From chatbots to virtual agents

Chatbots and virtual assistants in banks are transforming to assume the role of virtual agents:

- mohan

It was in 2017 that conversational banking, a medium that was considered highly effective, got a fillip. It was in that year that some top US banks announced the implementation of chatbots and virtual assistants for the first time. Subsequently, chatbots became one of the priced features of customer assistance in banks holding out the promise of personal, one-to-one conversations with customers and evolving solutions to their problems. Chatbots were either a simple button-based software. program to initiate a conversation with the customers, or they were advanced Al-powered tools capable of contextual conversations. A simple chatbot enables a customer to know his account balance or get a statement of accounts or have a list of money transfers during a specific period. On the other hand, chatbot systems powered by AI are capable of completing complex tasks like having real-time contextual conversations with customers, offering customer-specific advisories and performing instant transactions on behalf of the customers, merely based on a voice directive.

Today, chatbots can be deployed in one or multiple channels allowing customers to use them even as transaction platforms. They can also be integrated with applications such as Facebook, Twitter or WhatsApp. There are advanced voicebased virtual assistants that are developed with the assistance of Deep Learning. There are banks, which are leveraging voicecum-text-based chatbots with multiple functionalities.

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