Revolutionize Member Experience with Conversational Artificial Intelligence

September 9, 2020

The conversation around artificial intelligence (AI) is not one that is new to us, and the continuing implementation of AI into our organizations and our personal lives has seen steady growth.


Over the past 50 years, many creative minds have tried to imagine what role AI would play in our future - whether this was depicted in books, movies or articles. There is no shortage of ideas on the topic.


The implementation of AI within financial institutions is continuing to grow as they look for new ways to support members and their organizations. One of the main areas we are seeing AI being leveraged is in the area of conversational artificial intelligence (CAI). CAI can range from chatbots, intelligent virtual assistants or digital employees. We’ve outlined some key points about CAI to help you determine what solution could benefit your organization.


What CAI is Right For Me?

The first step in understanding your financial institution's path to CAI success is understanding the CAI options that are available to you. In his article “Human: ‘I’: The key to conversation AI in banking”, David Vila, AVP at Genpact, explains the three main forms of chatbots:


Scripted bot: As the most simplistic bot, a scripted bot can provide answers to questions such as, “what’s my account balance?”.


Contextual bot: For another layer of complexity, a contextual bot can understand natural language and the context of questions within a conversation. It answers questions such as, “what does that mean?”.


Learning bot: This advanced bot uses machine learning by collecting data from past conversations and leverages that information to influence its future interactions with humans. The more people use this bot, the better it gets at determining user intent and providing the correct information. As the learning bot is the most complex, it takes the most time to implement, but will provide the greatest long-term value. Scripted bots and contextual bots are great short-term solutions but are more limited in their capabilities.


With each bot providing a slightly different service, interpreting what bot is right for you and your members is key. 


Maintaining a Successful CAI

After selecting the right CAI for your financial institution, it important to make sure it is equipped with the right data. Without providing the right data to your CAI, you could end up causing more of a hassle for your members rather than helping them. An ill-conceived bot that gives misinformation can ruin member experience and erode trust.


Keeping documents and other forms of information up to date is important when maintaining a successful CAI within your financial institution. As you continue with your CAI solution, always keep in mind what your members want from this experience. Are you providing them with the information they need? Are they continuing to use this new bot function? What information are other organizations providing?


Another important question to ask as an organization is: what is the best channel for your members to interact with you CAI? A few potential channels are:

  • Web
  • Mobile text
  • Interactive voice response
  • Digital voice (smart speakers)
  • Social media 

These are all essential questions that should be used to continuously evaluate the success of your CAI. Make sure that your CAI strategy aligns with the functions of the channels above, and create awareness of your new offerings among members to ensure regular use of your bot technologies. 


As conversational AI continues to grow and evolve, financial institutions must take advantage of the opportunities that are in front of them, both for their members and themselves. Please share these insights with your network and tag us on social media to let us know what your organization is doing to explore CAI.


Related posts: 

Attracting Gen Z to your Financial Institution 

Celero Spotlight: Digital Transformation Interview with Don Shumlich, CEO of Weyburn Credit Union 

Cryptocurrency Basics: Blockchain and the Future of Banking for Credit Unions 

Three Trends to Achieve Digital Banking Success 

Three Recommendations to Prepare Your Credit Union for Open Banking 


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Revolutionize Member Experience with Conversational Artificial Intelligence