chatbots are Software products that can process, interpret and respond to text or voice commands. They recognize information a user shares through text or voice and, then, give a response. The use of chatbots makes the world look like a fantasy. Automated computer intelligence has simplified our lives making things easier and more convenient. You can now solve many problems without interacting with another person. Bots come in various forms. Some are simple in their design while others are complex.

Chatbots can be used in a number of industries to solve problems experienced by customers. One such industry is the Banking Industry.

They save time for the customers through helping them get answers to their financial questions faster. Customers are also able to check and manage their finances more efficiently.

Enhancing customer satisfaction

More banks are now venturing in this new technology to enhance customer satisfaction. Traditional banking methods would call for the customer to join a queue before being attended to. If the queue was long or slow, it impacts negatively on the customers' experience. The banking industry is very competitive. Banks have to do their best to make sure that all the needs of their customers are satisfied. Modern day banks are always looking for ways of improving customer satisfaction. Through chatbots, banks can interact with customers and satisfy their needs. Apart from automating customer experience, they also provide a more personalized experience.

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Chatbots have revolutionized how banks gather information and interact with customers. Banks use Chatbots to handle routine inquiries. They are a substitute for branch banking, websites, and apps. The primary use of bots is customer service. Some of the reasons why customers call banks can be automated and do need not call center representatives to be resolved. Chatbots allow customers to get a quicker response to their concerns. Traditionally, calling customer care can be hectic. Sometimes a bank can take over thirty minutes to deal with your call. Chatbot programs respond to any concern instantly.

Customers use these bots to know their balance; find their nearest ATM locations and to find their mini statement. In the future, chatbots will give more responses and even able to read the emotions of the user. As Avi Ben Ezra, CEO of Snatchbot.me, explains, "it's relatively simple to build into your bot responses to certain words and phrases that indicate whether the customer is feeling frustrated or good-humored.

And all the research shows that, even though the customer knows he or she is dealing with a bot, they feel more satisfied with the bank after the kind of dynamic interaction that the bot provides, in comparison to having to scroll around websites and read FAQs and so on."

Every bank should have a fraud prevention strategy. Both the bank and customer lose in case of fraud. Bots are an excellent tool of dealing with fraud prevention. Working with other forms of authentication, Artificial Intelligent (Al) can be used to prevent fraud in the banking sector. Customers can be notified of any suspicious banking activity. Customers receive message alerts about any transaction. They view such messages as official communication from the bank. This is also a form of marketing as it helps the bank to create brand awareness.

Banks offer a lot of services: mortgages, personal loans, credit cards, etc. Most customers, however, are not aware of these services and products. Bots can be used to inform the user about the different services and products offered by the bank. Through analysis of interactions, banks are able to, then, know the interest level in each service. In short, bots can be used both as a data gathering tool and to inform customers about new services and products.

Bots can lead to personalization of the customer needs and wants. The bank can, therefore, present relevant products and services to a target audience. Banks can leverage the available data about their customers and remind them about ongoing promotions or encourage them about the additional usage of their card.

Chatbots as an analytical tool

Banks use chatbots as an analytical tool. They are able to tell if the customer is satisfied with their services and responses or not. They also use chatbots to know if specific promotions work or if customers know about certain services and products.

The JPMorgan Chase bank is using chatbots to streamline its back office operations. The bank recently launched COIN, a bot that can analyze legal contracts faster and more efficiently than humans. It enables them to now save hours of manpower. The bot is also used to parse emails and handle other common IT requests.

The rest of the banking industry will soon follow, not least because Chatbots are reaching appropriate levels of security. In the words of Avi Ben Ezra, "customers have to trust their bank or institution with sensitive details, so from day one, when we built the SnatchBot platform, we ensured we could deliver enterprise-grade security that complies with all regulatory mandates."

There is no doubt that a wave of reorganization is going to sweep through the banking industry in the wake of this new technology.