There is an inherent opinion by experts that the use of Artificial Intelligence (AI) in the Banking, Financial Services and insurance (BFSI) sectors can increase operational efficiency and bring about digital transformation in the industry. The reason is simple – conversational AI can bring about two-way communication interactions between these institutions and their customers.
So what are the current pain points that your customers are facing? The list begins right from endless queues in the banks for simple operations like, getting a demand draft, cash deposits, passbook updates, premium payments, etc. Even a simple query like ‘how to open a savings account’ needs assistance from banking personnel. Secondly, there’s the restriction of working hours. It doesn’t matter how urgent or long your query is, and you need to show up at a bank at the designated working hours of a bank, not to forget the ‘second-Saturdays’ and ‘bank holidays.’ The need for faster services, shorter queues, and enhanced customer engagement cannot be stressed enough.