Study of Chatbot In Customer Service at Banking

Conversational Banking is a smarter method to keep loyal consumers by responding quickly to their inquiries. Technology has aided mankind in its transition from the Neolithic Period to the present digital era. The transition in customer behavior from service seeker to game-changer is rapid. Gone are the times when a company could afford to prioritize its consumers' demands later. With the customer becoming the final decision-maker for a company's decision to stay or go, it has become the goal of every company to guarantee that customer satisfaction is attained to the greatest extent possible. When it pertains to the banking business, Technology has ushered countless one-of-a-kind approaches for the company to maximize consumer happiness. One ingenious approach is to offer chatbots to clients. Chatbots created with AI are one of the most intriguing banking business methods that may lead to the bank winning the contentment vote of their devoted clients. It is projected that chatbots will reduce cost of businesses by about $7.3 billion in the next two years. According to Juniper Research, banks will save 826 million hours through chatbot interactions in 2023.