LBEF RESEARCH JOURNAL OF SCIENCE, TECHNOLOGY AND MANAGEMENT

Author(s):Richa Shrestha, Jyotir Moy Chatterjee, Hum Nath Parajuli

Abstract:The use of modern technology is inevitable for the banking Industry. When the customers are themselves, technology-driven, it is very important for the banks to upgrade their technology. Artificial intelligence (AI) enabled technology is considered a significant technique in the modern world, for solving various tedious/repetitive tasks intelligently and in an automated manner. A Chatbot is a software tool that is used for simulating people’s interactions in an online environment. Using a natural language, Chatbot can answer queries, do various pre-defined activities, and even provide the required information to the users like a human. Chatbots can be more user-friendly than traditional banking services for providing several services simultaneously to multiple users. AI-embedded Chatbot can be used for the conversation with users intelligently. Such a system is not a new topic for the effective customer interaction in banking sectors, however, its use might be a new technology topic for the banks in Nepal. This paper investigates various aspects of AI-embedded Chatbot and, purposes to use it for providing efficient banking services in Nepal, especially for effective consumer interaction. In this paper, through the descriptive statistical analysis, the role of the Chatbot in enhancing the customer experience with Chatbot has been investigated. Similarly, the investigation of the effectiveness of Chatbot for replacing the human interaction in the bank has been presented. A suitable framework for implementing AI-embedded Chatbot in the Banks of Nepal has been proposed. Lastly, various innovative ideas and solutions for improving the technical and process-related problems have been proposed for the effective use of AI-embedded Chatbots.

Keywords:Artificial Intelligence (AI), Chatbot, banking services, customer interactions, data-mining, machine-learning