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How would I like my Banking Chatbot to answer!!!

Having worked in Banking domain for more than a Decade and moved to Nia Chatbot's Product Marketing team last year and learning how an Artificial Intelligence (AI) powered Chatbot works made me to think on how I would really wish to have a Chatbot address my Banking queries.

Take any Bank's website and there would be host of Products, details listed out in so elaborate fashion however, it takes time to move from one page to another and it could be a mentally draining exercise too. Details are well laid out however, in the fast-paced life, hardly I would like to browse a single page fully, let alone have the patience to go through different pages to figure out which section of the page that I should browse. At any give point of time, I would like to interact with the website differently, sometimes for Funds transfer, on another day to check the account's balance and on a different day to look for latest Credit card offers.

Banks used to invest heavily till few years back to make their websites appealing to Customers and recent trend is to have a Chatbot integrated to answer in a basic and standard way. Once a Customer starts interacting with such Chatbots, it can be easily figured out that they are equipped to answer only standard set of queries and most likely hit the button "Connect to Live Agent" or any other similar one to have a conversation with a Human agent. I often, hit this button directly knowing very well that it's easier to get my query answered by a Human Agent by waiting for few minutes instead of having a chat with a machine in a meaningless fashion.

Why does this happen and what would I like to see as improvements in the couple of Chatbots that I have seen?

  •   First and foremost, it's hardly visually appealing and thereby make it a dull interaction for me (the Customer).
  •   They seem to be configured as rule-based ones and hardly have any learning capability so that it can pick up the cues from my  previous interactions and answer me in the very first instant.
  •   Personalization is missing and always have the standard ways of interactions (same set of options shown at all times).


 Let's see how Nia Chatbot can address these challenges:

  • Through UI Customization, 'Avatars' can be created and an option to choose the one I like for each session can be provided. Infosys ETA team has come up with Lex bot, built on Nia Chatbot platform, having "Avatars"
  • Know the reason for logging into the website with the past history (depending on the date) whether it's to clear my Credit card due/ Insurance payment, etc. and accordingly show me the relevant options.
  • Remind me by looking at various payment options that I have been frequently using in the last 6 months and inform which one would be relevant this time to avail a discount while making a bill payment.
  • Auto suggestion to schedule fund transfer to a different account based on the date of login. 
  • Approve Payment requests initiated by me in a different solution via a voice command.
  • Suggest to look for a new Investment option after looking at currently linked ones and also highlight how it could be beneficial to me considering my spending pattern, investment portfolio.
I can keep adding to the list and these are truly wish list for me compared to the current features that I have seen. I am hopeful that soon I would be able to see them as a reality considering how fast AI based Chatbots are getting developed and taking the World by storm.

As concluding remarks, would like to touch upon on few capabilities of Nia Chatbot.  

  • Help Banks to automate help desk operations, answer Product queries, raise Service Requests, hand over the chat to a Live Agent in case it's unable to answer.
  • FAQ (Frequently Asked Questions) based Chatbot can be deployed to answer chats revolving around set of Queries and Answers like Product's salient features, how to apply for a Product, etc.
  • Nia Chatbot can be integrated with any front-end channel namely website, mobile, Social messaging platforms like Whatsapp, Twitter, Facebook, etc. and can integrate with any back-end Enterprise Applications via Representational State Transfer Application Program Interfaces (REST APIs).
  • Context is maintained and thereby Chatbot will be able to answer queries across various web pages of Bank that Customer has logged into.
  • Multi-lingual Chatbots can be configured thereby Customers can chat via regional languages too instead of standard English language.
  • It's built on Open Source Technologies and hence latest innovations are leveraged. Instead of static responses, Chatbot will be able to learn based on previous interactions and will be able to answer properly to the same query next time.
  • Visually appealing images can be added as responses and even personalized videos also can be rendered dynamically as output. There are multiple widgets available for response configuration.
  • Typos also can be corrected based on the configuration done.
  • Bot Lifecycle management is possible through which Chatbots can be managed right from designing till deployment and even updates in Production environment.

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