Artificial intelligence chatbots for banking: 7 essentials for decision makers

While conversational AI has become the entry point for this technology in banking, most executives of small and midsized banks and credit unions don’t know the basic concepts necessary to making key decisions. This banking-specific primer covers such elemental factors as machine learning, bot training, and generic versus purpose-built AI.

Artificial intelligence is still a somewhat new technology, but it already has the capacity to offer real-world business outcomes for financial institutions in the form of productivity improvement, cost savings and happier customers.

Despite all of AI’s potential, banks and credit unions remain cautious when it comes to this technology, mostly because they misunderstand the process, investment and outcome. As experts in banking AI, we know that AI has come a long way and can dispel even the ardent disbeliever. Today, conversational AI can be:

  • Launched quickly, with near-immediate cost and efficiency savings.
  • Financially and technologically accessible to institutions of all sizes.

 

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