Conversational AI in banking: Enhance service and efficiency

Offer clients more than just digital banking services with conversational, secure, and omnichannel AI solutions.

Conversational AI in banking with Infobip

Banking has gone digital, but customers still expect the human touch in every interaction. Conversational AI empowers financial institutions to provide customers with fast, convenient, and smooth digital interactions that feel personal and empathetic. Infobip’s conversational AI platform makes it easy for banks to build personalized journeys with a no-code builder, or with flexible APIs. This takes static, one-way banking interactions into rich conversations that keep customers loyal and satisfied with their banking experiences.

Benefits of conversational AI for banking

Conversational AI offers tangible benefits for both banks and their clients. Keep customers satisfied with personalized and secure interactions while improving operational efficiency of customer support.

24/7 support availability

Conversational AI assistants provide round-the-clock support for banking clients. Banks and financial institutions can be there for their customers when it works best for them – avoiding frustrations and streamlining support.

Personalized interactions

Conversational AI powered solutions allow banks to personalize every interaction. Collect insights from conversations with customers to help build detailed profiles that help you understand your customers and tailor future interactions.

Automate routine tasks

Simple queries and interactions tend to take up a lot of customer support resources. By automating routine tasks like onboarding, FAQs, checking account balances, and more, banks can free up busy live agents to deal with more pressing and sensitive issues.

Cost efficiency

Banks can cut costs to contact centers and customer service processes by utilizing conversational AI. The AI powered solutions will take care of mundane tasks and queries, reducing the wait time for support and lowering the workload on agents. This allows banks to better allocate resources for customer service.

Omnichannel

Conversational AI solutions are more impactful over an omnichannel platform. Customers can start a conversation over a digital channel like WhatsApp, and if a live agent is needed, the conversation can be transferred to Voice where the agent has access to contextualized conversation history to help reduce friction and improve satisfaction with customer service.

Data-driven insights

Data is critical to making improvements to future interactions. Conversational AI solutions empower banks to collect valuable behavioral and preferential data and analyze it to improve strategies over any channel and use case. Banks can also better understand pain points through conversations with customers and make improvements to operations to offer better service.

Conversational AI use cases in banking

Understand when and how to use conversational AI to improve customer experiences for banking. Infobip conversational AI solution covers a wide range of use cases that resolve pain points for banks and clients.

Create secure conversations and prevent fraud attempts with conversational AI in banking

Fraud and security threats are a real concern for every bank and financial institution. Infobip conversational AI solutions are built to reduce the risk of security risks when using AI and always protect customer data. Here’s how:

Banking security

RAG pipeline for accurate responses

With the most advanced RAG (Retrieval-Augmented Generation), Infobip conversational AI responses are highly accurate, with a drastically reduced chance of misinformation and fraud-related hallucinations, ensuring customers are only sharing sensitive data with your brand when they absolutely need to.

Banking security

Content filtering

Content filtering detects harmful language and can block topics to prevent phishing attempts, social engineering, or misleading customer interactions. Infobip AI solutions strengthen security measures around the content in messages, so customers remain confident and secure when interacting with their bank.

Banking security

Partnerships and integrations

Infobip has strong partnerships with brands that specialize in technology and data security. These partnership tools help safeguard AI tools by providing direct fraud protection, enhanced compliance, and safety measures for banking. Infobip enables secure AI interactions with integrations

Learn more about how Infobip secures banking interactions

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Best practices for implementing conversational AI in banking

Prioritize data quality

Seamlessly integrate AI into your banking systems

Create intuitive conversational AI journeys:

Monitor and update conversational AI for banking

Challenges banks face when implementing conversational AI

Infobip plays an important role in AI-driven banking

By setting standards for integrating advanced AI capabilities into banking solutions, banks can leverage a robust platform to:

Seamlessly integrate with existing systems
Ensure data security
Facilitate personalized customer engagement

Innovative solutions are designed to be scalable and adaptable, helping banks stay ahead of technological advancements. The goal is to empower banks to optimize their AI strategies and deliver exceptional customer experiences every time.

The next evolution of conversational AI in banking

AI is evolving quickly, and conversational experiences are becoming the standard for banking interactions. Here are a few trends banks can expect to see emerging that will level-up their customer journeys with the help of AI:

Multimodal interactions

Sometimes message content just isn’t enough. Multimodal AI interactions will enable banking clients to use pictures, videos, and voice of content to interact with AI virtual assistants. This will make customer experiences smoother. For example, customers could send voice notes to AI assistants over their favorite channels explaining their queries or send images of their new credit card to activate them over chat instead of phoning their bank.

Personalized financial advice

Conversational AI can be trained to provide financial advice in particular instances, but with further refining and training, AI solutions will be able to identify and target customers who based on individual customer data, such as spending habits, income, and financial goals. This trend allows banks to offer tailored recommendations for savings, investments, and budgeting, helping customers make informed financial decisions and improving customer satisfaction.

Emotionally intelligent AI

Emotional intelligence in AI refers to the ability of AI systems to recognize and respond to human emotions. In banking, this can lead to more empathetic customer service, where AI can adjust its responses based on the emotional tone of the customer, providing a more human-like and supportive interaction.