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Technology has been greatly evolved. It’s still evolving to the extent where you can only think about. Unsurprisingly, chatbots are emerging as a great technical assistant for customer services.

How?

They imitate the qualities of a professional technical assistant, chatting like a man while delivering automated messages against queries. These are by far the best virtual assistants that come out handy when you don’t have time to sit and message against customer’s queries. Neither do the customers wait for a human operator. This is the power of technical support. 

If you look at big brands, most of them are deploying these bots for quick communication so that the customers feel delighted for being heard. Gartner has forecasted that 85 percent of business engagements will be carried out without human interference by 2020.  

Why bots?

Banks & eCommerce brands are widely harnessing the AI-powered chatbots to talk and assist their customers. MasterCard, American Express, HDFC and many other ones are there who took this initiative. E-Commerce brands, such as Amazon, are overwhelmingly using it for customer onboarding via a call support.

There are a lot more things that these magical bots can bring on the table. It can indeed keep your data safe and keep frauds at bay. In short, you can have them for data security, fraud detection and wealth management assistance.

Here is how these things can happen with the chatbot:

Keeping Data Safer

Despite raising questions on the data security, chatbots actually come with a winning edge if built and used correctly. You can have full- fledge privacy and protection of the sensitive information of users. Even, a human operator cannot provide that kind of data protection.

The most sensitive of all is users’ banking details, their balance and other personal information. Being delicate, it becomes crucial to put it in the extensive cover. With the power of AI, these bots are way ahead of the manual IT security staff in safeguarding personally identifiable information (PII).

The data are vulnerable when you exchange it over the internet. If bots are allowed to administer functions for security, this vulnerability can be stopped by completely removing humans from the loop.  In addition, they keep all privacy and data compliance into account while engineering the security codes. This is how they manage to confine sensitive information under cover that needs an authority to access for interacting with those codes. In the event of circulating data to the backend CRM or system, they take over the entire responsibility that needs just a fewer human touch points. Therefore, there is minimal risk of system breakdowns.

Moreover, you can have stringent security in place when there is a bot communicating with customers. Nearly 75 percent of businesses have started adopting them as a priority because human are proving the weakest link in offering 100 percent security plus peace of mind.

Monitoring & Reporting on Fraud In Real Time

The cases of frauds are on the rise. Financial service providers have a big challenge to face off day in and day out because 61 percent losses occur due to identity fraud. It means that the banking and financial systems need a better mechanism that can mitigate the risk of frauds. 

Interestingly, chatbots can do this. They have way more efficiency to do it better than that of humans. They can chat like us with your customers, offering correct and valid information on identity. Apart from that, they can accurately determine if it is an AI system that is intimating for a response on someone’s profile. They can detect all inconsistencies in real time, notify when they sense any attempt of vulnerability and even, verify the user if they grow suspicious over the user.

Furthermore, if you have some advanced features in your bot, you can have voice and facial recognition facilities, which add another layer to its security. On the basis of fed data, it can analyse if it is the original voice of the user in real time. It compares that voice with the voice in its neural system and raises an alarm if it is not the real user. Even if you have stammering, nervousness and shivering voice, it detects them and automates security system to take preventive steps to avoid data theft. 

Personalised Support

Bots are no less than a blessing for users who seek personalized assistance from the brand or financial companies. Their AI powered backend system assesses the original profile on the basis of data libraries fed inside, measure capacities to fight with risks and manage payment gateways or other systems in a more optimized manner.

You can see the bot-managed systems recommend updates and alternatives in the case of malicious attempt, which shows that they have great capacities to replace human being.

They can offer personalized suggestions upon analyzing customers’ spending habits, transactions and time being spent on the website. They can have budget-friendly offers and planning tips on that basis. Erica, the virtual assistant deployed by the bank of America, has been doing all these things, offering personalized assistance on finances.

In the nutshell, the AI-powered chatbots are emerging as the best partner ever in technical support services by offering hundreds of benefits, suggestions and timely notifications. They are the real-protector that never compromises with security, which ensures no fraudulent activity.

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