Chatbots to the rescue for BFSI

Mar 11, 2021 | Tech

Communication is not key anymore. It is real-time communication that is taking over. And that is exactly why eLearning chatbots are creating a buzz in the eLearning domain for all the right reasons of generating ‘learner engagement’. Added to that, AI-powered chatbots leverage the NLP (Natural Language Processing) technology, which, when used with an LMS, can do wonders for the learning experience.

Learners can simply ask questions to the LMS in their native language, and with the chatbot feature integration, the answers are provided within seconds. Especially in the banking sector, which is highly regulated, the role of industry-specific chatbots becomes even more significant. 

Banking Chatbots – The Fast-Rising FinTech

As per a recent study on the scope of chatbot technology in the BFSI sector, it was concluded that the banking chatbots will help financial institutions save more than USD 8 billion a year in operational costs, globally.

Especially, for the sales teams at banks, these AI-powered chatbots can prove to be therapeutic. Let’s understand with an example scenario. Suppose, while on the call, the customer asks a complex question about the banking product or service the sales executive is trying to sell. Now, with access to an intelligent chatbot, the sales personnel can quickly pull out the answer to that specific question within seconds.

Industry-Specific LMS – A Potential Resolve to the Regulatory Training Needs of BFSI?

It is equally crucial for the banking workforce to understand and familiarize with the new digital processes & infrastructure as it is for the users. Besides the regular compliance mandates, a plethora of new compliance standards have cropped up since the advent of COVID, that you need to conform to.

The potential answer to all the above-stated challenges is effective employee training, that too, using the advanced tech. A BFSI LMS with chatbot integration seems to be the ideal solution and the top global financial firms are definitely embracing it. The time-to-productivity for new hires is being decreased considerably at these premier organizations by adapting effectively to a dedicated BFSI LMS.

A BFSI LMS comes pre-loaded with rich features such as automated alerts for new compliance training programs, tracking of learners’ course completion rate, e-sign attribute as evidence of course completion, training analytics reports, etc. And for all the learning leaders who are getting goosebumps, we can understand. Getting a perfect fit is an underrated pleasure!

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