Chatbots – customer service that boosts data security and combats fraud

In an age where convenience, speed and efficiency are king, it is unsurprising that chatbots are quickly becoming a preferred method of customer service. In fact, 69% of consumers have professed a preference for artificial intelligence (AI)-powered chatbot communications, a figure expected to rise to 85% next year. What is more impressive is that chatbots, in addition to their capacity to increase efficiency and provide quick customer service, can also help financial institutions keep data safer by reducing the number of human touches on sensitive data. They can also detect fraud attempts at a much higher rate than their human counterparts; moreover, they can detect these attempts in real time, alert the financial service provider and give them the option to verify any suspicious activities and/or advise the chatbot on next steps to take.

Clearly, AI-powered chatbots have a lot to offer. And financial institutions should be looking to leverage their power to improve data security, prevent fraudulent activity and help consumers make smart financial decisions.