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Learn more Got it! * मराठी * हिंदी * Times Now * Follow us on : * * * * * PERSONAL FINANCE * MARKETS * ECONOMY * COMPANIES * REAL ESTATE * LEADERS OF TOMORROW * INDUSTRY * LIVE TV * MORE+ VIDEOS * ET Now * Companies * Financial Reports * Markets * News * Shows * Health * Fitness * Weight Loss * Yoga * Lifestyle * DIY * Hacks * Horoscope * Men's Fashion * Women's Fashion * Shows * Mirror Now * Crime * Politics * Shows * Society * Urban Debate * Specials * The Foodie * Baking Recipes * Breakfast Recipes * Features * Foodie Facts * Healthy Recipes * Seasonal Recipes * Shows * Starters & Snacks * Times Drive * Features * Car Reviews * Bike Reviews * Cars First Look * Bikes First Look * Bike Comparisons * Car Comparisons * Shows * Times Now * India * India Upfront * Newshour * Shows * World * TN+ * Singles * Series * Zoom * Bollywood * Bollywood Fashion & Fitness * Gossip * Movie Reviews * News * Shows * Telly Talk * TV Gossip Podcasts WORLD ASIA CUP 2018 BUSINESS * Economy * Markets * World News * Companies * Industry * Personal Finance * Tax * Insurance * Planning & Investing * Real Estate * Inspiration Inc MIRROR NOW * Crime * In Focus SPORTS * Cricket * Cricket News * ASIA CUP 2018 * Others * Football * Tennis * Badminton ENTERTAINMENT NEWS TECH & GADGETS Viral SPIRITUALITY Auto * Cars * Car News * Car Reviews * Comparisons * Bikes * Bike News * Bike Reviews * Comparisons * Features * Videos HEALTH EDUCATION PHOTOS ASTROLOGY LATEST NEWS LIVE TV WEB STORIES Visual stories * Sports Cities * Delhi * Mumbai * Hyderabad * Ahmedabad * Pune * Kolkata * Bengaluru * Chennai INDIA * News> * Business News > * Companies CONVERSATIONAL AI LEADING BANKING ENTITIES TO SAVE 20-30% ON OPERATIONAL COSTS: REZO.AI Companies KS Aditya Rao | Manager, Ticker Team Updated Oct 22, 2021 | 16:20 IST TO STAY AHEAD OF THE CURVE, LEADING BANKING ORGANISATIONS ARE ACCELERATING THEIR DIGITAL TRANSFORMATION AND CUSTOMER EXPERIENCE PLANS WITH CONVERSATIONAL AI AND AUTOMATION. (Representational Image) | Photo Credit: IANS KEY HIGHLIGHTS * Conversational AI ensures no calls go unanswered with a faster resolution * 24x7 support resulting in lower churn rate and satisfied customers * Conversational AI can replace time-consuming, error-prone, costly tasks traditionally handled by agents in banking sector The global conversational AI market growth is largely driven by a surge in AI-powered customer support services demand, data centre applications adoption and omnichannel methods’ deployment. In today's world, customers want a tailored and more automated service experience with less friction at every level even in their banking operations. Conversational AI is also helping banks reduce operational costs. A few of the factors that influence the banking operations are interpreting customer complaints, mapping the frequency of complaints and streamlining the processes. Conversational AI also upsells and cross-sells the relevant offers on a real-time basis to consumers who may not be aware of it otherwise. Here are a few excerpts of our Q&A with Rashi Gupta, Chief Data Scientist & Co-founder, Rezo.ai: 1. What is the role of Conversational-AI in smoothening customer support? Notifications/reminders enable the entire process of multiple calls to customers before the payments may be shortened and automated with conversational AI. Conversational AI ensures no calls go unanswered with a faster resolution and 24x7 support resulting in a lower churn rate and satisfied customers. It combines quality with cost-efficiency, by delivering appropriate first call experience with lower handling time in a fraction of the agent cost. While also assists the agents by automating repetitive time consuming, error-prone and costly processes so they can support customers’ complex needs. 2. Is the industry also gearing up for AI assistance for BFSI in the regional languages? What would be the major challenges? Regardless of whether the input is text or speech, language input can be problematic. Dialects and background sounds can have an impact on the AI's understanding of the raw input. Slang and unpolished language can sometimes cause problems when dealing with inputs. However, conversational AI-powered with a strong NLU engine combined with deep learning capabilities helps understand customer language appropriately and recognize multiple intents and emotions. An AI engine is built with millions of customers’ historic interactions and behavioural patterns, which delivers the most personalised experience possible. Conversational AI in today's age can seamlessly talk in multiple languages with a natural human voice, just like talking to a friend. This results in reducing the monotony of interactions and makes banking interactions more humane for customers. 3. What are the security features of the chatbots being used in the BFSI industry? In the BFSI industry, fraud has been a big problem. Conversational AI offers appropriate and accurate results based on a deeper knowledge of consumer behaviour, allowing more accurate scam identification. The methods for masking PII data (Personally Identifiable Information Data) are highly encrypted and cannot be decoded. In essence, the PII data is completely secure, and no one has access to it. 4. How does Conversational AI help in optimizing the workflow of a BFSI company? Personalisation: Using voice, text, email and chat-based solutions, Conversational AI helps banks create personalised experiences for customers leveraging their historic preferences and behavioural patterns while conversing, making customer experiences streamlined. Accuracy: Conversational AI is backed with a powerful Natural Language Processing (NLP) engine; hence it can interpret customer complaints, map the frequency of complaints and streamline the processes. As a result, the support provided by banks for customers becomes more accurate and reliable. Boost Revenue: Conversational AI can replace time-consuming, error-prone and costly tasks traditionally handled by agents in the banking sector. With AI tools and predictive analytics, it can upsell relevant offers on a real-time basis to consumers who may not be aware of it otherwise. This results in a highly personalised service and the potential for boosting revenue. 5. What could be the future of Conversational AI with banking in the next five years? Banks have grown well beyond simply holding clients' funds; AI enables banks to give consumers different omnichannel experiences, facilitate at-scale personalisation and drive quick innovation cycles in order to remain relevant in today's environment. AI's transformation from a fascinating tool to an irrevocably important technology looks to be unavoidable. The banks will seize the unprecedented opportunity to incorporate AI into their operations, enhance working capital management and reduce capital costs. 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