AI Chatbots Reshape Banking: A Deep Dive into Customer Service Evolution [Video]

A groundbreaking study by Archana Todupunuri, a financial technology researcher based in the USA, reveals how AI-powered virtual assistants are revolutionizing the banking sector through an in-depth analysis of emerging trends and technological advancements.

The AI Revolution in Banking

The banking industry is witnessing an unprecedented surge in artificial intelligence adoption, with global AI spending projected to reach $84.99 billion by 2030. This significant investment reflects the growing recognition of AI’s potential to revolutionize banking operations and customer service delivery through virtual assistants and chatbots. The integration of advanced AI tools equipped with machine learning and natural language processing capabilities is reshaping how banks interact with their customers.

24/7 Service: The New Normal

Modern banking has transcended traditional business hours through AI-powered virtual assistants. These systems handle multiple customer queries simultaneously, providing instant responses and eliminating waiting times. The automation of routine tasks, such as balance inquiries and transaction histories, has significantly reduced operational costs while maintaining …