Bots For Banking: How Smart Chatbots Can Secure Data And Combat Fraud

The organization of banking operations is a long-lasting, complex process for most people. Therefore, to go to the nearest office of your credit institution, you have to plan a visit, taking into account queues and contingencies. With the development of online banking, such problems are gradually becoming a thing of the past thanks to the introduction of chatbots based on artificial intelligence. Moreover, such tools are capable of solving not only trivial tasks (for example, providing reference information), but also planning more serious projects (for example, applying for a loan).

The principle of interaction between bots and clients

AI-based chatbots enter into a dialogue with clients using NLP (Natural Language Processing) mechanisms. It is being developed by experts in the field of machine learning. These conversational scripts can not only successfully communicate with the customers, but also attract new personalities.

Banking chatbots can eliminate such problems as:

• queues;
• incorrect information;
• late presentation of information;
• lack of specific data;
• rapid growth of applications;
• high workload of operators.

Enrich the feedback

Chatbots can be used as a data storage. People often forget that at the end of any communication with a client, it is necessary to give feedback. The users themselves also do not always leave reviews. Therefore, this approach is the best. Chatbots allow you not to miss details, collect a large array of data and analyze it to improve client services.

Tip. Not all users like to write long reviews, so many companies implement a rating system with stars in the feedback mechanism with the ability to leave a small comment.

Robots on guard of order

Banking organizations use specialized programs not only for productive communication with clients, but also for timely information about various transactions and significant dates. In case of hacking of the personal account, the user will also receive a warning in time. Such systems, as a rule, are integrated into applications and come to replace the usual SMS-informing.

Pay attention! In many cases, robotic programs allow you to always know the balance of the account and offer personalized services. For example, banks inform customers about the most favorable tariffs and deposits based on their financial habits.

Thus, sometimes AI-based chatbots can act as financial advisors. However, key decisions are still made by specialists, official representatives of the company, and the machine only gives recommendations. For example, a customer can open an account, but he will most likely still have to visit a bank office.

Caution! Banks are gradually moving to distant identification, which can be dangerous. Fraudsters are increasingly trying to forge an identity. There are also cases when decisions, for example, on consumer credit, can still be made on the basis of robotic programs and scoring systems. Sometimes they may give out unreliable data or have errors, but specialists may not always know the exact reason for the issue. Therefore, try to independently check your financial situation and credit history.

Mobile banking

Bot programs are also created for collecting personal data to create accounts. Thanks to the short requests of the system, you can quickly get income certificates, payment details or an extract on the money transfer from the account. The principles of KYC (Know Your Customer) allow you to regulate the legality of receiving funds and prevent corruption.

Pay attention! Many state apparatuses are integrated into banking applications, for example, tax authorities. Clients can easily be aware of payments by receiving notifications about the timely filing of declarations. However, you need to be accurate, because sometimes technical issues occur.

Attracting new customers

It is currently not so easy to work manually with requests and wishes. The task becomes more complicated if the current database is too big, not to mention new customers. Therefore, experts are implementing mechanisms based on ML (Machine Learning) technologies. Interaction with the target public takes place in real time, which gives more opportunities for the visitor to become a client of the bank organization. At the same time, the dialog data goes to sales departments for further analysis and creation of the most attractive, beneficial offers.

How to improve the chat service

There are several principles by following which you can attract more clients and make interaction with financial institutions much more pleasant. Among them:

1. Conversational systems. The personalized approach and humanization of artificial intelligence allows you to keep active customers without annoying them with excessive formality and dryness of dialectics.
2. The possibility of making transactions. In addition to information support, web banking should help users to make the simplest banking operations, such as money transfers. In this case, any technical errors should be reduced to zero, so the owners of organizations should carefully consider the recruitment of software developers.
3. In support of the previous point: do not forget about the privacy and reliability of personal data storage. The slightest leak threatens not only financial losses on both sides, but also great reputational risks of the company.

Thus, bank chatbots allow you to serve customers faster and more efficiently (in some cases), especially when the operator does not have the authority to make decisions or wait for a specialist on the call line for a long time. However, it is important to understand that any innovations should be integrated in accordance with various mobile platforms and payment systems that are rapidly developing. In the future, this will help to avoid mistakes and technical issues.