Chatbots Are Getting Smarter

Conversational AI in the financial sector is transforming the industry. With AI and chatbots, banks can scale their customer service and provide high-quality, fast responses for their customers on multiple channels. Scalability is a key differentiator in digital transformation, enabling established banks to keep up with new competitors. Not only is Conversational AI advantageous in this regard, but it enables companies to keep their costs low while maintaining customer satisfaction.

There are lessons to be learned from the banking sector for insurers and brokers; AI chat is great, so long as it understands compliance issues and KYC guidelines.

Fabian Beringer, CEO and co-founder of e-bot7 explains: “Nowadays, Banks have to manage a large customer base with recurring customer enquiries, which represents an enormous potential for automation. With the e-bot7 Conversational AI platform, banks can scale their customer service. Scalability is a key differentiator in digital transformation, enabling established banks to keep up with new competitors.”

Being stuck for minutes or even hours in a waiting loop to contact the bank regarding a transfer or change the address for your bank account is not only time consuming but can also be a dealbreaker for clients. Consumers can often wait for hours on a hotline or even days to get an answer to a simple query via email. In a similar instance, when Fabian Beringer and Xaver Lehmann were stuck for over 40 minutes on hold, they realised a real gap in the customer services industry – a few months later, they founded e-bot7 together with Maximilian Gerer.

“Especially for banks, it is crucial that no wrong answers are sent out to preserve brand equity. A solution where the AI Chatbot complements the agent and forwards the inquiry if the knowledge base of the Chatbot is exceeded fits these needs, ” adds Fabian Beringer.

e-bot7’s hybrid Agent+AI solution can answer general questions about account models or transfer orders, and, if integrated onto the CRM, also individual questions about standing orders or account statements. The more questions the chatbot is asked, the more it trains itself. If a customer’s question is passed onto a service agent, the bot learns the question and the response. Simultaneously, the service agent is able to gather more insights concerning customer requests. Conversational AI benefits both the customer and the service agent, which enables efficiency.


About alastair walker 8713 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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