The chatbot software in various fields. Banking system.

There are a lot of domains where a chatbot may be appropriate and advantageous. Due to the fact that it is quite difficult to comprehend them all within a single editorial, we will start a series of articles based on this topic.
Starting with the banking system, we can discern a huge number of options and operations which this structure is ready to provide us like loans,
mortgages, deposits, checking accounts and many others. For the uninitiated, as well as for those who are familiar more or less with this environment such many possibilities may confuse clients if there is no precise way by which they interact with financial institutions. Currently, banks can use chatbots to communicate instantly with customers and solve their problems immediately with multiple platforms available. A chatbot is accessible non-stop using artificial intelligence to deduce the customer’s preferences and create a personalized and special experience. Being a computer program that helps individuals to have successful conversations a bot is equipped with automated or semi-automated software specifically made to interact with customers.
Let us move to some outstanding examples of those who are more progressive and already jumped into the game, obtaining a considerable benefit.
Chatbot named Erica was presented by The Bank of America, it is available 24/7 to help clients with their everyday banking needs, as to send diverse notifications, give information about the account balance, lock and unlock the debit card and many others, being a real timesaver for both, clients and employees of the bank area.
The American Express bank, another giant in this sector has launched a Facebook Messenger chatbot. AmEx messenger bot is used to give customers access to their accounts.
The JPMorgan Chase bank utilizes chatbots to analyze complicated contracts in a better manner than a human being is able to, facilitating this way its back-office operations.
These are only some definite examples, the real number, in fact, is much higher, including the Capital One bank with its chatbot named “Eno”, the Ally Bank with “Ally Assists” louched in 2015, the USAA bank with their bot “Clinc”, HSBK bank (from Hong Kong) with “Amy” and the list can continue.
Now we can understand the bots’ dominance and the universality of its use. Further, let’s illustrate shortly the central advantages and assistance supported by these “smart artificial companions”.
• 24/7 digital availability. As it was mentioned earlier, this strong argument helps the financial institutions first to draw customer’s attention and later retain it.
• facility of application. Comparatively, with a banking application, a chatbot is more instinctive and not difficult to use. Plus, a client can receive a personalized experience without downloading any app.
• cost savings. Contrasting to the human counterpart, chatbots are comparably economical to develop and manage and they need less coding than banking apps.
• time savings for both parties. With the help of a chatbot, a financial institution can reduce the waiting time along with the associated desk work. In this case, the client can get a rapid, automated and personalized service without visiting the bank whenever he/she needs an account of its expenditure regarding the fact that a chatbot supply account statements completely.
• chatbots increase employees work productivity. Such activities like applying for leaves, accessing individual details, renewing personal information and many other, nowadays are fulfilled by chatbots, allowing the employees to take advantage of it.
Chatbots in banking are developing constantly due to consumer’s expectations. The banking segment has only begun to handle the potential of chatbots, artificial intelligence and advanced technologies in general. However, according to Gartner which is the world’s leading research and advisory company, it is expected that by 2020 85% of businesses and banks will perform consumer engagement through the medium of chatbots based on artificial intelligence. So we need only to stand and stare at chatbots demonstrating the simplicity of complicated things.