Defining Chatbots

Chatbots are software programs that use messaging to carry out simple tasks. Most chatbots can interpret and respond to plain text and voice

questions with contextual and actionable information.

Some banks using chatbots in India

• B1NK, a digital-only bank based in Kazakhstan

• Singaporean bank DBS

• Yes Tag by Yes Bank

What’s their role/ how do they help?

• Reduced customer service costs

• Increased cross-selling activity

• Manage money across multiple accounts, track spending, and make transfers

Advantages of Chatbots!

• Bots are cheaper and faster to build as compared to apps.• They provide 24/7 assistance to the customer, thus building up

creditability of the bank.• Enable more flexibility than other mobile customer service options

because bots can interpret and respond to plain text and voice questions.• Bots are a viable alternative to call centers, hence, significantly cutting

operational costs.

Why bots are taking over the apps?• The purpose of sending and receiving the API

• Enabling business to build automated systems

• Facilitating fast and direct connection with people

• Providing flexible templates that offer structural text and additional functionality

• Building of the chatbots is quite simple after the documentation analysis

• Chatting with the friends and companies can be facilitated within one interface

• Bots are a very essential parameter in the banking sector, as their features are promising and essentially suitable to the needs of the proper commercialization in banking

• They can bridge the gaps in the apps leading them to be self-sufficient in competence to the apps as they are more user friendly and understand the requirements of the user because of the involvement of the artificial intelligence

• Bots are easier to develop with respect to the messenger apps

• Furthermore, bots are naturally very appealing to users compared to the apps, because, apps become monotonous after a period. On the other hand, bots are very appealing to the users naturally and aesthetically, owing to their adjustment capability in conversation and communication according to the proximity of the user convenience.

• Moreover, the repetitive process of downloading, installing and updating an app is replaced by the direct process of inviting and conversing with a bot, which is fast and appreciable.

A Few Examples of Chatbots and their Growth Chart

How do they work?

• Chatbots/ Virtual Assistants work as a personal assistant, which adds a personal touch unlike automated answering tools/ software.

• A finance bot can be your personal financial guide giving you advice on anything from investing your money in property to buying a new car.

• A finance bot can also turn complex finance terminology into a layman's’ language, saving your time and reducing your efforts.

Future of Chatbots in India

• Ease of tackling customer service issues.• Quick and convenient support for banking related problems.• A growing number of startups are trying to enter the market with an

aim of getting established in the bot commerce, such as Indore-based Zipi and Niki.AI, which was recently funded by Ratan Tata, — are two major chatbot based startups from India.

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