Customer service automation in finance using natural language processing and artificial intelligence chatbots

The increasing demand for online customer service at lower costs and with reduced time to resolve a problem drives finance companies to think about their customer engagement strategies in new ways. Websites, mobile apps, kiosks, text messaging, live chat, social contact channels have improved customer experience and allow customers to reach out to companies most easily; yet many customers still prefer human interaction. At the same time customers expect the same level of service at any time of the day, any day of the week. Service agents cannot be the solution here, so companies look to customer service automation as a viable solution. Automating service requests can greatly reduce operational costs, enhance customer experience, and better utilization of human support resources for more complex queries.