Home Finance Bring on the Chatbots! Say These 5 Giant Banks

Bring on the Chatbots! Say These 5 Giant Banks

Chatbots are becoming more and more popular in a variety of industries as businesses employ them as part of their customer service team.

These chatbots are essentially pieces of artificial intelligence (AI) software that are capable of conversing with humans on a similar level.

When a human speaks or asks a question the chatbot responds with an appropriate response. Some of the more advanced chatbots are that good that it’s hard to know if you’re taking to a real person or not.

Five banks that have decided to explore using chatbots in their customer service team are:

Swedbank: Nina

To try and reduce the time staff spent on taking calls from customers, Swedbank decided to introduce Nina to the team. Nina is a chatbot that was developed by Us-based Nuance Communications.

The AI chatbot uses Natural Language Understanding technology to successfully communicate with the bank’s customers.

In the first 3 months of Nina launching, an average of 30,000 interactions were handled per month with a 78% resolution rate.

READ MORE: Chatbots Become an Important Part of Swedish Banks

SEB: Aida

Another Swedish bank to follow the chatbot trend is SEB. Aida is the name of its AI system that helps reduce the workload for some of its staff by handling simple requests.

With this system in place the bank is able to help its customers 24/7.

The financial organisation also has AI chatbot, Amelia that helps staff with IT issues.

After the success of Amelia with its staff, the firm decided to implement Aida to help its customers.

Bank of America: Erica

Erica is the chatbot implemented at the Bank of America. It was integrated in October 2016 and as well as text, it also listens voice commands too.

As well as providing customers with support in answering any questions they may have, the AI also scans their account to see what financial advice it can offer.

This could be anything ranging from paying off more of your credit card to bring down interest payments to notifying you when your checking account is close to being overdrawn.

Wells Fargo

Just because this chatbot doesn’t have a human name, doesn’t mean it’s any less efficient.

This chatbot works alongside Facebook Messenger in helping customers track recent transactions, find their nearest ATM, or find out their balance.

While it’s still early days for the AI, it is growing steadily every day.

Capital One: Eno

This chatbot system works through SMS messaging. Users can text a variety of commands to Eno including viewing your balance, paying bills, and tracking recent transactions.

The AI even understands different emojis that are used in place of certain words.

Source CrowdfunderInsider

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KC Cheung
KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
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