The new era is here, the chatbot takeover


1st January, 1970

The new era is here, the chatbot takeover

Just like how the internet and social media has changed the way we live, a new phenomenon has surfaced in the past decade that is likely to follow their path. Chatbots, also known as conversational agents, have been active in other industries for quite some time. Its move into the financial industry is imminent, as multiple banking institutions continue to strive for better customer experience.

What are chatbots?

Derived from AI, chatbots are an interactive computer program which assists the user in completing a task e.g. pricing comparison, via conversatio. Different types of chatbots have been designed for different activities, some for more complex issues and others for less complicated tasks.

One type of chatbot is the decision tree chatbot. This type of chatbot will analyse your original question, and ask you a series of questions which stems from the original. The program will continue working its way down the tree, until the original request is complete.

There are other chatbots which can handle free text. They are more complex as they contain Natural Language Processing (NLP) abilities, meaning they can decipher your sentence, work out your objective and act upon it.

 

What this means for banks?

For banks, chatbots will be the go to solution in the near future. Chatbots can easily replace humans once they are fully functional. They can ride off popular messaging apps which means banks won’t have to build their own app. As such, chatbots are an extremely cost effective way to enhance the customer experience, and we are likely to see more of it in the near future.

If you want to find out more on chatbots, why not join us at this year’s European Banking Forum, as we explore where the most effective places are implement chatbots, and how it can be part of bank’s omni channel strategy. For more information, please visit: http://www.arena-international.com/ebf-car?clearcache=1or email us at: events@arena-international.com

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