{"id":24734,"date":"2025-03-14T09:00:07","date_gmt":"2025-03-14T08:00:07","guid":{"rendered":"https:\/\/my-life.lu\/?p=24734"},"modified":"2025-05-20T08:44:01","modified_gmt":"2025-05-20T06:44:01","slug":"banking-app-what-to-make-of-virtual-assistants_50055","status":"publish","type":"post","link":"https:\/\/my-life.lu\/en\/banking-app-what-to-make-of-virtual-assistants_50055\/","title":{"rendered":"Banking app: what to make of virtual assistants"},"content":{"rendered":"

Virtual assistants and other chatbots have become increasingly popular in recent years, and are now finding their way into the banking sector. How can these technologies meet the needs of our clients and how are they going to evolve in the future? myLIFE is here to explain.<\/p>\n

Digital transformation: a key trend for banks<\/h2>\n

The banking sector has undergone significant change in recent years as a result of new technologies: remote banking, mobile apps, digital payment systems and the integration of artificial intelligence. Digital transformation has become essential in enabling banks to adapt to both new client expectations and changing regulations, and to remain competitive in a fast-changing industry.<\/p>\n

People expect to be able to access their bank easily at all times, as well as for it to be reliable and offer personalised services. You want to be able to interact with it in real time, get clear answers and carry out your transactions from your computer, tablet or smartphone \u2013 completely independently and wherever you may be.<\/p>\n

Financial institutions have already introduced a range of tools to help meet their clients\u2019 needs. Remote banking services<\/strong><\/span><\/a> allow you to independently manage most of your banking transactions via your bank\u2019s website\/app. A subject-specific FAQ provides information on loans, savings, insurance, investments, etc. You can also take advantage of tutorials to help you carry out certain operations such as activating LuxTrust<\/strong><\/span><\/a>, blocking a bank card or adding an online payment system.<\/p>\n

More recently, the integration of chatbots and digital assistants has taken service provision to new levels.<\/p>\n

The virtual assistant represents the next stage in the chatbot\u2019s evolution. It will not only respond to your requests, but also help you achieve your objectives.<\/p><\/blockquote>\n

Chatbots and virtual assistants: what are they?<\/h2>\n

When we talk about chatbots or virtual assistants, we are referring to computer programs powered by artificial intelligence (AI) that simulate a human conversation (often in the form of a chat or avatar) in order to answer your questions and\/or help you with your enquiries.<\/p>\n

Chatbots<\/strong> can interact with you in relation to specific subjects and in a predefined context in order to provide you with information in response to simple or frequently asked questions (opening times, document searches, transaction \/ bank card info, etc.).<\/p>\n

Virtual assistants<\/strong> are a more advanced and versatile version of a chatbot. In addition to responding to your requests, they can carry out more complex tasks and take the context of your request into account. What makes them unique is that they learn as a conversation progresses, thereby offering you a personalised experience. They can help you solve problems, anticipate your needs, suggest products, etc.<\/p>\n

\u201cThe virtual assistant represents the next stage in the chatbot\u2019s evolution. It will not only respond to your requests, but also help you achieve your objectives,\u201d <\/em>explains Stefaan Roegiers, Head of Digital Engagement at BIL. \u201cIf you ask a chatbot how to block your bank card, it will tell you how to do so \u2013 where to navigate to in the app, what steps to take… the virtual assistant will do it for you. It can also be proactive, offering you services that might be of interest to you based on your preferences and profile, for example.<\/em><\/p>\n

These technologies will utilise various fields of artificial intelligence (large language model (LLM), machine learning, etc.) to meet your needs \u2013 needs such as understanding and answering questions, providing recommendations, recognising a document, detecting fraud, and so on. The aim of chatbots and virtual assistants is to respond quickly to client requests without a bank employee needing to get involved in the process every time.\u201d<\/em><\/p>\n

Chatbots, virtual assistants and AI for the benefit of clients and banks<\/h2>\n

Most major financial institutions have already integrated chatbots and\/or virtual assistants of varying degrees of sophistication into their websites and mobile apps. Here are a few examples of the current and future benefits offered by these computer programs.<\/p>\n

Delegating certain repetitive or administrative questions to a virtual assistant frees up bank employees’ time, allowing them to focus on more complex requests as well as activities with higher added value for their clients.<\/p><\/blockquote>\n

Optimising client support<\/strong><\/span><\/p>\n

The integration of digitalisation and artificial intelligence into the banking ecosystem is improving both client management and the range of services offered.<\/p>\n

Available 24\/7, these programs, which can often communicate in multiple languages, offer quick and effective solutions to simple everyday problems \u2013 and all within the bank’s reliable and secure environment. Here are just a few examples of how they can be used:<\/p>\n