Are you planning to build your chatbot? Have you decided to participate in the global competition of creating a space that would not only suffice customers in terms of clarity but simultaneously would create a happy and satisfying experience? But so far, you have not come across something reliable and trustworthy. We understand your concern. And we are here to help you out.
The banking industry is in the midst of a huge transition. This transition is not just lingering with the global big names; every small, mediocre, and big bank and financial institution is undergoing a radical shift. With the emergence of ChatGPT, banking chatbots have reached their pinnacle in terms of digital priority. However, the positive side to this is that with the emergence of bank chatbots, there has been a gradual boost in customer experience, and simultaneously, it has harbored engagement efficiency amongst employees.
Some of the banks that implemented chatbots include Bank of America, Royal Bank of Canada, Capital One, Ally Bank, and HSBC. As per a report by Chatbots Life, the top 5 countries that implemented chatbots are the USA, the UK, India, Germany, and Brazil, with the total number of chatbots implemented being 15515, 2667, 592, 476, and 399, respectively.
In this blog, we will help you build your chatbot in 5 very simple steps. Not only that, we will share what all things are to be kept in mind while choosing the right chatbot and many other related topics. We have minutely studied research papers, visited bank websites, and studied their chatbots and have brought before you a glance through the A-Z world of bank chatbots.
What are banking chatbots?
For your clarity and understanding, we will define banking chatbots in simple language. Banking chatbots are AI-powered virtual assistants that help customers deal with various account-related issues such as checking account balances, transferring funds, depositing money in their or other accounts, sharing various investment ideas, and so on and so forth.
Apart from these above-mentioned duties, banking chatbots are also responsible for keeping your customer’s account safe from any kind of fraudulent activities. These chatbots are comprised of NLP and machine learning algorithms that help them understand the inputs and messages sent by a user. It is this algorithm that also simultaneously lets them respond to such queries in a tailored, personalized, and articulate way.
Step-wise guide to creating a banking chatbot using Copilot.Live
We have discussed the simple steps that you can follow to build your chatbot with the help of Copilot.Live.
Step 1: Visit the official website

The first step will obviously need you to visit the official website of Copilot.Live on Google SERP. Here’s the link for you: https://www.copilot.live/
Step 2: Sign up for free!

The second step will require you to come to the official website and click on the sign-up button situated at the extreme top right corner. Once you sign up, you will come across the company terms and conditions, which are all user-friendly. So don’t waste your precious time thinking about what we are making you sign into. Once done, there will be a pop-up form that will ask for a few details about yourself. Feel free to share with us all the information; we are safe, and keeping your information safe is our top priority.
Step 3: Name and design your chatbot

Here comes the interesting part. Once you come to the dashboard of Copilot.Live, you will see a lot of options, but what you need to do is click on the ‘configuration’ menu to set up your chatbot personality. The details that you add over here will configure your chatbot accordingly. So, don’t wait; just unleash your creativity and make your chatbot your voice representative.
Step 4: Train your chatbot

Okay, so now that your chatbot is ready, you will next go to the data source menu and add data as required. Remember, this data is what your chatbot will be referring to while dealing with customer questions. So be very careful about what you feed. Usually, for banking chatbots, queries revolve around bank accounts, transactions, fund transfers, and debit and credit cards. However, if you listen to us, we would suggest you go for broad research before you feed data to your chatbot.
Step 5: Test and deploy

And it's done! You just made for yourself a brand new banking chatbot. However, just to avoid any further goof-ups, we would rather suggest you run tests on it by implementing it on your banking app and WhatsApp, wherever you want to deploy it. Also, before deploying it, don’t forget to turn on the ‘fresh chat inbox’ feature of Copilot.Live, as this feature will help your chatbot transform from a gadget to a human being seamlessly.
What are the key features of a banking chatbot?

While you select your banking chatbot, you must keep certain things in mind to ensure that it meets your needs effectively. We have listed 5 of the most crucial features that you must incorporate in your banking chatbots. However, in case you want to know more about benefits and examples of a banking chatbot, you can check our other blogs, where we have discussed in detail all the associated features of a banking chatbot.
1. AI-powered training
One of the best ways to retain your customers is to understand their demands. I will share the reason behind this. With AI-powered chatbot training, it can deliver quick responses to questions asked based on previous interactions. Apart from this, chatbots are also incorporated with knowledge and inputs to respond to any queries, thereby personalizing the process and making it more accurate and informative.
2. Personalized response
Do you know what triggers the human mind? When you remember someone’s detail minutely and discuss it with them, they tend to get touched by the whole process. Similarly, chatbots are trained in a way that they remember the tiniest details about their customers or address them by their first name; it will ease the whole process. Personalization of conversation makes the whole process a lot more enriching than just a mechanical response.
3. Seamless integration with banks
Once you build your chatbot, you should make sure that the chatbot integrates with the existing system seamlessly. There are several crucial tasks, such as managing accounts, overseeing transactions, and operating smooth customer service - all of these can be achieved only after you integrate your chatbot with your bank. The whole integration process allows the chatbot to access account information, process transactions, and reduce overall manual labor.
4. Customer data security
Given the highly sophisticated bank frauds that occur today, banks must ensure the utmost security for their customers' information, considering how vulnerable they are today. Banking chatbots ensure end-to-end encryption of their customer data during any kind of interaction. Apart from that, chatbots also comprise two specific features to avoid any kind of security breaches: customer identity verification and preventing unauthorized access. Apart from this, the security systems of a chatbot should be updated regularly to prevent any malpractice to keep the customer data sacrosanct.
5. Multilingual support
Today, the vastness and the global demographical disparity have been removed, and people residing at the opposite poles are interacting with each other in a fraction of a second. Keeping this in mind, chatbots are automatically featured with multilingual support to not only help by answering customer questions from different parts of the globe but also to help you gain customers worldwide. Also, from the customer's point of view, a multilingual chatbot means they get to clarify their queries in easy and legible language.
How to choose the right banking chatbot?

All said and done, now we will move to the most crucial question: how will you choose the right banking chatbot? So choosing the correct chatbot includes checking whether your chatbot can perform the following functions as discussed below in detail.
1. Conversational
You know, one of the basic steps that you must always follow while implementing chatbots in your app or website is making it conversational. A conversational chatbot uses NLP and machine learning to understand the inputs provided by the customers and thereafter reply to them with easy and legible answers. Communications become way easier if they are interactive. If chatbots aren’t conversational, this would often lead to a set of frustrated clients whose demands stay unfulfilled, thereby leading to unwanted attrition.
Did you know? As per a report by Accenture, conversational AI chatbots numbered approximately $5 billion in 2020. This number is, however, expected to gradually rise to $14 billion with an annual CAGR of 22%.
2. Analytical
Analytical chatbots go beyond just responding to customer queries. Analytical chatbots will help you by collating data and insights from customer inputs and help you gain an idea of what is actually going on behind the scenes. Analytical chatbots will help you get facts and numbers on the exact current accounts and their transaction and working history. Apart from that, through analytical chatbots, you can get a competitive advantage by working on your shortcomings.
3. Secure
No matter what you deal with or how you deal with it. Customer identity security should be your foremost concern. Considering the sophistication of fraudulent activities, customer data has become utterly vulnerable to potential risk and theft. To avoid any of these, you can build your chatbots devoid of any third-party holder. By doing this, you will not only save your customer data but also simultaneously save your chatbot from getting hacked by eliminating unauthorized access.
4. Transactional
The third feature that we recommend while choosing your chatbot is its transactional feature. Implementing a human workforce and having them simultaneously deal with customer queries and their respective work duties not only takes a lot of manual labor but is exorbitant in terms of financial outgoings. It is here that we ask you to implement a chatbot that will deal with the queries of your customers, thereby cost-cutting as well as reducing the manual labor required for the process.
5. Informative
The final point to keep in mind while choosing your banking chatbot is to make your chatbot an informative one. You should remember that your chatbot will be the first form of communication with a majority of your clients. So having these chatbots trained in a way that they revert to answers in a tailored, specific way catering to customer requirements and demands, rather than giving generic statements, should be your goal to improvise in your chatbot.
Now that you are aware of the features that you must look for while choosing your chatbot, let us brief you on one that’s already trending and has been a customer favorite for the longest time. We are talking about Copilot.Live.
Launched in 2024, Copilot.Live has so far worked with some of the biggest brands across varied industries, such as PUMA, Reliance Industries, Being Human, Raymond, and several other organizations. Being a conversational chatbot, Copilot.Live solves 80% of the queries without any human intervention. It is a 24/7 accessible chatbot that is suitable across not only finance but also retail, customer service, airlines, insurance, and many others. Do visit Copilot.Live to find out more interesting facts about us.
What are the best practices for a perfect banking chatbot?

So, we are almost at the end of our blog. Now all that we want you to know is once you are all set implementing a chatbot and training it, the last thing that you need to do once in a while is follow these practices to keep your chatbot up-to-date. Just follow the steps listed below, and you can look forward to a bright future with your chatbot.
Understanding your base
Understanding your client’s needs and creating and updating your chatbot frequently based on that will help you stay ahead in the race. As we have already discussed, chatbots take a lot of insight and input from your customers; they likely understand what the customers are expecting from you.
Make your chatbot your reflection
Your chatbot should be your reflection. In whatever way you want to help your bank customers, you can ideate the same for your chatbot. This will eventually help you get a cluster of satisfied customers whose requests, requirements, and demands were duly fulfilled.
Keep your chatbot updated
This step is the key to winning your overall game. Updating your chatbot as per current trends and market requirements will not only help the chatbot answer each and every client query but will simultaneously help you lead the race. Staying up-to-date with all the recent trends is the key to taking your organization to the next level.
Conduct regular testing
Now that you are almost done, the next step that we will discuss is conducting regular tests. Once you implement your chatbot in your app, website, or mobile, testing it regularly will help you get an idea about its working condition. Testing your chatbot will help you analyze the places it needs improvement and also will help you check places that need a complete overhaul.
Optimize improvements based on feedback
Finally, never ever forget to take feedback. Your existing customers, as well as the potential customers, are your target audience. Thus, it is often advised to always be open to receiving feedback, both positive and negative. Positive feedback will motivate you to move forward, while negative feedback will help you work on the chatbot and excel in the same.
So now you know everything about developing a chatbot. We hope we could guide you to our best knowledge. If you are still a bit clueless and are still looking for better suggestions, you can check out the blogs on top banking chatbot platforms. Through this blog, we have showcased the top banking chatbot platforms and every key feature about them, their benefits, and so on and so forth.
Relevance of banking chatbots
The scope of banking chatbots is expected to expand in the near future. As per a study by Ernst & Young, the majority of private global banks will use sophisticated digital assistants alongside tech-enabled remote advisors to offer a synergetic blend of people and technology. The massive volume of data that banks receive will be easier to understand with the aid of predictive analytics. Chatbots will continue to improve as AI and machine learning make major strides.
Even if we cannot foresee when chatbots will become extremely intelligent, we can confidently declare that flawless human-chatbot collaboration is the way of the future. The onset of chatbots has taken the overall business industry to great new lengths. Chatbots in banking and across every other industry are the new trend and are here to stay.
Thus, it can be very well exclaimed in order to stay ahead and provide a working condition that is stimulating for the employer and employees, as well as the customers, which should be your first and only priority at Copilot.Live, we have done our very best to provide you with chatbots that would be the ultimate solution and one-stop destination for all your customers.