Role Of Chatbot As A Banking Tool

With consumer expectation increasing, the use of artificial intelligence, machine learning and chat bots in banking is also increasing. Banks and credit unions worldwide are testing new application and deploying new solution to improve overall digital customer experience.

- Abhinav Jain

Artificial Intelligence

In order to achieve operational efficiencies, reduction in cost of operations and better financial control, banks in India are adopting the latest technologies. After the adoption of central banking system (core banking), Indian banks are heading towards implementation of emerging technologies like big data, analytics, machine learning, artificial intelligence (AI)

Artificial intelligence (Al) is the simulation of human intelligence processes by machines, especially computer systems. Specific applications of Al include expert systems, natural language processing (NLP), speech recognition and machine vision and various other facets Al programming focuses on three cognitive skills: learning, reasoning and selfcorrection.

Learning Processes- This aspect of Al programming focuses on acquiring data and creating rules for how to turn the data into actionable information. The rules, which are called algorithms, provide computing devices with step-by-step instructions for how to complete a specific task.

Reasoning Processes - This aspect of Al programming focuses on choosing the right algorithm to reach a desired outcome.

Self-correction processes - This aspect of Al programming is designed to continually fine-tune algorithms and ensure they provide the most accurate results possible.

CHATBOT

Gone are those days where people have to stand in Banks for availing basic services. Artificial intelligence is dramatically changing the world. It is leading to better experience and assistance to customer .As a result marketers understand the importance of those applications which help in conversing with customers and help in providing better assistance.