Secured Framework for Banking Chatbots using AI, ML and NLP

Artificial intelligence (AI) Machine Learning (ML), and Natural Language Processing (NLP)are being employed in a growing number of sectors and is evolving as the technology of the future. It has been widely used to improve the quality of decision-making and problem-solving. This research study proposes a secured framework for banking chatbots using AI-ML and NLP. The framework based on qualitative in-depth experts interviews can be used for developing efficient chartbots for managing customer interactions of various data forms. AI enabled chatbots involves use of machine learning algorithms that can communicate with consumers in a conversational manner. AI enabled chatbots can speak common man’s language language and utilize voice as a user interface. Chatbots are used in the public and private sectors to provide virtual help in areas such as telecommunications, media, tourism, retail, stock markets, and banking. In the banking business, chatbot can act as a communication tool between customers and banks. It has a special advantage in financial industry as it can be automated and does not necessitate human interaction; and can enhance accessibility and provide a lot of features to customers.