Banking with Chatbot

“Over time, the computer itself — whatever its form factor — will be an intelligent assistant helping you through your day. We will move from mobile first to an AI first world.”

Sundar Pichai, CEO, Google

Just Imagine your favorite Whatsapp or Facebook can…

• Remind you about important payments
• Periodically inform you about the state of your budget
• Suggest how to save money
• Inform you about financial products that are best fitted for you
• Provide an investment portfolio update
• Deliver important, time-sensitive notifications.
• Talk to you as your Assistant

Yes, it’s Possible through Chatbots!

Let’s explore Chatbot!

Chatbots aren’t inherently new. Automated messaging via SMS has been around for years. So why the sudden interest in Chatbots? Consider the following, for starters. Modern customers spend more time within messaging apps via mobile than they do social media (approximately 90% of their time, actually) Since Chatbots do not require the installation of a native app, there is little to no barrier of entry for your prospects (think: no “likes” or email addresses required) Customers are spending more time on mobile devices than ever mobile & this use will continue to surge dynamically.

Let’s Define Chatbots – Chatbots are software products leveraging natural language processing to interpret and respond to specific text and voice commands (questions). Bots operate on a very simple premise: they are set up to recognize key pieces of information a user shares through texts and voice and then provide an answer if one is set up for that specific use case. It primarily uses business-to-consumer (B2C) text-based messaging as the interface through which to carry out any number of tasks.

Chatbots are becoming more useful on a daily basis and are able to serve millions of customers 24/7 — a perfect fit for companies that want to deliver instant customer service while cutting costs. 

How does a Chatbot work?

Chatbots recognize keywords in the user’s input and then access a database to give a predefined response. It identifies keywords and attempts to form a response from a predefined pattern. Chatbots are based on pattern‐matching, thus the intelligence of a Chatbot depends on how human-like and intelligent these predefined patterns are and on how well the sentence from the user is understood. For now, we can classify three types of Chatbots:

• Text bots — conversational products living within chat interfaces. Examples include Slack, Facebook Messenger, Telegram, and Kik
• Visual bots — visual products living within chat interfaces. Examples include WeChat, Google.
• Audio bots — voice-based bots. Examples include Apple Siri, Microsoft Cortana, Google Now, Amazon Alexi.