Avenir can help banks move to AI
Banks are best suited to deploy artificial intelligence (chatbots) to simplify the overall banking experience. Banks and financial institutions are slow at adopting new technology but have a great opportunity to transform into digital natives by deploying new technology to create the convenience of use that their customers expect.
Banks must be able to answer customer queries through modes that are familiar to their customers, without them having to log into a website or an app each time they want to view their recent transactions. Using chatbots, banks can can gather valuable user data and provide more personalized experiences.
Avenir can develop Bots that can predict, rather than simply reacting to customer needs, using natural language processing and machine learning, and can be exploited to create better banking experiences in several impact areas:
– Personal finance advice. A bot can analyze customer spending by tracking transactions and can offer budget planning tips to help customers manage their finances. Bots can also connect to internal systems to quickly access the right data. Customers can use bots to check their savings account balance, see where they spent money, and ask for advice on how to reach their savings goal faster.
– Fraud prevention and detection.
Fraud prevention in banking is critical as it is tied to customers trust in the bank. You can design a bot to monitor and recognize warning signs of fraudulent activity and alert the affected customers in real time through a messaging app. The system interacts with the customer to verify suspicious transactions, and advises next steps for fraud resolution.