Conversational commerce/Conversational Banking means allowing customers worldwide, to text /chat/speak with the bank/retail stores, etc. as easily and conveniently as they text/chat /speak with their friends and family in messaging apps Conversational Commerce with the help of NLP, Big data and AI will radically expedite digital transformation and offers customers a "zero learning curve" experience – no complex interface to navigate – where they can simply message in natural language with the bank or the retail store, etc. to ask questions and get service on their own terms and timetable.

1. An Overview by Dilraj Nalukandathil
PH:+91 8606726831
Conversational Banking/Commerce

2. Conversational commerce: Introduction
• Conversational commerce/Conversational Banking means allowing customers worldwide, to text /chat/speak
with the bank/retail stores etc. as easily and conveniently as they text/chat /speak with their friends and family
in messaging apps
• Conversational commerce with the help of NLP, Big data and AI will radically expedite digital transformation
and offers customers a "zero learning curve" experience – no complex interface to navigate – where they can
simply message in natural language with the bank or the retail store etc. to ask questions and get service on
their own terms and timetable.
• The solution we offer aims to delight the customer by offering more seamless customer experience across all
channels when interacting with the bank ,retailor and other businesses with large customer base(Say in
millions). The solution works well with industry and brand where delighting the customers is the success
mantra .

3. Conversational Banking Solutions
by Mindmax Software Solutions
We propose an advanced Conversational Banking Solution from the man and the team
who has done a pivotal role in making Erica( for Bank of America) ,the powefully personal,
voice and chat driven , digital system that is by propelled by Artificial Intelligence ,Predictive
Analytics and Cognitive Messaging to be the trusted advisor for 45 million households all
over the world.

4. Making Mobile Customers' Lives Easier
• With this technology enhanced digital digital offerings, a bank can provide the
customers, the account balance information, suggest how to save money, provide credit
report updates, pay bills and help customers with financial transactions. Including digital
mortgage, mobile car shopping ,educating the customers about better money habits,
provide the bank's customers with tips on saving and budgeting and more several new.

5. • The insights that bot offer helps clients personalized, proactive guidance to help them stay on top of
their finances.
These include warnings about an increase in recurring charges, including regular subscriptions and
seasonal variations in energy bills, rewards notifications and enrollment guidance, and bill payment
reminders
• Allows clients to set, manage and control how much they spend on purchases or withdraw from an ATM
each day.
Eg : Card to Children

6. Profiles: Key People
Educational Qualifications
MS ( University Of Washington )
M tech ( NIT Calicut)
B tech (GEC ,Trissur)

7. How it works
The solution make use of advances in the fields of artificial intelligence (AI), predictive
analytics and natural language processing. Predictive analytics relies on several statistical
techniques to analyze current and historical data to make predictions about unknown
events. Natural language processing is a mix of linguistics, computer science, and
machine learning to program computers to recognize, understand, and generate spoken
words. Predictive analytics allows the bot to make educated guesses about how to answer
questions. Natural language processing enables customers to interact with the bot as they
would someone over the phone

8. • The more users interact with bot, the more the bot learns, and the better it becomes at
providing help. For example if it is used by a bank the knowledge of banking and
financial services increases with every client interaction,. "In time the bot will have the
insights to not only help pay a friend or list customer transactions at a specific merchant,
but also help you make better financial decisions by analyzing your habits and providing
guidance."

9. Cost Saving in Billions by delighting the
customers
• These AI-driven voice assistants and chatbots have also become useful cost-cutting
tools for companies with large subscriber bases – banks, insurance companies, and
mobile phone operators, to name a few. A 2017 Juniper Research report calculates that,
for every inquiry handled by a chatbot, banks save four minutes of an agent’s time,
which translates to a cost saving of $0.70 per query. These platforms are expected to
save banks an estimated $7.3 billion in operational costs by 2023.
• A 2017 PwC report described chatbots as adding “a new dimension to the power of
‘personal touch’ and massively [enhancing] customer delight and loyalty.”

10. BENEFITS
• New customers through customer referrals
• Convenience
• Operational Efficiency
• Customer Engagement
• Customer Satisfaction
• Accessibility (24/7)

11. Key Benefits
• These are business applications where bots are the clear winners already

12. Lead Generation
• The rate with which email campaigns and cold calls are going out of fashion, chatbots not
only present a less irritating front but also add a novelty factor to the entire process of lead
generation.
• These chatbots are embedded on the bank’s website/app and start conversations with users
to find out if they wish to purchase products and gauge their interest. Later, these captured
‘leads’ can be sent to the bank’s team for additional follow up until the sale is completed.
• Brands have seen as high as 600% increase in the number of leads collected using chatbots
as opposed to traditional mechanisms.

13. Customer Support
• With the advancements in the field of computing and natural language processing,
chatbots have now become capable of having smarter and more compelling
conversation which means they can handle a wide variety of customer support queries
which are redundant in nature.
• These bots can be plugged into most customer touch points like social media profiles
(Facebook Messenger, Twitter), website, app and other platforms. They ask users to
specify their problems and either give them direct solutions or redirect them to the right
person.
• A lot of banks have had some serious success in reducing the queries coming on to their
support centre post application of chatbots for support.

14. Feedback Collection
• With the constant endeavor of improving the bank’s services and the absence of the
technological shift in the feedback collection mechanisms, the collection of customer
feedback through chatbots has shown phenomenal results for a lot of brands.
• The survey format makes it compelling for users and turns the static form-style more
conversational and interesting.

15. Cost Reduction by Downsizing
• It’s no secret that a growing number of companies are recognizing the opportunities for
new, branded experiences presented by voice interfaces powered by AI. In fact, Gartner
predicts that 25 percent of digital workers will use virtual assistants daily by 2021

16. • Every Day Banking
• Check Balance
• Check Interest Rates
• Renew Fixed Deposits
• Move Money
• Transfer from one account to
another
• Pay some one else
• Credit / Debit & ATM Cards
• Report Lost / Stolen Card
• Lock / Unlock
• Search
• Q & A
• FAQs
• Help Topics
• Contact Us
Transactional Customer Service
Example Use Cases
Sales & Marketing
. Product information
. Promotional offers
Internal Use Cases
. Knowledge Management
. Q & A
Spending & Budgeting
. Manage budget
. Show spending
Bill Pay
. Show bills
. Make payment
. Show scheduled payments
Transactions
. Search transaction

17. Mobile App
Browser
Social
Media
Voice
Text
Tap / Click
Voice
Text
Screen
Input
Output
Conversation
Engine
NLU
Layer
DatabaseSearch Engine
Machine
Learning
Core
Banking
Workflow
Engine
Natural Language
Generation
Technology Architecture

18. Technology Stalk
Tools & Language
NLP/NLU
Mathematics
Algorithms
Python
Java
Hadoob/Casandra/Mongo DB
The technology can be selected based on
the goals/costs/viability etc

19. Customer bot interface
• Mobile Apps
• Website
• Social Channels ( Social Media)
• Skype
• Messaging
• Alexa /google home/Siri

20. conclusion
We have a dedicated team of professionals ,data scientists ,PhDs in Mathematics and other related
disciplines who work day to day basis to develop high end technologies relevant to conversational
commerce .With recent advances in AI, deep learning and NLP Mindmax can deliver very advanced
product in comparison with the the product developed by Erica (Benchmark) by Bank of America .
The shift in mobile usage, banks need to shift their communication and start having conversations
with customers using digital tools and capabilities to assume leadership position, or else there is an
imminent threat to become obsolete .
We are here to make technology solutions simple and affordable we have also published an
application development suit called Httpstudio* to expedite Ecommerce and other application
development .
Connect : www.twitter.com/dilrajnp
www.Instagram.com/dil.raj_np
Thank You