require confidential information about the customers and to ensure the security of the
conversations,
our AI-Powered Banking Bot leverages leading NLP engines such as IBM Watson Assistant, Microsoft
Azure’s CLU, Google Dialog flow from GCP, Amazon Lex from AWS, and Wit.AI from Meta and now GPT from
Open.AI for processing incoming requests in a secure manner. They generate human-like responses thus
giving a ChatGPT kind of experience for the Enterprise user.
Our banking bots can be integrated with the core-banking systems such as
Our banking bots can be integrated with the core-banking systems such as
- Finacle
- SAP Core Banking
- Oracle Flex Cube.
Our banking chatbots, powered by ChatGPT, have the ability to resolve queries
with
an accuracy rate of up to 99%, resulting in improved sales and reduced operational costs. We
continually train our chatbots to achieve the highest levels of accuracy. In addition, our chatbots
have context-switching capabilities, allowing them to seamlessly transition between conversation
topics without disrupting the flow of the conversation. This feature is particularly useful for
complex topics such as banking regulations and policies that may require detailed explanations or
instructions from an experienced banker or financial advisor. Overall, ChatGPT like bot for
Banking has advanced capabilities and unlimited potential, making it a significant step forward in
the
transformation of the banking sector and a key player in shaping its future.
Our pre-trained, industry-relevant Banking Bots supports below mentioned use cases
Customer Facing Bots
- FAQs (Frequently Asked Questions)
- Open an Account
- Apply for an FD
- Personal Loan Calculator
- Talk to a Live Agent for assistance
- Check last 5 Transactions
- Add Beneficiary
- Apply for Mortgage Loan
- Check/Download Statement
- Request a Cheque Book
- Bill Payment
- Track Loan Application
- Submit Form 15G/15H
- Rewards Point – Balance, History, Redemption, Queries
- Branch Locator
- Apply for a Credit Card
- Avail a Loan
- Learning Center (Videos/Articles)
- Check Balance
- View Account Statement
- Fund Transfer
- Block Credit/Debit Card
- Check/Download FD Summary
- Reset PIN
- Update KYC
- Update Personal Details
- Find IFSC
Agent Facing Bots
FAQs (Frequently Asked
Questions)
Branch Locator
Check offers/contests
Performance Management
Check customer list
Filter customers to check individual
customer
details
Check customer specific offers and
reminders
if any
Open an account on behalf of
customers
Request Information & Tracking Customer
Service Requests
Role Based Login
Access Control
New Member Creation
Add/View/Update customer KYC
details
Investment Calculator
Talk to a Live Agent for
assistance
Find IFSC
Agent Registration and Password
Reset
Key Business Benefits of these cutting-edge Bots designed specifically for the Banking Sector
By leveraging Streebo’s AI-Powered Banking Bots – banks can avail below mentioned
benefits:
Increased Revenue
Studies by Statista have shown that banks that use bots for customer service have seen a 20% reduction in costs and a 12% increase in overall revenue. Having a presence on popular social media platforms can also help banks attract new leads and customers, as they can reach a wider audience and showcase their products and services to a diverse demographic which can translate into increased revenue.
Improved CSI
By deploying banking bots on social media channels, Banks can reach customers where they are and provide instant responses to their queries and needs. This can greatly improve the customer experience and increase customer satisfaction, leading to increased loyalty and positive word-of-mouth referrals
Enhanced Productivity of Bank
Personnel
Banking chatbots powered by AI technologies like GPT can mimic human conversations and can handle the initial line of communication. They save time for banking personnel to focus more on sophisticated and impactful tasks where a higher level of expertise is required. Our ChatGPT-powered Banking Bots are extremely intelligent and pre-trained to handle administrative tasks and mundane query resolution. This will remarkably increase the conversion rate by 15%.
Faster Transactions
Streebo’s AI-powered Conversational Interfaces for the Banking sector process transactions at a faster pace. Quick resolution is something that most customers love. Keeping this at the front foot, Streebo Bots (Streebots) are dedicated to giving faster resolutions with up to 99% accuracy.
Key differentiators of Pre-Trained and pre-integrated Banking Virtual Assistants are
Built-in Domain Intelligence
Streebo in collaboration with its technology partner, deploys highly intelligent pre-trained Bots that can emulate business processes pertaining to various Banking and Financial Sectors.
Omni-Channel Benefit
Streebo’s GPT Integrated Banking Bots provide a truly comprehensive omnichannel experience that businesses can use to connect with customers, no matter what platform they choose. Customers have the flexibility and convenience to interact with the bots via channels such as WhatsApp, Google Chat, Facebook Messenger, SMS, Telegram, Signal, WeChat, Skype, Phone IVR, Amazon Alexa, Google Home, and now even email. This ensures the customers get prompt responses on whatever platform they are.
Email assistance
Our banking virtual assistants have made a major breakthrough in email communication with the integration of GPT technology. The latest addition to our bots’ capabilities enables them to produce emails that closely resemble human interactions, leading to more successful outcomes while also managing backend integrations. This achievement is a critical milestone in our continuous efforts to deliver the highest level of customer satisfaction.
Pre-Integrated with Backends
ChatGPT-integrated Banking Bot comes pre-integrated with common core banking systems such as SAP Core banking, Oracle Flex cube, Finacle. This gives an ease of access to the core services of banks promptly.
Access to Unstructured Data
Innovative tools and technologies like Classification, Clustering, Embedding, and Generative AI technology in the GPT platform, have made it seamless for Enterprises of all sizes to tap into unstructured information silos. This includes Web Pages, FD descriptions, New Schemes, Loan assessment documentation, and other unstructured information such as logs, and emails to find the relevant information for the end users. Using GPT in banking bots, bankers can leverage this powerful capability and bring the right information to the product sales or servicing cycle at the right time.
Sentiment analysis
It is the process of determining the emotional tone of a piece of text, and it can be used to identify suspicious behavior or potential fraud. For example, ChatGPT can be trained to detect certain keywords or phrases that may indicate fraud, such as “urgent” or “transfer all funds.” If a chatbot detects such language in a customer’s message, it can flag the transaction for further review by bank security personnel.
Flexible Deployment Options
Another outstanding feature that sets Streebots apart is – They can be deployed on-premise or on IBM Cloud, Microsoft Azure, Amazon AWS or Google Cloud Platform. This gives flexibility of picking an engagement model for banks to interact with the customers.
99% Accuracy
Streebots powered by GPT from Open.AI for Banks come with a Guaranteed Bot Intelligence Index* of up to 99% (*BII= No. of questions answered correctly/No. of relevant questions asked). We continue to train the bot until they reach a high degree of accuracy. This high accuracy effectively reduces manual intervention on the part of the Banking staff, thus improving overall efficiency and performance.
Multi-lingual Support
Streebo’s Banking Virtual Assistants allow customers to communicate in multiple languages. They support over 38+ languages. That helps customers to make informed decisions by making them understand all clauses in a simplified manner. The advanced training of bots to understand the dialects and accents of end users according to their demographics and geography inculcates a sense of trust and confidence in the customers.
Inbuilt Live Agent Support
Streebo’s Banking solution has built-in live agent support, which enables users to get real-time assistance if they cannot find a solution to their queries by interacting with the bot. Customers can make a smooth transition from chatbots to human operators, ensuring that their queries are resolved effectively in no time.
Data Privacy and Security
Our solution leverages cutting edge NLP engines, including IBM Watson, Google Dialog, Microsoft Azure’s CLU, and Amazon Lex, to ensure that all processed data is secure and adheres to regulatory standards. In addition, all communication between GPT and our solution is encrypted and masked, guaranteeing the security of all data, not just sensitive information.
Pricing Options
Capex Option
You can choose to buy the product with an upfront amount.
Opex Option
You can choose to Subscribe the Bot for a fixed monthly
charge.
Pay-Per-usage
This is a conversation -based subscription and tied to the number
of conversations & messages the bot handles. Thus, you only pay if the Bot is
getting used and is actually deflecting calls.
Conclusion
The use of AI-powered chatbots in the Banking sector is rapidly increasing and
is expected to continue to grow in the upcoming years. According to a recent report by
Accenture,
80% of banking customers prefer using chatbots for their inquiries. Moreover, a Gartner report
estimates that organizations utilizing AI technologies may experience up to a 25% increase in
customer satisfaction by 2023. These statistics highlight the significance of chatbots in
providing
efficient customer service while streamlining business operations and reducing resource costs.
With
the emergence of new technologies, such as ChatGPT, that produce human-like dynamic text in a
conversational context, the use of AI in banks is set to surge.
Streebo’s innovative ChatGPT-like bots are
transforming
the way banks interact with their customers, offering high accuracy and customization.
Leveraging the best technologies from leading companies such as IBM Watson, GCP,
Microsoft,
AWS, and Open. AI, Streebo creates efficient solutions. With these bots, banks can
create a
personalized experience for their customers, minimize errors and increase accuracy in
predicting user behavior over time. They increase customer engagement and offer
tailor-made
solutions and recommendations while staying compliant with banking regulations. These
innovative tools offer insurmountable opportunities for streamlining processes and
elevate
the customer experience to new heights.
Disclaimer: ChatGPT and GPT are registered trademarks and terms fully owned by
Open.AI. Author has used the term “Banking industry” to convey the idea of a ChatGPT kind of
Bot, but for the Banking industry
Want to Know- How This Will Work for Your Business?
1.
Visit our Enterprise-Grade Bot Store.
2. Learn what it can do for your business by scheduling a demo session.
3. Try it yourself with a Free 30-day trial.
Start your 30-day free trial now and witness firsthand how our intelligent chatbot can transform your service delivery, boost efficiency, and skyrocket guest satisfaction.
Don’t let this chance slip by! Get in touch with us today to begin your journey towards unparalleled business management, risk-free!
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2. Learn what it can do for your business by scheduling a demo session.
3. Try it yourself with a Free 30-day trial.
Start your 30-day free trial now and witness firsthand how our intelligent chatbot can transform your service delivery, boost efficiency, and skyrocket guest satisfaction.
Don’t let this chance slip by! Get in touch with us today to begin your journey towards unparalleled business management, risk-free!
Get in touch
