The banking industry has been revolutionized with technology, but the steps being taken in Facebook Messenger could change the course of this success to newer heights.
This possibility is thanks to coding and how in-chat texts now have codes in them which can be translated into actions thanks to artificial intelligence. This is a massive leap for the banking industry due to the following reasons:
- Most banking operations such as paying bills, transferring money etc. are repetitive in nature, and can easily be understood by artificial programs.
- Facebook Messenger actively used by most account holders in any bank today.
Benefits of Banking with Chatbots
The aim of these improvements can be understood in a much better fashion through an example. If you type “Transfer $200 to Lambert Jones” in your chat box, the AI will be able to determine the nature of your message and use the code associated with it to carry out the transaction. In the event that a direction is vague, the bot can always ask you for more information. The benefits, therefore, extend to the following regions:
- Banking Alerts: These alerts inform you of your remaining balance after a transaction etc.
- Customer Support: The bank ensures that the Messenger customer service section is operational 24/7, so you will not have to spend time and money on calling the service center and wait to engage with an agent.
- Billing and Transfers: Scheduling a visit to pay bills at the bank can be quite a redundant task, and your Messenger today can take care of it.
The benefits are two ways. For the bank, the reduced cost of entertaining customers and managing many branches, the access to big data and history of customers, and close engagement with account holders all act as sufficient reasons to delve more into the world of Messenger banking.
Are There Any Drawbacks?
The technology is indeed very promising, but it has not been perfected up until now because AI that can manage functions, deny senseless requests, and work entirely as a separate entity does not exist. And in the event of a system crash, the entire effort becomes questionable.
In addition, convincing to customers that their information over Facebook Messenger is safe can be difficult because of the lack of faith they have in chatbots and in Facebook as a whole. These factors withhold the revolutionary changes in banking that Messenger can bring.