Dr.

Babasaheb Ambedkar Technological University,

LONERE
GF’s
GODAVARI COLLEGE OF ENGINEERING,
JALGOAN
Academic Year : 2023-2024

A Seminar on

“BANKING BOT USING AI”

BACHELOR OF TECHNOLOGY
IN
DEPARTMENT OF COMPUTER ENGINEERING

Presented by :
HARSHAL ASHOK PATIL

Guided By:
Prof. Devendra Fengade
 CONTENTS
 Introduction
 Applications of Banking Bot
 Advantages of Banking Bot
 Disadvantages of Banking Bot
 Future Scope for Banking Bot
 Real World Examples of Banking Bot
 Conclusion
 INTRODUCTION
 What is Banking Bot ?

A banking bot with AI, often referred to as a chatbot or

virtual assistant in the banking industry, is a computer program or
application that uses artificial intelligence (AI) and natural
language processing (NLP) technologies to interact with
customers and provide various banking services and information.
These bots are designed to mimic human-like conversations and
can assist customers with a wide range of banking-related tasks.
 APPLICATIONS OF
BANKING BOT
 Natural Language Processing (NLP):
Banking bots use NLP technology to
understand and interpret user queries and messages.
 User Authentication:
Before providing any personalized information
or performing transactions, the bot may need to verify the
user's identity.
 Information Retrieval:
Banking bots are connected to the bank's
database or API to access account information, transaction
history, account balances, and other relevant data.
 Transaction Processing:
Banking bots can assist with a range of
transactions, including fund transfers, bill payments,
account deposits, and withdrawals.
 Account Management:
Users can use banking bots to manage their
accounts.
 Customer Support:
Banking bots can provide customer support
by answering frequently asked questions, guiding users
through common banking tasks, and assisting with issues
like card activation, lost/stolen card reporting, and
account lock/unlock.
 Financial Insights:
Some banking bots offer financial insights
and recommendations based on user behavior and
spending patterns.
 Alerts and Notifications:
Banking bots can send users alerts and
notifications about important account activity, such as
large transactions, low balances, or upcoming bill due
dates.
 Security:
Security is a paramount concern in banking,
and bots are equipped with robust security measures to
protect user data and transactions.
ADVANTAGES OF BANKING BOT
1. 24/7 Availability :
Banking bot provides round the clock
customer support.
2. Instant Responses :
Can provide quick responses to customer.
3. Cost Efficiency :
Due to Bots no human manpower is needed.
4. Consistency:
Bots provide consistent responses to customer
queries.
5. Transaction Assistance :
Bots can help customers with a variety of
banking transaction.
6. Data Security :
Banking bots can be designed with robust
security measures.
7. Reduced Human Error :
Bots are less prone to errors compared to
humans.
DISADVANTAGES OF BANKING BOT

1. Limited Understanding :
Banking bots are often built to handle specific tasks
or queries to handle specific tasks or queries related to banking.
2. Security Concerns :
Hackers could potentially exploit vulnerabilities in
the bots programming to gain access to sensitive customer
information.
3. Lack of Human touch :
They lack human touch and personalization that can
be important in sensitive financial matters.
4. Language and Cultural Barriers :
Banking bots may not be equally effective in
all languages or cultures.
5. Cost of Implementation :
Developing and maintaining a sophisticated
banking bot can be costly.
6. Technical Issues :
Banking bots can experience technical
glitches or downtime, which can disrupt customer
service and lead to frustation.
 CONCLUSION
As we can see, chat bot and other types of AI assistance are
of great use in any industry that has to provide high quality
customer support. One such industry in the finance or banking
area, and it is rapidly integrating this technologies into it’s work
flow.
Banking is all about money and reputation, and AI chat bots offer
numerous benefit for both.
THANK YOU !!