15 Leading AI-Powered Chatbot Solution Providers in FinTech

Conversational AI tools or chatbots have come a long way from error-prone level-1 support to becoming a widely used tool in banks’ automation and AI strategies. Today, chatbots in banking are being used by Wells Fargo, Capital One Bank of America, HDFC Bank, HSBC, CBA, and many other leading global banks. The contribution of these chatbots is noteworthy. Consider this: Bank of America’s chatbot Erica has served over 35 million customers, and HDFC’s EVA engages in over 20,000 conversations every day. The overall impact and growing importance of intelligent chatbots can be understood if we look at the report from Gartner, which suggests that by 2020, customers will prefer to resolve 85% of their problems with an enterprise without interacting with support staff.

AI-enabled chatbots not only help to speed up the process of managing customer queries but also enable banks to meet the compliance requirement around customer onboarding. For example, to meet GDPR requirements, banks need to consider why and how they store customer data. In this case, chatbots provide a simple interface for various databases with accurate time and date stamps of customers’ consent being recorded. These systems are faster to search & compute data and ...

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