AI Support chatbot for banking service
Aisa-X offers financial institutions a dynamic platform to deliver timely service and customer support. By automating routine interactions, Aisa-X enhances client satisfaction and operational efficiency.
Financial Planning Support
- Aisa-X analyzes customers’ transaction history, savings patterns, and financial goals.
- Provides personalized budget recommendations, investment options (e.g., mutual funds, fixed deposits), and loan eligibility details. It does a better job in gathering interesting leads.
- Sends alerts for bill payments, EMI schedules, and savings opportunities.
Example: A customer planning for retirement inputs their age and financial goals. AiSA-X suggests a mix of investment plans and savings accounts tailored to their risk tolerance and timeline.
Customer Service
- Resolves common queries such as account balance, recent transactions, and card block requests instantly via chat or voice interface.
- Handles transactional services like fund transfers, setting up recurring payments, and generating account statements.
- Guides customers through complex issues like dispute resolution or KYC updates by escalating to a human agent if required.
- Instantly delivers bank statements, remaining principal payment for the loan.
- Open new bank accounts by completing the e-KYC in an interactive way, this helps customers to increase the customer base.
When visiting any major bank’s website such as HDFC, ICICI, or SBI banks, users find it hard to find out where to get what services. Once it happened to me that, I want to modify my transaction limit, it took more than 15 minutes to find out how to do it. Whereas with Aisa-x, it can be done in matter of few seconds. Similar way, customers using the services from website is very tedious and time consuming for customers, whereas Aisa can deliver better service in more user friendly way and in less time with good customer satisfaction.
Example: A customer asks, “What’s my credit card limit?” AiSA-X retrieves and displays the exact limit while offering upgrade options.
Traditional Banks: In conventional banking setups, customer service costs can range from 10% to 20% of total operational expenses. This includes expenses for call centers, in-branch services, and other customer engagement channels.
Digital-First Banks: Digital banks or fintech firms, which focus heavily on automation and self-service models, tend to spend a smaller proportion of their revenue on customer service. For instance, firms like Nubank emphasize self-service, where 80% of customer queries are resolved without human intervention, leading to reduced overhead
Technology Investments: Increasing investment in AI and automation has allowed some banks to achieve measurable ROI in customer service, with 59% of financial leaders reporting cost efficiencies. Such technologies often reduce the reliance on human agents, optimizing resource allocation
Benchmark Comparisons: Financial institutions often benchmark their customer service spending as part of broader operational cost reviews. A study highlighted that 73% of banking leaders aim to optimize customer service spending by leveraging customer data and streamlining operational platforms
Loan eligibility and Credit Card Assistance
- Guides customers through loan application processes by assessing eligibility in real-time based on income and credit score.
- Recommends the best loan plans or credit card options tailored to customer needs (e.g., travel rewards cards, cashback cards).
- Provides EMI calculators and detailed repayment plans to help customers make informed decisions.
Example: A customer planning to buy a car asks for a loan. AiSA-X suggests suitable car loan plans, including interest rates and tenure, based on their financial profile.
Personalized Savings Goals
- Enables customers to set financial goals (e.g., saving for a house, vacation, or education).
- Tracks progress and offers recommendations like adjusting monthly contributions or switching to higher-interest savings accounts.
- Offers gamified savings plans to keep customers motivated.
Example:A customer sets a goal to save $10,000 for a vacation. AiSA-X suggests an optimal monthly savings plan, tracks progress, and offers investment options to accelerate savings.
Cross-Selling Financial Products
- AiSA-X identifies customer needs based on transaction history, spending habits, and financial goals, then suggests complementary products like insurance, mutual funds, or premium credit cards.
- Uses predictive analytics to identify potential product upgrades (e.g., from a basic savings account to a premium account with added benefits).
Example:A customer frequently travels internationally. Aisa-X suggests a travel insurance plan and a credit card with no foreign transaction fees
Industry Impact
AI’s role in financial services is expected to grow by 21.5% annually, reducing operational costs by up to 30% and boosting customer satisfaction. For instance, JPMorgan’s COIN platform uses AI to review complex contracts, significantly reducing manual labor.
Latest Trends
AI-powered “robo-advisors” offer customized financial recommendations, while sentiment analysis enables financial institutions to gauge market sentiment, enhancing predictive insights.
ABOUT AUTHOR
Venkateshkumar S
Full-stack Developer
“Started his professional career from an AI Startup, Venkatesh has vast experience in Artificial Intelligence and Full Stack Development. He loves to explore the innovation ecosystem and present technological advancements in simple words to his readers. Venkatesh is based in Madurai.”
