ALARD COLLEGE OF ENGINEERING AND MANAGEMENT

MARUNJI, PUNE

DEPARTMENT OF ARTIFICIAL INTELLIGENCE AND MACHINE

LEARNING

THIRD YEAR ENGINEERING

(Academic Year: 2023-2024)

A PROJECT REPORT ON

“Banking Bot”

SEMINAR & TECHNICAL COMMUNICATION

SUBMITTED BY

Shinde Rohit Tukaram

Under the Guidance of

Prof. Disha Nagpure

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 Alard Charitable Trust’s

ALARD CHARITABLE TRUST’S

ALARD COLLEGE OF ENGINEERING AND MANAGEMENT

MARUNJI, PUNE

DEPARTMENT OF ARTIFICIAL INTELLIGENCE AND MACHINE

LEARNING

CERTIFICATE

This is certified to that Mr. Shinde Rohit Tukaram PRN – 72208090F has
completed the project work and prepared report on “Algorithmic Trading”
(Seminar & Technical Communication). In satisfactory manner as a partial
fulfilment on requirement of Third Year Engineering in AIML for academic
year 2023-24.

Prof. Disha Nagpure Prof. Disha Nagpure

(Project Guide) (H.O.D)

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 ACKNOWLEDGEMENT
Every orientation work has an imprint of many people and it becomes the duty of
author to express deep gratitude for the same.

I take this opportunity to express my deep sense of gratitude towards my esteemed

guide Prof. Disha Nagpure for giving me this splendid opportunity to select and present this
seminar.

I thank Prof. Disha Nagpure, Head, Department of Artificial Intelligence and Machine
Learning, for opening the doors of department towards realization of seminar report, all the
staff members, for their indispensable support, priceless suggestions and for most valuable
time lent as and when required. With all respect and gratitude, I would like to thank all the
people, who have helped me directly or indirectly.

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 ABSTRACT

This paper introduces an intelligent banking bot designed to revolutionize customer interactions
and streamline banking processes. With the rapid advancement of artificial intelligence and
natural language processing technologies, banking institutions are increasingly turning to
intelligent bots to improve customer service, reduce operational costs, and stay competitive in
the digital age. The proposed banking bot leverages state-of-the-art machine learning algorithms
to understand and respond to customer queries in real-time, providing personalized assistance
across various channels including web, mobile, and messaging platforms. By harnessing the
power of data analytics, the bot offers tailored financial recommendations, helps users manage
their accounts, and facilitates seamless transactions. Moreover, the bot is equipped with robust
security features to safeguard sensitive information and ensure compliance with regulatory
standards. Through continuous learning and adaptation, the intelligent banking bot aims to
enhance customer experience, foster trust, and drive innovation in the financial services industry.

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 Contents
1.Introduction..........................................................................................................................6
1.1. Introduction..........................................................................................................7
1.2.Problem Statement.................................................................................................8
1.3.Scope......................................................................................................................8
2. Objective..............................................................................................................................9
3. Comparison ……………………………………………………………………………… 11
4.System Architecture............................................................................................................13
4.1.Block Diagram......................................................................................................14
5.Methodology……………………………………………………………………………….15
6.Future Scope……………………………………………………………………………… 18
7.Conclusion......................................................................................................................... 20
8.References......................................................................................................................... 21

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Chapter 1
Introductio
n

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 1.1 Introduction

Banking has become the part and parcel of everyone’s life. Almost everyone uses the banking
sector to perform their tasks. Most of the tasks are been carried out manually. Now the use of
mobile and internet banking facility has reached greater heights. Chat bots is becoming trending
today. They are computer programs that interact with users using natural languages. In this
project we are trying to perform few of the basic banking operations via chat bots. Now bots in
banking sectors are only used to give guidelines but in this bot, we perform banking operations
for a list of few banks.
The objective of this project is to contribute to the solution of the problem of direct
communication between user and the bank. It provide 24/7 client support, so existing and
potential customers can try and solve their banking problems after work hours and on weekends.
This ultimately also leads to better customer experience. Customers can check account balance
or check their transaction status using a bot interface. Banks can also analyze the usage of
available schemes and generate feedback from diversified customers accordingly

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1.2 Problem Statement

Traditional banking institutions face challenges in meeting evolving customer needs for
efficient, personalized, and accessible services. The deployment of intelligent banking bots
presents an opportunity to address these challenges by providing real-time assistance,
personalized recommendations, and seamless interactions across multiple channels. However,
developing effective banking bots requires overcoming hurdles related to natural language
understanding, personalization, security, integration, and continuous improvement.

1.2 Scope

 Enhancing customer service

 Facilitating transactions
 Offering personalized recommendations
 Ensuring security
 Integrating with existing systems
 Enabling multi-channel accessibility
 Focusing on continuous improvement
 Adhering to compliance and regulatory standards.
Chapter 2
Objective
 The objective of this project is to contribute to the solution of the problem of direct
communication between applicants and the university. The main objectives of the project are as
follows:

A. Database

To develop a database were all the relevant information about questions, answers,
keywords, logs and feedback will be stored.

B. Algorithm

To develop a keyword matching algorithm and a string distance comparison algorithm

and combine them in order to retrieve the best possible answer.

C. Interface:

To develop a web interface which aims to give the ability to potential students and their
families to submit questions in a chat bot and get convincing replies.

In this our banking bot, our main objectives are as Follows:

 To ensure easier banking process.

 To minimize the time consumption.

 To has 24*7 accesses to the bank.

 Has eliminated most of the flaws in the existing chat bot applications.
 Chapter 4
System Architecture

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 Chapter 3
Comparison

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 OTHER Banking
SYSTEM Bot
These encompass a wide range of applications A banking bot specifically caters to the
across different industries, such as customer financial sector, providing services like
service chatbots, virtual assistants, account inquiries, transaction monitoring,
recommendation systems, and autonomous fund transfers, bill payments, loan
vehicles. applications, and personalized financial
advice.
Their expertise varies depending on the domain Specializes in banking and finance-
they operate in. For example, a customer related tasks, including regulatory
service chatbot may excel in understanding and compliance, fraud detection, and financial
resolving customer queries across diverse planning.
topics.
Security requirements depend on the Requires robust security measures due to
application but may include data encryption, the sensitive nature of financial
access controls, and secure communication transactions and customer data. This
protocols to protect sensitive information. includes encryption, authentication
mechanisms, and compliance with
financial regulations such as GDPR and
PCI DSS.

Handle varying degrees of sensitive data, Deals with highly sensitive financial
depending on the application. For instance, a information, including account numbers,
healthcare AI system may deal with transaction details, and personal
confidential patient records. identification data. Therefore, stringent
data protection measures are essential.

Subject to relevant regulations in their Must comply with stringent financial

respective industries, such as HIPAA in regulations, including Know Your
healthcare or COPPA in children's privacy. Customer (KYC) requirements, Anti-
Money Laundering (AML) laws, and the
General Data Protection Regulation
(GDPR).

Aim to enhance customer experience by Strives to deliver convenient and efficient

providing timely and relevant assistance, banking services, including 24/7 support,
personalized recommendations, and seamless quick access to account information, and
interactions. simplified transaction processes.

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 Chapter 4
System Architecture

3.1 Block Diagram

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 This is the architecture of our system. In this, user gives the input in the form of voice
or text. If the input is in the form of voice, then it will be converted in the form of text byusing
voice to text converter. The input is thenpassed to the query interpreter of chat bot. The query
interpreter will interpret the input using Intelligence System and send request to the web server;
server will collect data from respective repositories which are maintained by the admin. The
output from query interpreter matches with repositories and generate the answer as per pattern
matching. At last, web server will send the result back to the chat bot. The result can be in the
form of text. Finally, the user can get the required result.

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Chapter 5
Methodology

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 In our research activity, we thought of using a variety of methods that are based on
qualitative research, but also mixed methods that are based on both the observation and analysis
of the identified information, as well as the implementation of intelligent solutions by following
the steps and making exactly the observed patterns. Both individually and in a team, through
collaboration, we searched for information and identified chatbot models implemented in
different fields of activity at national, European, and global levels, following with priority the
originality of each intelligent solution and being interested in the transformation made by each
developer so that the chatbot to be used by several users, to have additional options, capacity to
expand, and to implement new functionalities, to be used in as many sectors of activity as
possible.
We searched and identified on-line platforms used in banking both in Romania and in
Europe or worldwide, platforms that also contain international projects that serve smaller groups
or large communities of people. Reading articles and studying sites that contain information
about these online platforms helps us understand how IT specialists who build and develop
intelligent IT solutions think and manage to find professional collaboration partners. We have
noticed that platforms have such articles in their databases that are a starting point in thinking
about the application. These articles are written with great professionalism, and the
communication language is made starting from a few foreign languages and reaching a multitude
of foreign languages depending on the level of interest of the users.
In our approach, we used several methods that are part of qualitative research. These
are:
⁃ case study
⁃ participant observation
⁃ focus on the group
⁃ the thematic study of the documents

Thus, using the case study, we collaborated by dividing our tasks and documenting on
the Internet about intelligent platforms and applications in banking, how different IT solutions
were implemented, and looking for the countries that applied the most in the field of artificial
intelligence. We followed the impact that these solutions had on the activity in which they were
implemented. I searched and watched videos where online banking platforms are presented, with
priority watching banking platforms that have also implemented chatbot solutions. I attended
courses where the functionality of these platforms was explained and analysed. I have read
magazines and books about the functionality of smart apps on these platforms. Careful research
of these online platforms that also had a chatbot integrated helped us understand the benefits that
bank users get when banking through a chatbot. In this research, we have described five such
chatbot models used in banking, saying for each intelligent solution what benefits it brings for
users, what additional options are integrated and what are the benefits for firms/companies that
implement such solutions both locally and nationally or globally.
Focus on the group is the qualitative method through which we collaborated. So, we
exchanged ideas and knowledge, we supported each other within the team by permanently
establishing each one's tasks and the objectives we pursue in this research, we paid attention to
the chosen research topic and its applicability in the banking field, but also in different fields of
activity. The three team members contributed equally to the research process by producing their
ideas and complementing the work of others when appropriate.
Participant observation consisted of Zoom meetings between team members, but also faceto-
face meetings and discussions to debate and exchange ideas and experiences related to the research topic.
This method was also used in meetings with the guidance committee of the Doctoral School of Economic
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Informatics, with fellow doctoral students, and also with other professors from the ASE University
Bucharest. I also had discussions on this research topic with senior colleagues in the field in which I
work, exchanged views and opinions, and took valuable information for our research work, especially
from the chatbot models that some senior colleagues have developed or currently work on.
The thematic study of the documents consisted of studying specialized articles and
magazines, watching videos and tutorials in the field, going through courses where the steps to
create a chatbot using different programming languages are presented, studying books about
chatbots and platforms that have integrated a chatbot, especially in banking, but also additional
options that the developers have integrated to obtain more benefits. The entire team also studied
different user guides for the platforms and the chatbot that is integrated with the respective
platforms. We have sorted all the collected materials in such a way that they will help us both in
this research and in putting this information into practice by creating, at the end of the three
years of doctoral studies, a platform and a chatbot integrated with the platform.

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Chapter 6
Future Scope

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Banking bots are poised for a transformative evolution, driven by advancements in AI and
automation technologies. These bots will offer personalized, multi-channel support to customers,
integrating seamlessly with voice and text interfaces across various platforms. With enhanced
security features and integration with emerging technologies like blockchain and IoT, banking
bots will expand their services beyond traditional banking tasks. They'll provide comprehensive
financial advice, real-time analytics, and insights, ensuring regulatory compliance and risk
management. Collaborating with third-party fintech firms, banking bots will create a
collaborative ecosystem, offering innovative financial solutions while empowering customers to
make informed decisions and achieve their long-term financial goals.

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Chapter 7
Conclusion

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In conclusion, banking bots play a crucial role in enhancing customer experiences, streamlining
banking operations, and improving overall efficiency. Through the comparison of various
banking bots, it's evident that each offers unique features and capabilities tailored to meet the
needs of both banks and customers.

Banking bots like Bank of America's Erica, Wells Fargo's Chatbot, Capital One's Eno, Ally
Bank's Ally Assist, and USAA's Virtual Assistant showcase advancements in artificial
intelligence and natural language processing, enabling them to provide personalized assistance,
streamline transactions, and offer valuable financial insights.

However, the effectiveness of a banking bot ultimately depends on factors such as user
experience, functionality, accuracy, security, integration, customization, and scalability. Banks
must carefully evaluate these aspects to choose the bot that best aligns with their goals and caters
to the preferences of their customers.

As technology continues to evolve, banking bots will likely become even more sophisticated,
offering enhanced features and capabilities to meet the evolving needs of consumers in an
increasingly digital world. Therefore, investing in and leveraging the capabilities of banking bots
can be a strategic move for banks looking to stay competitive and provide exceptional service in
the digital age.

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Chapter 8
Reference
s

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