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  • CogniCor

What's Next for Chatbots in Banking?

Virtual Assistants are an industry standard. More than half of the financial institutions have deployed chatbots improving customer experience at low cost, enabling banks to serve customers any time anywhere and increasing revenue. Using the CogniCor platform, financial institutions have been able to experience ROI of $100 million.

Virtual assistants have changed enormously since its early days and continue to evolve with advancement in technology. Buzzwords like NLP, Machine Learning, AI and Cognitive are often used by chatbot firms and it can be difficult to cut through the noise. There is no dearth of virtual assistants in the market and not all bots are created equal.

Choosing a Virtual Assistant

Most chatbots follow a scripted conversational flow, answering only simple questions and fail when user deviates from the script. Such bots are inflexible and difficult to maintain. On the other hand, Cognitive Virtual Assistants simulate real world understanding of concepts and generate responses on the fly. Such bots are not pre-programmed.

CogniCor’s AI-powered cognitive virtual assistant drives customers experience by conversing like humans. In addition CogniCor’s CIRA, a DIY platform for financial institutions, helps users build knowledge driven cognitive virtual assistants.

Benefits of a Cognitive Virtual Assistant

AI-powered bots use emerging technologies like NLP and Machine Learning to continuously learn, situate conversation in context and accurately identify customer’s issues. CogniCor built Cognitive Virtual Assistants that:

  1. Quickly learns from existing knowledge base - Most vendors ask for a large knowledge base to build the knowledge repository (PDFs, policy documents, share point, chat logs, etc). But manually creating a list of intents from the knowledge base is tedious. Using CogniCor’s CIRA, users can easily extracts intents from existing documents, chat logs and policies in seconds.

  2. Synthesize answers and handles failures elegantly - A key differentiator between robust chatbots and a simple one is the way they handle failures. CogniCor’s cognitive virtual assistant gracefully handles failures in a way that minimises user frustration and maximises course correction.

  3. Handle complex queries - Most chatbots perform simple repetitive tasks such as routing user to answer a generic inquiry but the capability to handle complex queries and perform multiple tasks at once requires a higher level of cognition. CogniCor’s cognitive virtual assistant handles complex scenarios such as financial product comparison, execute in-chat transactions, explore what-if scenarios, provide personalised recommendation and policy based response.

Going Beyond the Norm: Make Banking a Breeze

Boosting bottom line and increasing conversion rate, cognitive virtual assistants are widely used for sales and customer acquisition. Using the CogniCor platform, OCBC Bank in Singapore launched a predictive chatbot that generated $33 million worth home loan leads within six months. The bot detected customers who are more likely to convert and qualified those leads.

Financial Institutions can realise ROI by deploying virtual assistants across all points of customer journey from sales to post-sales. By integrating with the bank's back-end, banks can also serve existing customers and make everyday banking a walk in the park. Customers can easily access existing account information and manage money through chatbots. However, the power of cognitive virtual assistants is realised when they are used to provide personalised recommendation. Using CogniCor’s recommendation agent, banks have been able to create proactive bots that recommend financial products based on customer profile and spending patterns.

Application of Chatbots in Banking beyond Sales and Customer Service
Application of Chatbots in Banking beyond Sales and Customer Service

While the hype is on customer service, chatbots have a huge potential to streamline digital workplace and boost productivity. They can be used to improve employee engagement, automate IT support tasks and provide management information to senior management.

To deploy virtual assistants across the organisation both internally and customer-facing, financial institutions need to ensure a consistent and fulfilling customer experience. An enterprise cognitive chatbot platform will help organisations reuse developed components, unlock potential by combining multiple data sources and easily scale cognitive virtual assistants with minimum capital investment.

CIRA - Launch a Cognitive Virtual Assistant without writing a single line of code

CogniCor’s CIRA helps financial institutions launch a cognitive virtual assistant without writing a single line of code. Leveraging the domain knowledge built over the years, CIRA offers a quick and intuitive way to build a cognitive virtual assistant for any aspect of banking by choosing from pre-built templates.

Features of CIRA, a DIY virtual assistant platform powered by CogniCor

Existing bots can be imported and managed in CIRA. In addition, teams can easily create projects, design workflows and test multiple virtual assistants in parallel making collaboration easy and reducing time to market.

Painting the Future with Voice

Convenience needs to be the first thing that comes to a customer’s mind when they think of banking and such a reality is not far away. By going beyond mobile apps and integrating with mediums like Facebook messenger, financial institutions have begun to use chatbots to reach new customers and better serve existing customers.

In terms of AI development, chatbots are just the beginning and the tide will shift when the industry moves to voice-enabled assistants. With integration with Google home, Siri or Alexa, voice-enabled assistants can guide/prompt customers before they can even utter a word. Voice-powered chatbots are the next frontier that can manage banking operations with proactive intelligence.

About CogniCor

CogniCor is one of the fastest growing providers of cognitive chatbots for the financial services, insurance and IT support industries. A spin-off from Europe’s top Artificial Intelligence Institute, the company has deployed its solution across the globe and featured in Forrester, Gartner and IDC reports. Over the last four years, CogniCor has facilitated over 5 million interactions and delivered ROI worth $100m.

Meet CogniCor at RBS TechStock 2018 from August 7 - August 10 in Gurugram, India along with our partner World Wide Technology, a leading innovative technology and supply chain solutions provider.

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