Role Of Chatbot As A Banking Tool
BANKING FINANCE|August 2022
With consumer expectation increasing, the use of artificial intelligence, machine learning and chat bots in banking is also increasing. Banks and credit unions worldwide are testing new application and deploying new solution to improve overall digital customer experience.
Abhinav Jain
Role Of Chatbot As A Banking Tool

Artificial Intelligence

In order to achieve operational efficiencies, reduction in cost of operations and better financial control, banks in India are adopting the latest technologies. After the adoption of central banking system (core banking), Indian banks are heading towards implementation of emerging technologies like big data, analytics, machine learning, artificial intelligence (AI)

Artificial intelligence (Al) is the simulation of human intelligence processes by machines, especially computer systems. Specific applications of Al include expert systems, natural language processing (NLP), speech recognition and machine vision and various other facets Al programming focuses on three cognitive skills: learning, reasoning and selfcorrection.

Learning Processes- This aspect of Al programming focuses on acquiring data and creating rules for how to turn the data into actionable information. The rules, which are called algorithms, provide computing devices with step-by-step instructions for how to complete a specific task.

Reasoning Processes - This aspect of Al programming focuses on choosing the right algorithm to reach a desired outcome.

Self-correction processes - This aspect of Al programming is designed to continually fine-tune algorithms and ensure they provide the most accurate results possible.

CHATBOT

Gone are those days where people have to stand in Banks for availing basic services. Artificial intelligence is dramatically changing the world. It is leading to better experience and assistance to customer .As a result marketers understand the importance of those applications which help in conversing with customers and help in providing better assistance.

この記事は BANKING FINANCE の August 2022 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

この記事は BANKING FINANCE の August 2022 版に掲載されています。

7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。

BANKING FINANCEのその他の記事すべて表示
Fraud Risk Management In Banking
BANKING FINANCE

Fraud Risk Management In Banking

Fraud risk management is a fundamental aspect of overall Risk Management within the banking sector. In India, banks adhere strictly to guidelines set forth by the Reserve Bank of India (RBI) to prevent, detect, and promptly report fraudulent activities.

time-read
6 分  |
October 2024
Will Brick-andMortar Banks Get Schooled by FinTech Startups? The Talent War for India's Banking Future
BANKING FINANCE

Will Brick-andMortar Banks Get Schooled by FinTech Startups? The Talent War for India's Banking Future

The Indian banking sector is on the cusp of a transformation. FinTech startups are revolutionizing the industry with innovative products, seamless digital experiences, and a culture of agility. But this disruption extends beyond just technology.

time-read
4 分  |
October 2024
Beyond the Rate Hike: Understanding the effects of Monetary Policy Tightening in India
BANKING FINANCE

Beyond the Rate Hike: Understanding the effects of Monetary Policy Tightening in India

Globally Inflation started rising post April 2021 and went above the target range set by most of the Central Banks. It had remained low and dormant for a substantial duration since the global financial crisis. CPI inflation in developed countries such as US, UK and Euro zone, began to exceed their traditional target of 2% and continue to stay at these elevated levels till recent time.

time-read
10+ 分  |
October 2024
MSMEs - The Unsung Heroes of India's Economic Journey
BANKING FINANCE

MSMEs - The Unsung Heroes of India's Economic Journey

Micro, Small, and Medium Enterprises (MSMEs) are the lifeblood of India's economy, contributing significantly to GDP, employment, and exports. Their ability to adapt, innovate, and create opportunities has propelled India towards becoming a global economic powerhouse.

time-read
10 分  |
October 2024
The Role of Sustainable Marketing in Modern Business Practices
BANKING FINANCE

The Role of Sustainable Marketing in Modern Business Practices

The landscape of business is evolving with a growing emphasis on sustainability. Sustainable marketing, which integrates environmental and social responsibility into business practices, is gaining traction as a critical approach for companies aiming to align with the values of modern consumers.

time-read
3 分  |
October 2024
Transforming Indian Banks: How Generative AI is Redefining Marketing
BANKING FINANCE

Transforming Indian Banks: How Generative AI is Redefining Marketing

In the fast-paced world of finance, marketing strategies have evolved greatly, using the latest technologies to effectively reach and engage customers. Among these technologies, Generative Artificial Intelligence (AI) stands out as a game-changer.

time-read
5 分  |
October 2024
Legal News
BANKING FINANCE

Legal News

No GST on Fines and Penalties Collected by RBI, Rules Maharashtra AAR

time-read
2 分  |
October 2024
Frauds in Banking Sector and Role of AI in Fraud Management
BANKING FINANCE

Frauds in Banking Sector and Role of AI in Fraud Management

The banking sector, a cornerstone of the Indian economy, plays a critical role in driving financial inclusion and stability. However, it has not been immune to fraudulent practices, which jeopardize not only the financial institutions but also the trust of the populace.

time-read
4 分  |
October 2024
RBI CIRCULAR
BANKING FINANCE

RBI CIRCULAR

Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit

time-read
4 分  |
October 2024
Banking and Financial Services: Paving the Way for India's Development
BANKING FINANCE

Banking and Financial Services: Paving the Way for India's Development

The adoption of digital payments through platforms like the Unified Payments Interface (UPI) has made cashless transactions a norm. The rapid growth of fintech has democratized access to financial products, making it easier than ever for people across the country to manage their finances.

time-read
2 分  |
September 2024