BANKING CHATBOT

ABSTARCT :

This paper discusses the adoption of chatbots and virtual Assistants by different category of banks (private sector banks and public sector banks) in India. The research paper presents a brief introduction of banking industry in India, history, characteristics, and architecture of chatbots and virtual assistants. The research paper also included basic features, way to connect, services offered, accuracy, technology providers of chatbots and virtual assistants implemented by Indian banks. Research paper concluded that Indian banks are aggressively investing in chatbots and virtual assistant technology but features are limited. Most of the questions answered by chatbots/ virtual assistant are routine for which data is already available on websites of the banks. Secondly, awareness of chatbots/ virtual assistants is very low among the customers and employees of the banks. It necessitates enhancement of existing capabilities of chatbots / virtual assistant deployed by Indian banks and awareness with respect to usefulness among employees and customers. The banking sector plays an important role in development into any country. It also explores the existing usability of chatbot to assess whether it can fulfill customers ever-changing needs.

EXISTING SYSTEM :

The association also established two business models for fin tech, namely competitive, which specifically threatens traditional banks and cooperative, which strengthens their roles. Further momentum was obtained by those in the latter. Investment in collaborative fin tech businesses has grown 138 percent, as fin tech recognizes existing banks as potential partners slowly.

DISADVANTAGE :

It is well known fact that a chatbot/ virtual assistant needs to have a certain characteristic in order to increase its usability among the users. If the chatbot is lacking those key ingredients, it may not be used by the users in the long run.

PROPOSED SYSTEM :

This paper is an attempt to study the utilization of the artificial intelligence and natural language processing in Indian banks with respect to the usage of Chatbots/Virtual assistants and fill the gap in the literature on the subject. Select Indian banks both public and private sector has launched chatbots/virtual assistants in order to decrease the operational costs and increase the customer satisfaction by providing the banking services through these chatbots/virtual assistants.

ADVANTAGE :

The development of chatbot can take place on platforms provided by providers of Platform-as-a-Service. The IBM Watson, Snatch Bot, and Oracle Cloud Platform are among them. The creation of chatbots is like the pattern of developing mobile apps and web pages and begins with the design initially. This design describes the bot's and user's interaction. The pattern also includes the building of the bot that uses a natural language processing engine to involve the input analysis. The bots are then analyzed and maintained after the initial stages.

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