Chatbots in Banking: Transforming Customer Interaction and Service Efficiency Through AI

Chatbots in Banking: Transforming Customer Interaction and Service Efficiency Through AI

Shanu Singh (Christ University, India), Bhavna Sharma (Christ University, India), and Yashmita Awasthi (Christ University, India)
DOI: 10.4018/979-8-3373-0528-8.ch018
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Abstract

The advent of Artificial Intelligence (AI) and chatbot technologies has brought drastic transformative changes to the banking sector which has reshaped customer engagement, enhanced efficiency and provided 24/7 assistance to the customers. The paper investigates the usage and impact of AI-powered chatbots on the customer experience and overall performance of the banking institutions through thorough analysis of recent advancements in technology, the study explores how chatbots which are leveraging machine learning (ML) and natural language processing (NLP) are used to address customer enquiries, facilitate transactions and offer customized financial guidance. Additionally, the current study also examines the influence of chatbots on customer satisfaction, regulatory compliance and measures of security highlighting both the advantages and challenges of such systems. Hence, the aim is to contribute to a comprehensive understanding of chatbots' role in banking providing insights into their effectiveness and potential for the future refinement to meet evolving customer expectations.
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