Chatbots in Banking: Revolutionizing Customer Support Through Artificial Intelligence
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Abstract
The emergence of chatbots as a transformative tool has been witnessed in the banking industry, revolutionizing the concept of customer support by providing a new approach to efficiency, accessibility, and user experience through AI. This paper delves into the role of AI-driven chatbots in modern banking: the impact on service delivery, customer satisfaction, and operational costs. Chatbots can assist customers 24/7, handle repetitive questions, and ensure easy transactions without overburdening human agents, offering prompt, personalized service to the customers. Additionally, advanced NLP empowers chatbots to recognize the intent of customers and to respond accordingly in context. Despite this, issues like data privacy, continuous learning requirements, and complex query handling persist. Thus, it is concluded that, despite these challenges, AI-based chatbots are vital to customer support, loyalty building, and innovation in banking. Future developments will be more sophisticated, empathetic, and secure, integrating the role of chatbots firmly into digital banking transformation.