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Customers demand self-service options and want the freedom and flexibility to pick and choose . As such , an agent or enterprise user is required to have the knowledge to deliver a successful voice , SMS , or chat session to meet customer expectations . These interactions can be challenging to provide and typically require long onboarding timeframes to deliver consistently across all agents and platforms .

Many financial services firms have or are undergoing digital transformations that utilize AI to meet this challenge and support their customers 24 / 7 . These institutions understand the value of personalization and digital-first communications as the solution to delivering the best experience for customers and employees .

HOW CAN CONVERSATIONAL AI HELP FINANCIAL SERVICES , AND FOR WHICH DEPARTMENTS AND FUNCTIONS ?

A : Banks and financial institutions can leverage Conversational AI to transform the call center , enhance customer service , improve technical support , automate workflows , and streamline employee communications .

Having modern natural language processing ( NLP ), Generative AI , and machine learning ( ML ) capabilities , Conversational AI chatbots can ensure personalized and consistent experiences by imitating human-like interactions across multiple channels .

These AI strategies and features can be used to improve customer engagement and build CX strategies to drive customer retention and acquisition . AI-powered solutions can also help in preventing and detecting fraud attempts by empowering customers with personalized and timely notifications . Scalability is another benefit associated with Conversational AI-enabled communication platforms , as these platforms can easily address multiple queries at the same time , across any communication channel .

Together with shortening calls and sessions , Conversational AI can also significantly improve agent productivity and allow these skilled agents to focus on more complicated interactions .

These conversational banking solutions are also integrated within digital channels , including the largest , authenticated online and mobile banking providers in North America . The solutions are available for deployment on public websites and during authenticated online banking sessions as well .

Conversational AI solutions can , and should , be a component of a larger digital customer service ( DCS ) platform , which offers the customer a single source for their communications with their financial institution , including secure file transfer , email , voice , video , and co-browsing features .

This complete feature set provides a self-serve Conversational AI channel that is fully integrated into the DCS platform to hand over a conversation to human agents when needed .

WHAT BENEFITS DOES CONVERSATIONAL AI OFFER IN THESE ROLES ?

A : Conversational AI-enabled chatbots can help reduce operating expense ( OpEx ), improve efficiency , and resolve customer inquiries faster . As virtual assistants and chatbots can handle mundane , routine tasks and self-service inquiries , agents can focus on driving superior customer engagements .

From staffing shortages , high customer expectations , and to a potential recession , these solutions are delivering personalized CXs while reducing costs for organizations with the help of AI .

HAS CHATGPT-4 BOLSTERED CONVERSATIONAL AI , AND IF SO , HOW SPECIFICALLY FOR FINANCIAL SERVICES ?

A : ChatGPT-4 thrust conversational AI into the spotlight , and as one of the fastest-growing apps in history , it simply cannot be ignored . While ChatGPT-4 is an excellent tool , it is not yet perfect , and in our arena , that means delivering a seamless , secure , and accurate experience .

For example , Generative AI can create content that goes well beyond what any human can create alone . And it can often deliver it in a human-like way . The challenge though is that it lacks human touch and is sometimes biased without the full context that is often required with complex workflows necessary in banking relationships .

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