AI Chatbots: A Must-Have for Customer Service

Everyday AI At Work Blog Series

When they first emerged chatbots were simple – mostly just web browser pop-ups that could only send straightforward messages like “Hi, how are you?”  Now with the integration of latest technologies they can be a key customer service element in web based customer interactions.

Hang Seng Bank announced in April 2017 their plan to launch the “Virtual Assistant” service by the end of 2017. The chatbot prototype, powered by IBM Watson, is offered on the website and mobile channels for internal testing currently.

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Hang Seng Bank announces their plan to use chatbots for customer service. From left to right: Barry Chan,  Partner and Banking, Financial Services and Insurance Industry Leader, IBM Global Business Services, Paul To, Assistant General Manager, Head of Digital Banking, Retail Banking and Wealth Management, Hang Seng Bank, Mimi Poon, Director, Banking and Financial Markets, IBM

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Reshaping banks and financial institutions to compete and thrive in the digital age

cognitive-bank

Everyday AI At Work Blog Series

A banking license is no longer a guarantee to print money.  After years of ultra-low interest rates, increasing demands from regulatory and compliance, and cost-cutting measures, yields are not returning meaningful results.

The ever present 24 hour banking scene, and the convenience of out of branch servicing, has led to the anonymous and unaccountable network services center model that has a tangibly negative impact on client satisfaction. This model has also increased the public awareness of service standards, and service impact, while not increasing yields or customer growth. Being the incumbent players in the world of financial commerce, the banking industry has long established processes and procedures that have enabled efficiencies and structure within the established industry. But new players are not burdened by this legacy and are embarking on disruptive technology that offers niche services targeted at high volume highly profitable services.

Small wonder then that customers are increasingly turning to services offered by financial technology companies to fulfill their commoditized service needs.

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