Enhancing Customer Engagement through AI Powered Chatbots in Indian Retail Banks
Author : Vibhuti Talreja, Siddharth V, S Annie Leander and Syed Sultan Hussain
Abstract :
In the midst of a fast changing scene of Indian banking, the use AI-powered, chatbots like services is gaining popularity as a good way of improving customer interaction. Through this process, it intends to make a thorough comparison of various banking bots in the Indian market and to enumerate case specific implementation plans to ensure maximum clients’ exposure. With the help of a manual and targeted assessment procedure, this study thoroughly measures the variety of chatbot platform capabilities with metrics such as error level and user knowledge. The combined approach where the available information of users and the industry statistics was used to determine the areas that need improvement in order to enhance the effectiveness of the mechanism completely. The in-depth analysis of the experience of users in chatbot periods combined with professional industry data ought to become the basis for a set of recommendations that will be actionable and the results of which will contribute to improving the functionality of the chatbot. As the first step in this process, the idea of integrating personalized recommendation engines to improve the customer experience is suggested by providing individual solutions and services which correspond to customer's variety of preferences. Then, reactive communication strategies are planned to do future projection, leading to facilitation of initiative interaction and relationship development. Furthermore, suggestive phrase about the necessity to develop the natural language processing algorithms that give ability to make communication more natural and enjoyable is made in order to be noticed by the user more clearly. We hope that this study will help banks in India to create a precise approach for chatbot technology implementation which will serve an underlying purpose of the surviving the tricky issues of Indian banking sector. This bank is now expected to connect more deeply and work efficiently through the deployment of these programs, which will result in the clients being more satisfied and having more loyalty.
Keywords :
Artificial intelligence, Chatbots, Indian retail banking, Customer interaction, Comparative analysis, Client engagements, Performance evaluation, Accuracy, Responsiveness etc.
