7 potential use cases of chatbots in banking

cointelegraph.com:

Chatbots are computer programs that use artificial intelligence (AI) to simulate conversations with users, providing quick and efficient assistance. In the banking industry, chatbots have the potential to revolutionize the way customers interact with their financial institutions.

Here are seven potential use cases of chatbots in banking:

Chatbots are increasingly being used in the banking industry to provide efficient and cost-effective customer service. Customers can interact with chatbots to get answers to their banking-related queries and resolve issues related to their accounts, transactions or products. Chatbots can also be programmed to provide personalized responses to customers, enhancing the customer experience.

Chatbots can provide 24/7 customer support, allowing customers to get assistance at any time of the day or night without the need to wait for a customer service representative. This can significantly reduce wait times and improve customer satisfaction.

Furthermore, chatbots can handle multiple queries simultaneously, enabling them to handle a high volume of customer requests efficiently. This can save banks time and money, as fewer customer service representatives may be needed. For instance, the chatbot of Bank of America’s virtual assistant, Erica, can help customers with a range of tasks, such as checking their account balances, making transfers and even disputing charges.

DID YOU KNOW? Bank of America’s voice-activated virtual assistant Erica now has > million users! Financial institutions of all sizes need to make #voicebanking part of their digital strategies. Around 41% of U.S. consumers now own a voice-activated speaker. #fintech #finserv

Chatbots can also be used for personal finance purposes, such