Customer support and customer interaction is a major task in most of the companies. Customer interaction techniques are changing and evolving day by day. The banking sector is also very keen to change its customer interaction techniques. Banking field needs to evolve regularly to meet these customer needs.

Self-service banking was first introduced through the introduction of ATMs. 1990 saw its first ever significant digital revolution in the banking field. Graphical web browsing and internet technology made lots of reforms in many businesses. Though internet banking is very famous among users nowadays, it had to travel a long and difficult path to reach everyone’s home.

Conversion banking is simply a self-service banking channel. Conversational banking is highly unique and provides numerous benefits over other banking channels. Conversational banking is normally a bi-directional interface between bank and user. Here a conversation can be initiated by any of the parties, either bank or the user through voice, text or visual interface. Most of the response given by the bank are machine generated but sometimes during more difficult situations a bank staff may be delegated with the response.

There are many ways by which conversational banking can be delivered. Few of which are as follows:

· SMS texts.

· Chatbots.

· Robots And Avatars.

· Automated Sign Language.

· Voice Assistance.

The conversational interface offers many benefits over typical app capabilities and features. The conversational interface offers a more user-friendly environment than a typical app. While using an app a person should only use some particular way of conversation of commands as per mentioned. But with a conversational interface a person can phrase their words and sentences as per their wish and interact with the bots. People who would not want to follow a particular word format are more attracted to such technology. The ease of such conversational interface becomes more apparent even before a user has started a conversation, as this interference does not require any installation. This also saves a lot of time of the user and saves them from frequent update and installation.

Conversational interfaces also offer better user convenience as it has a voice assistance facility. The voice assistance facility is provided on the hands-free conversational channels. This provides quick access compared to paying attention to screen visuals and manually typing messages. The popularity of voice assistance can be easily seen by Google’s announcement of more than one billion devices will now be supporting its voice technology.

However, there are some major differences between voice and chat-based conversational interfaces. One interface will be better suited to one kind of user and the other with other kinds of user. It depends on user preference and needs. Chat based interfaces are more private and generally are limited to personal devices. This provides greater security and privacy instead of products intended to be used by a group like smart TVs.

Further, it has many advantages in the banking sectors. Some of the advantages of using conversational technology are listed below:

· It is available 24*7 for every individual user.

· It helps to take better decisions considering users past interactions.

· It reduces cost as it decreases the number of human agents.

· It is a very accurate and consistent technology with lesser errors.

· It is a self-learning technology as it improves with every decisions and interaction.

· It supports all users not just customers.

· It provides deeper customers journeys beyond banking.

These are only a few of the many advantages of conversational service in banking. Conversational service saves the time of both the bank and users. It also attracts users to their bank. Above we have discussed about many types or forms by which conversational banking can be delivered to users. We also explored about the major advantages of conversational interfaces. So having a look into recent trends and by considering above points we can conclude that conversational banking is one of the best services a bank can provide to its users.

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