Conversational Banking
Project description:
Problem statement:
There are many problems with existing digital banking apps:
- Point-and-click interfaces don’t understand customer’s context and intent.
- The focus is on the solution the app provides and not on the customer problem.
- Feature discovery is very difficult and sometimes it is very difficult to locate a specific feature user is looking for.
- In the absence of intent, push notifications become very intrusive.
- User engagement and re-engagement is really a challenge.
Solution:
Instead of providing a point-and-click interface, user is provided with a chat interface. User can ask any banking related query in natural language and is presented with a response. To understand the context and intent of the user, natural language processing (NLP) and artificial intelligence (AI) technologies are used. The app acts as a personal digital banking assistant for the user.
“Conversational” gives a whole new perspective to digital banking. By understanding the customer’s problem first, such an approach can help banks and financial institutions help customers with to-the-point solutions instead of annoying them further.