The Rise of Virtual Assistants: AI’s Impact on Banking Customer Care

An AI virtual assistant is an option chosen in banks more frequently. It is so, due to the fact that using generative AI in customer support helps banks reduce their operational costs, improve response times, and personalize customer experiences. Let’s look into this in more detail.

AI banking assistant

AI Banking Assistant in Customer Support: The Road to Convenience

As we have established in our article on human conversations in digital banking, nowadays, customers strive for convenience. Therefore, banks need to find ways to simplify their procedures while making them quicker for the customers.

Virtual banking assistants are a way to do so, and our own AI tool for banking proves to be an excellent example. By implementing it, you can make the whole process easier for the customers than ever before. How and why?

A virtual banking assistant helps your employees solve queries more quickly. Voicebots and chatbots will answer questions like humans, with one simple difference – they will do it faster, as AI can process all your procedures and regulations in a matter of seconds. As a result, with the introduction of AI, the simplification of customer care has become of the utmost importance.

Improving Fraud Prevention Providing Swift 24/7 Support

Customers might have questions at any time, and when banking is considered, they want immediate answers. After all, their money is on the line. Introducing a virtual banking assistant in customer support is the answer to that desire.

AI-powered chatbots, being capable of solving less complex queries on their own, can be utilized to provide your customers with support 24/7. They do need a bit of human touch – someone who will kick in if the AI cannot handle the situation. But, by using AI assistants or GenAI bots, you can save money by having fewer agents working at night (and let’s be real, it usually means you have to pay them extra), and increase your customer satisfaction by providing your clients with quick responses even in the middle of the night.

KYC compliance is one of the most challenging tasks for banks, and fraud detection is a part of it. Every year, banks pay millions of dollars in AML fines for inadequate customer due diligence, insufficient internal controls, or failure to report suspicious transactions. Using eKYC or AI in customer support might help you avoid that.

To provide convenient and personalized experiences, a virtual banking assistant usually analyzes the data and transitions of a given client. As a result, apart from directly helping the customer support team, it may be passively used for spotting potential fraud and preventing it. Due to the implementation of machine learning (ML), present in most virtual banking assistants, such an AI might learn from the data on previous cases of fraud detection, thus finding patterns that will help your bank spot issues that a human would be unable to.

Optimizing Costs in a Banking Service with an AI AssistCopilot

Another effect that virtual assistants have on banking is that they let you utilize your resources more effectively. Instead of reading through numerous regulations and then coming up with a message, your employee might simply generate a response, verify it (our AI AssisyCopilot shows you what documents it’s based on), change the tone, and send it. As a result, answering a query takes seconds, not minutes.

This lets you achieve a major reduction in the operational costs of your bank as your need for basic customer support staff goes down significantly. Instead, you can focus on educating the most specialized, skilled ones who will be handling those queries that AI cannot.

Asynchronous Communication Thanks to AI Banking Assistants

Whilst using an AI prompter for banks still requires your employees to be present at the time the message was written, full AI-powered banking chatbots let you take the process to another level, by solving simple queries for you.

Why is this important? Because customers strive for immediate response, but having as many agents as possible tickets ready at the same time is impossible. With the use of bots, you may switch to asynchronous customer service – one where virtual banking assistants answer the queries, and your agents only overlook the process and add their own input where artificial intelligence is insufficient.

Supporting Support Agents with Virtual Banking Assistants

One of the newest innovations that impact customer care in banks is using AI-powered video assistants. These can serve as a major source of help for those agents who communicate with the clients through the video channel.

From making notes automatically to suggesting responses and documents that they are based on – virtual video assistants let banks transfer the best assets of voicebots and chatbots and translate them into the realm of video calls, effectively shortening them, thus enabling your employees to participate in more calls daily, and improving customer satisfaction by reducing the time they need to spend on contacting customer support.

AI Banking Assistant: Conclusion

AI virtual assistants, chatbots, and prompt generators have had a significant impact on banking, one that was and is still getting more visible. With the future development of more virtual assistants (yes, we’re working on one!) and the improvement in the effectiveness of AI in general, combined with the benefits that come from using AI-based technologies, we are likely to see an increase in the number of AI tools utilized in financial institutions soon! If you wish to learn more about AI in finances in general, we suggest reading our article on the role of AI in digital banking!