Chatbot - "A powerful assistant" in the race to improve banking customer experience

Chatbot (or virtual assistant) is an artificial intelligence (AI) application product that allows communication with customers through digital channels such as websites, mobile applications or social networks. With the ability to automate responses and handle common requests such as checking balances, transferring money, paying bills, consulting products, etc., Chatbot is playing the role of a "gateway" to approach customers in the digital age.

Chatbot virtual assistant not only answers questions related to the product, but also supports handling problems that arise during customer use.

Currently, many commercial banks in Vietnam have deployed Chatbot on different platforms, notably: VPBank, TPBank or BIDV... This shows the increasingly clear awareness of banks about the role of Chatbot in the strategy of improving customer experience.

Despite bringing many benefits, Chatbots at Vietnamese banks are still facing many barriers in the implementation process. One of the major limitations is the ability to process complex languages. Most Chatbots currently only stop at answering simple questions in the FAQ set, while questions with complex structures, non-standard languages ​​or using teencode can easily cause "misunderstandings".

Banking technology expert Nguyen Minh Khoi commented: Chatbots in many financial institutions are still biased towards pre-set responses and button interfaces, making interactions inflexible and not really creating a natural conversational feeling like a real consultant. This makes the customer experience sometimes become formulaic and less attractive.

In addition, the problem of integrating data from multiple systems, the cost of investing in advanced AI and security risks are also factors that make banks hesitant to promote Chatbot applications on a large scale.

To optimize the potential of Chatbots, experts believe that applying large language models (LLM) such as GPT-4, BARD or Claude will create a leap in natural language processing (NLP), bringing a more human-like interactive experience.

“For Chatbots to become truly intelligent, banks need to combine LLM with a specialized knowledge base about their products and services. Then, Chatbots will not only answer correctly, but can also provide specialized information that meets the needs of each customer,” Mr. Khoi analyzed.

In addition, investing in voice technology, biometrics and advanced security solutions will also help improve the convenience and safety of users when interacting with virtual assistants.

Not only does it support customers 24/7 or reduce the workload for transaction staff, Chatbots also open up opportunities for deeper personalization in financial services. Through analyzing the behavior, preferences, and needs of each individual, Chatbots can recommend suitable products, promote cross-selling, and increase customer engagement.

In fact, many major banks around the world have upgraded Chatbots to become personal financial assistants - a companion in smart spending, investment and savings management.

With the rapid development of AI and NLP, the future banking Chatbot will not only be a question answerer, but a comprehensive financial advisor, providing a seamless experience and understanding each customer at a deeper level.

“When technology advances to the level of listening and understanding context, Chatbots will not only be a tool, but will become a core factor helping banks reshape their customer care strategies,” digital finance expert Tran Quang Huy emphasized.

Chatbots are and will continue to be an integral part of the digital transformation journey of the banking industry. However, to truly turn this technology into a competitive advantage, banks need to invest properly in AI technology, data, security, and operations teams. Only then can Chatbots play the role of a “powerful assistant”, improving customer satisfaction and retention in an increasingly digital financial environment.