Conversational AI Powers the Future of Banking

By 2021, more than 50% of enterprises will spend more per year on bots and chatbot creation than traditional mobile app development – Gartner

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How virtual assistants are transforming digital banking and delivering next generation intelligent customer experiences

90%

of interactions in banks will be automated by 2022 using chatbots

85%

of consumers will use chatbots when interacting with their bank by 2020

57%

of consumers are interested in chatbots for their instantaneity

Bank of America is using a chat-based assistant that sends notifications to customers, updates them on their FICO score, identifies areas where they can save money, and helps them pay their bills.

JPMorgan Chase has streamlined operations and saved more than 360,000 man-hours by using virtual digital assistants.

Mastercard implemented a chatbot on Facebook Messenger that helps customers more easily review their purchase history, spending habits and account balance

How Kore.ai intelligent virtual assistants can streamline banking operations and drive digital adoption

24/7 customer support

Bank employees often hear the same questions over and over again from customers. This ties up their time and reduces overall productivity. Kore.ai’s chatbots can automate repetitive questions, freeing up
employees to focus on more complex tasks. Bots built with Kore.ai can also access customer information and knowledge bases, allowing them to deliver 24/7, contextual support for rapid problem resolution.
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Financial advice

Conversational agents developed on our platform help customers keep track of their money with balance notifications and bill reminders. Our bots can help users keep their finances under control by offering budget
planning tips and other suggestions on how to save money by analyzing card transactions.
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Contextual Banking

The traditional way of promoting products and services does not resonate well with the new-gen, tech-savvy customers. But with contextual banking, banks can drive personalized promotions and engagement in real-time.
Contextual banking is a model that offers a connected banking experience to customers, with offers and updates at the right place and time. Apart from providing timely updates and promotions, contextual banking also serves as an efficient tool to aid with upselling and cross-selling.
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Personalized marketing

To stay competitive in the digital age, it’s crucial for banks to offer new products and services to its customers. It’s difficult, however, to reach the right customer at the right time and to personalize these products
for individual consumers. Kore.ai bots are already being used by leading banks to deliver personalized offers to customers based on their profile data and important life events. Bots can even be used to promote highly-targeted products and services to customers at the exact right time through their preferred channels, which can greatly increases conversion rates.
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Customer feedback

Accepting customers’ feedback, analyzing them scientifically and providing superior customer experience is at the core of any banking service today Kore.ai’s chatbots enable banks to automate the collection
of customer feedback and makes it easier for your staff to review the data. Chatbots also can provide personalized plans and offers to customers by using this data. Our bots can even help streamline internal operations by improving employee-to-employee communication, by gathering insights from different branches, and by helping management uncover new ideas and strategies to increase productivity and reduce employee churn.
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Customer self-service

Kore.ai’s banking bots can help onboard new customers by assisting them during the new user registration, authentication and account registration process. Our bots can also turn everyday activities like
finding the nearest branch or ATM, making payments, checking account balances, learning about credit cards or interest rates, performing mutual fund and equity transactions, and transferring money between accounts into simple voice or text exchanges.
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How Kore.ai IVAs can empower your bank

See for yourself how our VAs can create personalized and engaging banking experiences for your customers by serving multiple functions – from personal banker to customer service rep and everything in between.

IVAs can act as a personal banker by helping customers transfer funds, add beneficiaries, and perform other common tasks.
The same VA can then act as a wealth advisor by helping customers understand their spending habits and by providing one-on-one, personalized guidance and advice.
The same VA can even perform the role of a call center agent by helping answer customer inquiries and by helping banks sell everything from credit cards to insurance policies.

Build your first bot

Want to learn more about our banking virtual assistant?

Check out these helpful resources or reach out so we can chat about how your business or organization can benefit from bots built on the Kore.ai VA Platform.