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The Significance of Smart Bots in Banking

By CIOReview | Monday, May 14, 2018

With eyes set on customer experience and digitalization, the business world is chasing automation like never before. The banking industry, in particular, is witnessing great transformation because of the rampant increase in the number of inventive fintech companies bringing their cutting edge technologies to simplify and streamline finance. These fintech companies are helping the financial institutions to overcome the legacy strategies and delve into modern technologies driven by the Internet and APIs. An array of technology companies are focused on securing the payments and the end to end financial operations and workflow to keep the bad actors at bay.

Through automation, innovative fintech solutions providers are introducing smart bots. Leveraging smart bots, users can carry out financial transactions from anywhere and at anytime using their mobile devices. The smart bots integrate with mobile apps and social media accounts to create a channel for easy and swift transactions. With frequent user interactions and secured links, these automated programs excel as personal assistants and enhance user experience.

What is more, smart bots can upgrade customer service experience by interacting with customers in real time. Through instant messaging chat boxes and updated dictionaries, these smart bots will be able to interact effectively with the millennials. Once put to use on a large scale, smart bots can eliminate the unnecessary cost in building large call centers and manually-driven customer support services.