To evolve and change is the one thing that does not change in any industry. The financial services industry is a critical one with close interaction with the customer. Innovation is an important component that helps an enterprise grow. The banking and financial service sector has seen a lot of advancements. With a huge volume of transactions and paperwork to handle, the bank’s manhours were lost to a great extent since it did not use technology to its advantage. This is not the case now. AI has replaced the need for the consumer to travel and has taken a live agent’s role. In this respect, Clinc does a great job by providing revolutionary AI solutions. This is aimed at reducing operational costs and also minimizing query resolution time.

Features of a best chatbot:

• It should provide an engaging discussion so that the client does not feel any insufficiency. The virtual assistant should be made to understand the consumer slang to function effectively. It should be the best replacement for in-person communication.
• Banking is a crucial sector dealing with money, so what the client looks primarily is privacy and safety. The bank cannot defend itself for any sort of inaccuracy. So the AI should be trustworthy and free from errors. The conversational AI should be tamper-proof so that the client gets confidence.
• Provision of round the clock service is a key factor. The clients should be attended to any time they come with a query. Banking support and transaction assistance any time of the day creates great comfort to the customer.
• Incorporating the AI in such a way that it saves time for both the customer and the employees is essential. Information should be made available at the click of a button. The client should not be made to wait for a long time or made to come back again for problem-solving. It may irritate the customer and he may start to look for better services.
• The virtual assistant should be able to provide all services that a banker provides in a one on one interaction.
• The bot assistance should be provided in all platforms of the bank like the website, mobile application, ATM etc. With this, it can be made user-specific and more personalized.

By improving consumer loyalty, Artificial Intelligence can help improve the banking business to a great extent.