AI Agents for Banking and Finance
AI personalized customer support that doesn’t keep anyone waiting for an operator.
Discover AI Voice Agents for Banking & Finance
Revolutionizing Finance
Financial institutions, including banks, need reliable support to help clients get information regarding loans, account questions, and even some basic financial decisions. AI agents can handle routine tasks that don’t need to be done in person.
So, is agentic AI in banking and finance the next big thing and something these institutions will implement?
Services Customers Use at Banks and Financial Institutions
Customers of a bank or any financial institution will always need detailed information or require step-by-step guidance when wanting to do any of the things previously listed. That’s where agentic AI in banking comes in handy. Tier 1 level questions can be handled by trained generative AI agents, allowing human intervention only when tasks become more complex or users demand it.
What is Generative AI in Banking and Finance?
Generative AI in banking and finance comes from using AI, data, and machine learning to build and train voice agents that can understand and respond like real people. Banks and other financial institutions can use AI voice agents to listen, determine what a customer needs, and give clear, helpful answers.
By handling routine tasks efficiently and streamlining operations, agentic AI for banks and finance will free up your team to focus on more complex tasks.
Perks of Using a Voice AI Agent
Using a voice AI agent comes with a set of perks that make a real difference. By using our enterprise service, you can expect your AI agents to be good at:
Faster Customer Support
Instead of waiting in line for a very long time, customers can get instant responses from AI agents.
24/7 Availability
Customer needs can come at any time of the day, and having an AI agent in banking and finance on standby 24/7 will make sure those needs don’t go unanswered
Lower Costs
You can reduce costs by letting AI agents in banking and finance handle a lot of customer requests without needing a large team.
Scales Easily
As a bank or financial institution’s customer base grows, AI agents make it easier to scale services across different branches or platforms.
Personalized Support
Not all customers have the same needs. AI agents can use previously collected data and act upon individual preferences to give personalized support.
Financial Institutions That Can Benefit from Agentic AI
From retail banking to asset management, generative AI and intelligent systems can help financial institutions like the ones listed above. AI voice agents, when trained properly, are good at making decisions using both structured and unstructured data.
By analyzing customer data and spotting market trends or trading signals, AI agents in finance reduce the chances of human error and help teams use their resources more effectively. Financial inclusion is also present by making services more accessible to a wider range of people.
Banks
Credit Unions
Investment Firms
Insurance Companies
Mortgage Lenders
Wealth Management Services
Fintech Startups
Payment Processing Companies
Brokerage Firms
Microfinance Institutions
A Better Customer Experience
The world of banking and finance is well structured, and the more resources, strategies, and solutions it implements for its customer base, the better it will function. Excellent customer service is a vital element that helps businesses in this space stand out as ones that genuinely care for their clients.
One way to better customer support experiences for clients is by using the power of agentic AI. FAQs and repetitive tasks can be done by AI agents without losing the quality and accuracy that real agents would give. An easily accessible solution that ultimately helps financial institutions big time and makes customers happy.
Challenges of AI Voice Agents
As previously mentioned, AI agents for finance are great at answering questions, handling large volumes of calls at a faster pace, and pretty much automating complex workflows. But just because they are good at what they do in different scenarios, they can present some challenges, just like real-life agents.
Complex decisions, questions, and answers given by a customer could result in inaccurate responses. Lack of empathy or monotone responses could make customers feel like they aren’t being listened to or taken care of.
Different agentic AI use cases in banking and finance need to be handled by well-trained AI agents that can continuously learn, go through an experimental phase, and even use past data to evaluate the risk levels of them not doing a great job.
Frequently Asked Questions
What are AI voice agents?
They might sound similar, but they are not the same. AI voice assistants are much more limited compared to AI voice agents. AI agents can have actual interactions and help with more than basic tasks.
How do AI agents work in the financial industry?
With artificial intelligence, and in the financial industry, AI agents can understand, process, and respond to customer requests without needing human oversight.
What is an example of an agentic AI?
An example of agentic AI is an AI voice agent for finance. One that acts as an orchestration layer, and can be used to automate processes like answering customer questions or processing transactions. When things get too complex, human intervention is brought in.
Can AI agents improve asset management?
Yes. Finance AI agents can improve asset management teams by processing large amounts of customer data from different sources, tracking performance, and enabling real-time updates. Financial organizations can use this technology as the next frontier, opening a wide space for new capabilities that act as governance tools.
What financial services can AI agents work in?
AI agents in corporate finance or any other area of it can assist with a wide range of financial services like account inquiries, loan guidance, financial fraud-related queries, payment support, and even investment-related questions. AI agents can even reduce manual work in financial crime investigations!
How do AI agents for finance support financial inclusion?
Financial inclusion means 24/7 assistance, responding in multiple languages, helping users who may have limited access to traditional banking or have privacy concerns, etc. Talking to an AI agent about finance can make it more accessible for anyone around the world. The best part about AI agents is that it work in various industries.
Is artificial intelligence important for financial institutions today?
Because it helps financial institutions operate more efficiently. From things like reducing human error to even spotting patterns in customer behavior. Agentic AI finance can now be considered a must-have solution at any financial institution.
Are AI agents replacing humans in financial services?
No, they are not replacing humans. As an example, an AI voice agent wouldn’t be able to do what a senior partner at an area of a bank does. The future is using both.
Can AI voice agents be used in mobile apps?
Typically, AI voice agents aren’t used in mobile apps for financial institutions. Instead, AI assistants are used.