Improving the responsiveness of customer support and providing frictionless, convenient services have been two long-standing challenges for the retail banking segment. Since the banking and financial services industry (BFSI) relies heavily on trust and consumer goodwill, innovations like conversational AI find rapid adoption. These technologies make retail banking more interactive, faster, and customer-centric.

The COVID-19 pandemic has increased the demand for digital banking services and is all the better if they can be offered contactless and remotely. Therefore, conversational AI like voice bots, chatbots, and other virtual agents are seen as an effective way to scale up service delivery while controlling costs. Banks implementing them are interested in their potential to improve customer acquisition, retention, and audience conversion.