Chatbots in Banking: Transforming Customer Interaction and Service Efficiency Through AI

Title

Chatbots in Banking: Transforming Customer Interaction and Service Efficiency Through AI

Creator

Singh, Shanu; Sharma, Bhavna; Awasthi, Yashmita

Description

The advent of Artificial Intelligence (AI) and chatbot technologies has brought drastic transformative changes to the banking sector which has reshaped customer engagement, enhanced efficiency and provided 24/7 assistance to the customers. The paper investigates the usage and impact of AI-powered chatbots on the customer experience and overall performance of the banking institutions through thorough analysis of recent advancements in technology, the study explores how chatbots which are leveraging machine learning (ML) and natural language processing (NLP) are used to address customer enquiries, facilitate transactions and offer customized financial guidance. Additionally, the current study also examines the influence of chatbots on customer satisfaction, regulatory compliance and measures of security highlighting both the advantages and challenges of such systems. Hence, the aim is to contribute to a comprehensive understanding of chatbots' role in banking providing insights into their effectiveness and potential for the future refinement to meet evolving customer expectations. 2025 by IGI Global Scientific Publishing. All rights reserved.

Source

Cultural Sensitivity, Cross-Border Logistics, and E-Commerce in Global Marketing;pp.375-396

Date

01-01-2025

Publisher

IGI Global

Coverage

Singh S., Christ University, India; Sharma B., Christ University, India; Awasthi Y., Christ University, India

Rights

Restricted Access; Hardcopy may be available in the library

Relation

ISBN: 979-833730530-1; 979-833730528-8;

Format

online

Language

English

Type

Book chapter

Identifier

https://doi.org/10.4018/979-8-3373-0528-8.ch018

https://www.scopus.com/pages/publications/105004515889?origin=resultslist