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Introduction

Ovum believes natural language processing will be central to customer interaction in retail banking in future and recommends that banks and vendors formulate strategies for how to take advantage of it.

Highlights

  • Natural language processing and chatbots are changing front-office processes.

Features and Benefits

  • Learn how natural language processing and chatbots will change banks' customer interaction practices.
  • Analyzes two case studies of banks using machine learning to improve their customer service.

Key questions answered

  • How are retail banks using machine learning?
  • How can chatbots enable cheaper, quicker, and more convenient customer servicing?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

Machine learning opens new opportunities for banks

  • Brief history and introduction to machine learning
  • Natural language processing

Natural language processing and chatbots change front-office processes

  • Cheaper, quicker, and more convenient customer servicing
  • Machine learning applications improve systems supporting customer service delivery

Appendix

  • Further reading
  • Author

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