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Top 12 Use Cases & Examples of Conversational AI in Banking and Finance in 2024

Published by
Sushree Sangeeta Behera
September 8, 2023

Did you know that Artificial Intelligence (AI) can skyrocket financial services revenues by 34%? The financial and banking domain is among the most customer-facing sectors. Will you, as a customer, prefer digital, real-time services or tedious and time-consuming physical ones? The answer is quite apparent.

AI is revolutionizing every industry. By 2035, AI solutions will be responsible for a whopping $1 trillion in cost savings in the financial domain. Implementing AI in the finance industry promises smart servicing, which improves customer experience besides driving efficiency.  

Conversational AI in banking is an example of implementing AI technology in the industry. But what is conversational AI? How will it revolutionize the banking sector? In this blog post, we will delve deeper into the use cases of conversational AI in banking, along with some real-life examples of its implementation. 

What is Conversational AI? 

Conversational AI is an artificial intelligence program trained to interact with humans and conduct a natural conversation. In simple terms, it is an AI technology that lets computers or machines chat with humans.  

For example, when a person visits GoDaddy's website to purchase a domain, they may encounter a pop-up in the corner of the screen displaying the message "Hi there! We are here to help you!" As they initiate a conversation regarding their purchase, they interact with a virtual assistant. 

Conversation AI is mostly trained to answer within a certain perimeter, as they are trained for a specific task. A conversational AI designed and trained for "domain and hosting" related subjects cannot answer queries from other niches. However, advanced conversational AI like Amazon Echo and Siri of Apple have a comparatively diverse perimeter. 

But how is it possible? Yes, it is possible due to Natural Language Processing (NLP). It allows the computer to understand the human language and process it to provide a natural-looking output. Impressive, right? 

Conversational AI is way more intelligent than the traditional chatbots used by brands. It is powered by updated artificial intelligence technology, so it is not dependent upon predefined scripts and decision trees like traditional chatbots. 

Conversational AI generates language more dynamically. The best part is that it can learn from conversations and provide a personalized reply!

conversational AI in banking_app0 cta
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12 Use Cases of Conversational AI in Banking and Finance in 2024 

Business Wire's report says that by 2024, banking will rank among the top two industries that spend the maximum on AI. Conversational AI in banking will be a game-changing revolution in customer interaction with banks. Here are 12 amazing use cases of conventional AI in banking, which will suffice the above claim.

1. Customer Support  

Conversational AI in Banking and Finance_customer support


Interacting with a conversation AI is as easy as talking to a banker buddy. Despite being an AI technology, it understands natural language. Thus, it can easily provide instant support 24/7. Not only this, it answers user's queries more like a human and less like a chatbot. 

Chatbots will be the top customer service channel for about 25% of businesses, including banking, by 2027. They can resolve repetitive queries in real-time and perform crucial tasks such as locking or unlocking cards, etc. Most importantly, it automates customer service, thus letting banks handle the bulk of queries efficiently.  

For example, An FAQ bot, accessible 24/7, can easily answer common queries of customers, thus fostering a seamless connection between the customers and banks anytime and anywhere. 

Similarly, the Q-Jump bot is designed to eliminate the need for customers to endure long wait times on hold, whether they're awaiting an available agent or for the contact centre's operational hours to begin. Instead, it seamlessly ushers customers into an efficient workflow, automatically connecting them to the bot. This savvy bot is adept at capturing messages, providing instant responses where feasible, and even scheduling callback appointments when necessary.

2. Customer Onboarding and KYC Verification  

Conversational AI technology will replace the number of employees onboarding new customers. It will streamline these processes from account opening to KYC (Know Your Customer) submission and verification. Like a human assistant, it will guide the customers in every step.  

Moreover, customers can even go for digital ID verification with a conversational AI. This speeds up the entire process, thus reducing costs and improving accuracy.

An onboarding bot will help banks enroll new customers effortlessly. From creating a new bank account to applying for loans, it can automate a variety of tasks.

Besides speeding up the procedure for approval and onboarding, it also makes documentation easy for new onboarding customers. Besides, the bot can even update customers on their application and approval status anytime on customer service requests. 

3. Locate ATM and Branch Facilities 

conversational AI for finance_locate atm

Finding the closest ATM or branch in a locality can be daunting. Conversational AI integrates with a customer's device geolocation to detect the location. It also gives the customer a tour of the closest ATM and bank branch facilities. Its voice recognition technology can easily guide customers to reach their closest ATM or branch. 

Not just this, it also lets the users know other crucial details such as the distance of the closest ATM, timings of the facility, etc. From address and distance to operational hours and directions, thus making the journey navigable.

4. Accounts Management                                                                                                    

conversational AI for finance_accounts management

Besides offering frictionless communication between customers and banks, it assists customers in account management. It automates routine and repetitive tasks such as data entry, thus reducing the chances of human errors.                                                                                

Moreover, customers no longer need to run to the banks for common services such as checking bank balances, managing credit limits and cards, transferring funds, etc. With a conversational AI, the customer must enter his needs through voice or text commands. The specific task, such as transferring funds, would be done accurately in no time. 

For example, a user can transfer money to a shopkeeper by using their conversational AI within the banking application in voice format. In this scenario, an account bot would be the preferred choice.

The bot has all the basic information about the user and his accounts, making it easier to manage account-related requests swiftly and quickly. This secure bot helps a customer in everything by working 24/7, from user authentication to managing funds. 

5. Payments and Transactions Reminders  

In the case where one's credit card bill is scheduled for payment on the 20th of each month, there is a possibility that occasional forgetfulness could lead to late payments and associated fines. However, a conversational AI such as a payment bot will be the savior in such scenarios. 

As it has access to all user account information, it can analyze their transactions to send them personalized reminders. These reminders for financial transactions are automated. 

Nevertheless, users can also schedule transactions by interacting with the payment bot in real time. This reduces the manual workload on banks and assists customers in paying their transactions on time.

6. Self Service Facilities 

According to a survey conducted by American Express, more than 60% of customers prefer self-service facilities. If an individual seeks a personalized retirement plan, they can avoid the inconvenience of waiting in long bank queues for assistance from a single employee by utilizing conversational AI.

This AI will provide them with a detailed plan and suggested investment options, considering their age, income, and financial goals. It will also assist them in setting up automatic transfers to their investment account.  

This AI even lets users complete petty tasks such as checking account balances without having to deal with bank employees physically or on call. This automation saves the time of both employees and customers.

7. Detection and Prevention of Frauds 

Conversational AI can also protect users from potential fraud. But how is it possible? 

Conversational AI constantly analyses users' activities, including payments and transactions. Thus, it can easily detect any unusual, suspicious, or violating activity quickly and accurately. 

In such situations, the chatbot first notifies the customer of the unusual activity. If customers are unable to solve the issue, it also connects them to an employee.

8. Market Insights and Suggestions 

Conversational AI is the virtual finance assistant who manages accounts and provides users with personalised market insights and recommendations. It monitors the market consistently, thus providing them with key insights in brief. It eliminates the need for them to stay alert in the market always. 

Besides real-time market data, trends, and prices, it also provides users with personalised investment suggestions based on their portfolios. It's just the perfect financial buddy who solves all financial worries with a click. 

All that is required is to input a query, like inquiring about the price of a specific stock. The financial assistant is consistently prepared to provide the most up-to-date responses and recommendations concerning investment opportunities and strategies.

An example of such conversational AI would be wealth management chatbots, which can perform all the above-mentioned tasks, thus improving customer engagement.

conversational ai in banking & finance_build ai agent with app0


9. Personalized Product Recommendations 

Grow Segment says that a personalized deal compels at least 49% of the customers to buy a product that they didn't intend to. Sounds surprising, right? Let's understand this from a customer's point of view.

Conversational AI serves as a valuable resource for anyone experiencing uncertainty about choosing the right credit card or seeking an investment plan to achieve their financial goals. It provides similar assistance as one would receive from a bank employee in a physical branch. 

Conversational AI in banking not only analyses users' financial and banking data but also comes up with customized suggestions and product recommendations. These recommendations are personalized based on their financial activity. 

10. Risk Management 

Conversational AI automates routine tasks, which increases the accuracy of banking procedures. It also monitors and analyses customer's data and activity, thus identifying potential risks and frauds. 

Furthermore, it continuously monitors compliance with regulatory compliances. Thus, it can detect and flag any possible violations. Besides detecting risks, it helps customers resolve such situations with step-by-step guidance. 

11. Document Sharing  

conversational AI in banking examples_document sharing

It's very common on our part to forget or leave behind some crucial documents while going to the bank. This is time-consuming and annoying on the part of the customers. 

With a conversational AI, users can submit all the necessary documents online. Sometimes, these AIs also send them personalized reminders on documents they need to carry for their next bank visit. 

Besides this documentation, conversational AI can also prove fruitful in other areas such as filling forms, document verification, eKYC, etc.

12. Feedback Collection 

Users receive feedback forms or texts after exploring any banking or financial service. Well, that's a conversational AI working to get feedback on their experience. 

This feedback goes on to play a crucial role in rating and improving the bank's services and the experience it delivers. These texts are also heartwarming for the customers who feel valued. 

5 Examples of Conversational AI in Banking and Finance in 2024 

Is conversational AI in banking a reality yet? Yes, here are 5 examples of conversational AI in finance and banking.

1. Erica from Bank of America 

AI at Bank of America – Erica Chatbot_conversational AI in banking examples

With over 90% efficiency, Erica is the virtual finance assistant at Bank of America. One can find this conversational AI chatbot within their mobile application free of cost. 

Now, how does Erica help customers? In short, it provides personalized suggestions on credit, banking, investing, and retirement planning. From checking account balances and providing personalized market insights and advice to sending notifications in case of account change, Erica helps customers in a multitude of ways.  

Erica has had over 1 billion interactions with customers. Moreover, it helps around 32 million customers daily with their day-to-day financial needs and queries. 

2. Eno from Capital One 

Eno_conversational AI in banking examples

Eno, the conversational AI by Capital One, is the first text-based AI from a US bank. Also known as "AI with EQ," this conversational AI chatbot can understand and respond to emojis and emoticons. 

Let's say one wants to check their account balance with Eno. They can either text Eno "balance" or use a money bag emoji. They can even go simpler with the emoji "$." Viola! Eno will be back with their account balance in no time. Isn't it quite interesting? 

Eno is well known for its proactive support in basic money management tasks. Besides the common conversational AI applications, it can even create virtual card numbers for users while they're shopping online. Not just this, it can also track their spending and provide real-time alerts. Customers have rated Eno 4.7 out of 5.

Do you wish to have such text messaging automation? If yes, check out some amazing solutions, such as App0, which is well-known for providing conversational AI solutions in the financial domain.

3. Amex Bot by American Express 

Deployed on Facebook Messenger, this conversational AI by American Express helps customers link their cards with online Facebook Messenger accounts. This way, the intelligent AI keeps track of their purchases, thus sending them real-time sales notifications. It also provides contextual recommendations based on the user's activity on Facebook Messenger.

4. Ceba by Commonwealth Bank Australia

conversational AI in banking examples_CommBank

Commonwealth Bank Australia (CBA) also has its own conversational AI chatbot, Ceba. Launched in 2018, Ceba is designed to help customers with about 200 banking tasks, from activating cards and answering FAQs to making payments. 

Ceba has handled about 15.5 million interactions and has been awarded as the Gold Winner at the APAC Stevie® Awards two times. It's available 24/7 and was mainly developed to improve customer service. This powerful AI now handles 60% of the customer's queries, leaving the employees with more crucial and creative tasks. 

5. Eva by HDFC Bank

The most sophisticated and efficient among all Generative Conversational AI solutions in the world is this conversational AI chatbot by HDFC Bank named Eva. Launched in 2017, Eva can handle day-to-day customer queries easily.  

With more than 90% accuracy, Eva has swiftly handled over 1.2 million conversations and 2.7 million queries. 

Steps to Build a Seamless Conversational Banking Experience

A few milestones need to be covered to provide seamless customer service. Building a conversational banking system that is customer-centric paved through a systematic process, which includes:

1. Mapping the Customer Journey

The best conversation banking experience is the one that aligns with customer convenience. In order to execute customer convenience, it is crucial to understand the customers' journey. The banks should also respect generation trends in order to become accessible to all. The mapping will also cover the identification of:

  • Questions customers usually ask
  • Genuine drawbacks of present customer services
  • Differentiating various queries under specific remedial methods  

2. Selecting the Right Conversational AI Partner

An efficient and customer-centric conversational banking experience demands powerful conversational AI support. We can expect such services from an experienced vendor with expertise and the latest technology. Collaborate with a conversational AI partner or platform which provides customisable options and regular updates in their technology.  

Are you looking for the perfect conversational AI platform partner for your business needs? Look no further! App0 is here to help with its comprehensive suite of cutting-edge AI-driven solutions, which will help to create and deploy intelligent AI agent and virtual assistants in your business. Their AI assistants understand and engage with customers like humans, thus fostering meaningful connections and proactive engagement.

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3. Leveraging Human Agents When Necessary

It is a fact that more than 85% of users expect the chatbot as a medium to contact live agents. For instance, If we have two chatbot services, most customers will pick the chatbot that can quickly and easily connect to a live agent.  

One can improve the customer's experience if the AI tool is supported via live agents. This balanced approach combines AI's efficiency with the human staff's empathy and expertise.

4. Strengthening Cybersecurity Measures 

Security and customer's trust is directly proportional to each other. A customer will never put his privacy at stake for any service. We cannot run away from the fact that security is of utmost importance in banking. 

After implementing the Conversational AI, a dedicated team should check all the security updates. It must be strong enough to protect the customer's sensitive financial data from any potential cybersecurity threat. The banks should ensure that conversational AI should align with industry standards to ensure security.

5. Gathering Valuable Customer Insights

Implementation of AI technology is not enough. We need to analyse how things are working and what more can be done. To continuously improve the conversational banking experience, collect customer feedback systematically. 

Check customer preferences and demand to bring updates and changes to the existing system. These insights will help to fine-tune the conversational AI and enhance overall customer satisfaction. 


Finance is one of the first domains to adopt Artificial Intelligence (AI) in its operations. Implementing AI solutions such as conversational AI for finance and banking is beneficial not just for the financial institutions but also for the customers. 

It's a great way of automating repetitive tasks, thus improving accuracy and efficiency and reducing costs. Furthermore, it also improves overall customer experience, which is important for the financial domain.  

If you're looking forward to integrating conversational AI in your financial service or institution, request a demo with App0. Its AI-powered messaging solution integrates communication across multiple channels, thus streamlining workflows and fostering meaningful connections. 

To learn more about App0's conversational AI for customer service, Request a Demo.

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