“Mastercard KAI” was introduced in Las Vegas near the end of 2016 as just another leap in ever-increasing demand for Facebook chatbots by banks.
The most significant advantage which financial businesses have seen is the way it cuts down customer complaints about engagement. A call center which employs a 100 people at once can never deal with 500 calls hitting up at the same time, but a bot produced at the pinnacle of Artificial Intelligence certainly can.
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Why Facebook Messenger?
The Mastercard’s bot will not be useful if it is connected to a platform which does not open the user up to the world. Facebook Messenger has well over 1 billion users today with more and more piling up, and with much of commercialization and branding taking place on this medium today, it only makes sense for opting for Messenger as the bridge between banks and customers.
Being able to engage with the bank using the bot and managing financial transactions, getting updates about the latest discounts you can avail in the online market etc. all come attached with the chatbot. So, the overarching benefit is that users who were never content with the bank not responding to their queries in a sufficient manner can now sit back and manage all the questions they have about their accounts and banking performance.
When Did It Start?
The bank which introduced the concept of chatbots and made it mainstream was American Express. Representatives of the bank were keen to point out how many of the account holders were never really aware of cardholders’ benefits and never capitalized on them. With chatbots clearing the way for banks to interact with customers, those figures are changing.
Today an AmEx bot can carry out many exciting functions for you. For example, if you head out with your family to a vacation in a new country where your card is an operation, restaurant recommendations, lifestyle experiences etc. will all be managed by your bot buddy. This can save up a lot of your time and effort because these recommendations come from individuals who have visited the place. Finally, the bank will also tell you about the places you can derive special benefit from in the form of discounts.
This has inspired banks all over America to create their own separate chatbots and establish yet another base to provide excellent customer service while competing with each other.
