Conversational Banking System
(Redirected from Banking Chatbot System)
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A Conversational Banking System is a conversational ai system that can facilitate banking interactions through natural language processing to deliver financial services.
- AKA: Banking Chatbot System, Banking Virtual Assistant System, Conversational Banking Platform.
- Context:
- It can typically understand Customer Intents through intent recognition.
- It can typically process Banking Querys using query processing engines.
- It can typically execute Transaction Requests via secure apis.
- It can typically maintain Conversation Contexts through session management.
- It can typically provide Financial Guidance using knowledge bases.
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- It can often authenticate User Identitys through biometric verification.
- It can often escalate Complex Requests to human agents.
- It can often learn from Interaction Feedback via reinforcement learning.
- It can often support Multiple Languages through translation services.
- ...
- It can range from being a Text-Based Conversational Banking System to being a Voice-Based Conversational Banking System, depending on its interaction modality.
- It can range from being a Informational Conversational Banking System to being a Transactional Conversational Banking System, depending on its service capability.
- It can range from being a Rule-Based Conversational Banking System to being an LLM-Based Conversational Banking System, depending on its underlying technology.
- It can range from being a Single-Channel Conversational Banking System to being an Omnichannel Conversational Banking System, depending on its deployment breadth.
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- It can integrate with Core Banking Systems for account operations.
- It can comply with Banking Regulations in financial jurisdictions.
- It can monitor Conversation Quality through sentiment analysis.
- It can detect Fraud Attempts via anomaly detection.
- It can personalize Response Styles based on customer preferences.
- ...
- Example(s):
- Retail Conversational Banking Systems, such as:
- Commercial Conversational Banking Systems, such as:
- Deployed Conversational Banking Systems, such as:
- Erica by Bank of America assisting millions of users.
- Eno by Capital One providing proactive alerts.
- KAI by Kasisto powering multiple banks.
- ...
- Counter-Example(s):
- IVR System, which uses menu navigation without natural language understanding.
- Email Banking System, which processes written requests without real-time interaction.
- Static FAQ System, which provides fixed answers without conversational flow.
- Human-Only Service, which relies entirely on human agents.
- See: Conversational AI System, Banking System, Natural Language Processing System, Virtual Assistant, Customer Service System, LLM-based Conversational AI Assistant System, Voice Recognition System, Chat Interface, API Integration System, Authentication System.