Artificial intelligence (AI) has been trending for some time and not slowing down in its speed, ability, or usefulness. Many financial institutions have implemented at least a basic form of AI to enhance their consumer experience and level of service. This may be a chatbot for online banking or basic IVR (Interactive Voice Response) for the business phone line.
As technology gets smarter, consumers experience fast, seamless customer service with other industries, and they are coming to expect the same type of service from their banking and lending institution. Consumer demand and a desire to remain competitive is expediting digital transformation in the financial institution sector, with many financial institutions seeking out conversational AI over conventional AI.
What is Conversational AI v. Conventional AI?
Let’s begin with conventional artificial intelligence:
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