Voice Enabled Banking and Chatbots with Dialogflow

Banking chatbots generate better results and superior customer experiences for the banking industry and other financial institutions

Introduction

Banking chatbots generate better results and superior customer experiences for the banking industry and other financial institutions. They can assist bank customers to get the status of account balances, transfer funds, apply for personal loans and credit cards, pay bills, check their credit scores, and update financial and profile information. Routine customer interactions can be either fully or partially automated by introducing a digital assistant or banking chatbot that is available 24/7

What is Chatbot?

A voice-enabled chatbot is a variant of a conversational AI solution. It leverages NLP combined with speech-to-text(self-developed or already existing platforms) and automates speech recognition to deliver resolution immediately. Voice Assistants can either be a complete voice-based model or as a multimodal chatbot supporting both text and voice

What is Dialogflow?

Dialogflow is a natural language understanding platform used to design and integrate a conversational user interface into mobile apps, web applications, devices, bots, interactive voice response systems, and related uses

Overview of Market Share

The global chatbot market size was estimated at USD 430.9 million in 2020. The growth is expected to be driven by the increasing adoption of customer service activities among enterprises to reduce operating costs. A chatbot is an interactive application developed using either a set of rules or artificial intelligence technology. It is designed to interact with humans through the textual conversation process and is integrated with various messaging services, thereby assisting users in various sectors. Various innovations carried out in Artificial Intelligence (AI), and Machine Learning (ML) technologies are expected to enhance the features of chatbots, which, in turn, would drive demand

Chatbots are gaining popularity as businesses continue to automate their sales and customer services. The use of these bots enables organizations to deliver timely services at reduced costs. The chatbots interact with users via the web page or mobile applications or through SMS etc

How do Chatbots work?

  1. 1A user sends a text/voice message to a device or an App
  2. The App/Device transfers the message to Dialogflow( via detecting API )
  3. The message is categorized and matched to a corresponding intent (Intents are defined manually by developers in Dialogflow)
  4. We define the following actions for each intent in the fulfillment (Webhook)
  5. When a certain intent is found by Dialogflow, the webhook will use external APIs to find a response in external databases
  6. The external databases send back the required information to the webhook
  7. Webhook sends a formatted response to the intent
  8. Intent generates actionable data according to different channels
  9. The actionable data go to output Apps/Devices
  10. The user gets a text/image/voice response

How to build your first Chatbots?

Agent: An agent is merely another term used to refer to the chatbot. While using Dialogflow, you will find that many people start off by asking you to ‘name the agent.’ This just means giving your chatbot a name, so even in this context, it’s one and the same

Intent – ‘Intents’ are how a chatbot understands Expressions

Responses: This is the chatbot’s output that is aimed at satisfying the user’s intent

Entities: ‘Entities’ are Dialogflow’s mechanism for identifying and extracting useful data from natural language inputs.

Actions & Parameters These too, are Dialogflow mechanisms. They serve as a method to identify/annotate the keywords/values in the training phrases by connecting them with Entities

We will see how to create a chatbot in Dialogflow using the following

Step1: Login with DialogFlow Account

  1. Go to https://dialogflow.cloud.google.com
  2. Click ‘Go to console’ in the top right corner
  3. Login with a Gmail account

Step2: Create a new Agent

  1. Start off by clicking ‘Create Agent’ in the column menu to your left
  2. Give your Bot a name! We’re going to call ours a ‘Testing’
  3. Be sure to select your time zone and language as required
  4. Click ‘Create’

Step3: Create a new Intent

  1. Click “Intent” on the left side
  2. Add the Intent Name and Training Phrases
  3. If you have already created Entity, Please mark the entity for the corresponding questions. Here I have created one entity as “Cheque” and marked that keyword to that training phrase
  4. After that, we need to add the response in the Intent
  5. Click “Save” in Intent

Step4: Check Question

We are able to check the questions on the right side of the top corner and it will give the intent name, Entity name and answer also

Best features

Some best features are given below

  1. Self Service Customer Support
    Self Service via a voice bot is more scalable and customer-centric. Giving your customers a voice bot as the first mode of communication can help them resolve their queries faster and for major queries, the AI-enabled voice bot can transfer the call or the message to the right agent
  2. Zero Wait Time
    Calling any customer support center can be a nightmare for most people, basically, because of the wait time and redirections. Enabling FAQs on automating general queries on IVR, Alexa or Google Assistant can save a lot of time and the agent can take over or the call can be transferred to the agent only for critical issues
  3. 24/7 Availability
    Humans require rest, but machines do not. Even if your agent is not available, the voice bots can resolve the queries for your customers and take their details in case of urgent queries. And your agent can contact them at their earliest convenience
  4. Break from Monotonous Texts
    Provide a multimodal Intelligent Virtual assistant supporting both chat and voice, rather than just a text-based chatbot. Just a text-based chatbot requires a lot of patience, and time from the user’s end. And also sometimes it becomes difficult to understand voiceless messages as it lacks sentiments. AI-enabled voice bot is highly automated, intelligent, and customer-friendly; making it a need of the hour for brand-customer engagement platforms
  5. No human contact
    Pandemic made it really clear the need for an automated customer support system, as most customer support offices were closed down. Many businesses and banking institutions were seen adopting IVR support for resolving customer queries like Kotak, ICICI, etc
  6. Save Cost
    An automated AI-enabled voice bot increases your team’s productivity, by taking care of all repetitive queries. Your team can just focus on critical queries, thus saving a lot of time and money for your business
  7. Increased Productivity
    Using voice bots, your customers can handle multiple tasks simultaneously, and in one call. Customers can schedule appointments, organize and modify meetings, check balance, do transactions, get account details, set reminders, etc

Tech Stack and Team Capabilities

A company can use Dialogflow to create messaging bots that respond to customer queries in platforms like Alexa Voice Services (AVS), Google Assistant, Facebook Messenger, Slack, Twitter, Skype, Twilio, Telegram, and several other messaging integrations. Dialogflow can be integrated into WhatsApp, too

Other chatbot platforms

  • Google Dialogflow
  • Amazon Lex
  • IBM Watson Assistant
  • Facebook’s Wit.ai
  • Microsoft Azure Bot Service

Programming Language support

Dialogflow supports the following programming languages c#, Go, Java, Node.js, PHP, Python, and Ruby
Choosing NodeJS is clearly a straightforward choice because NodeJS is asynchronous

Platform case study with a link

You can browse the sample code about Dialogflow integration from Google at GitHub with the links below

Language Links
C# GoogleCloudPlatform/dotnet-docs-samples/
Go GoogleCloudPlatform/golang-samples
Java googleapis/java-dialogflow
Node.js googleapis/nodejs-dialogflow
PHP GoogleCloudPlatform/php-docs-samples
Python googleapis/python-dialogflow
Ruby googleapis/google-cloud-ruby

Frequently Asked Questions

Understand the common challenges or questions in the mind of our customers

Chatbots are essentially a form of automated service that customers can communicate with via text or voice on different channels, e.g. website, Facebook Messenger, phone, other applications or via voice assistants such as Amazon Alexa, Google Assistant.

Chatbots are suitable for many industries and use cases. They are well-known to be able to provide excellent customer service, but there are also some great examples of chatbots in marketing & sales.

The investment that you put into a chatbot depends on various factors. Things such as the complexity of the bot, its AI capabilities, how it is built, technical integrations, infrastructure, launch & post-launch support, and more have to be considered when you calculate or compare the cost of a chatbot.

Dialogflow CX has a free trial period. Once the free trial has ended, or if you are using Dialogflow ES, all requests incur charges according to pricing.

Yes. You can log all end-user conversations in BigQuery, control where the data is stored, and control data access with IAM.

Text conversations sent to Dialogflow are saved to internal systems for storage. However, you can turn off conversation history storage and optionally store conversations elsewhere.

Not by Dialogflow. Mobile developers and third-party integrations can choose to store Dialogflow data as needed.

Our Recent Blogs

Follow our latest blogs on digital trends, updates on current technologies, and recent market trends. Get updated with our interesting blogs to find the perfect solution for your business

Top 5 Java Development companies in Chennai

Why and when choose custom Software development?

Voice Enabled Banking and Chatbots with Dialogflow

Leave a comment

Your email address will not be published. Required fields are marked *