Banks and financial services companies are one of earliest adopters of Conversational AI. They are making it quicker and easier for consumers to open accounts, transfer money, activate cards, check account balances, make payments and simply get the information they want.

"Conversational banking" is defined as banking in which AI-powered chatbots communicate with customers through familiar text-and voice-based interfaces to enable a 2-way digital customer experience. Conversational AI works with intelligent automation systems to process requests, including a live agent handover, which is when a chatbot cannot answer a question and needs to transfer the conversation to a human agent.

Watch this video to see an example of a live agent handover. The consumer doesn’t remember if he/she has an account, a question the chatbot cannot answer, so it transfers the conversationto a human agent. The live agent is notified via RingCentral to reply to the consumer, which transfers directly over to the chat with the customer.