However, NLP does come with several challenges - they primarily include speech recognition, natural language understanding, and natural language generation. Whilst BFSI players here will stand to benefit greatly from AI-powered chatbots, it has myriad applications in multiple other customer service-heavy sectors, such as e-Commerce, retail, B2B (business to business), and home services, amongst others. Over in the Asia Pacific, the digital banking landscape is still in its early stages of growth, although with extremely promising prospects, especially in the Southeast Asian (SEA) region. Countries such as the Philippines, Indonesia, Malaysia, and Singapore have all seen encouraging growth in the digital banking and fintech sectors. Interestingly, 32% of them have implemented virtual assistants or conversational interfaces for customer service, and 25% use machine learning (ML) for fraud detection, underwriting, and risk management operations. Nearly 60% of global banking leaders have implemented at least one AI capability, with the most common (36%) being robot process automation (RPA) for structured operational tasks.

They include higher profits, at-scale personalization, distinctive omnichannel experiences, and rapid innovation cycles. OCBC’s use of AI and machine learning reached an inflection point about five years ago, MacDonald said, as growth and adoption of those technologies accelerated. AI and customer service: a match made in heaven?Ī McKinsey report, AI in banking: Can banks meet the challenge?, identified four key outcomes that banks can achieve with the use of Artificial Intelligence (AI).

Tidio’s AI customer service chatbot is called Lyro. While Salesforce and Zendesk can be pricey for startups, Tidio is a relatively affordable customer support service, with a conversational AI chatbot functionality. The overall project shall provide a better shopping experience for customers and user’s alike as e- Commerce is the present, and future of the business industry. Leveraging on the bank’s ASEAN network, EVA is an extension of CIMB Bank Singapore’s chatbot for SME customers which may be introduced to other regions in the future. Some of the best features (proactive messaging, self-service) are paid add-on services. proposed the e-Commerce customer service chatbot to be named as Shop Buddy to appeal to the public. “It acts as first-hand support in answering their queries without having to wait to speak to a Relationship Manager, thereby reducing turnaround time and providing a smoother experience for them.” Victor Lee Meng Teck, CEO, Group Commercial Banking, CIMB Group said, “The introduction of the EVA chatbot for Commercial Banking customers comes at an opportune time given the critical need for customers to bank safely during the pandemic. SHOULD BANKERS FEAR LOSING THEIR JOBS TO FINTECH?

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