Fiserv Inc. has launched an interactive tool called Virtual Banking Assistant that uses AI-based natural language processing to help banks and credit unions manage virtual customer transactions with greater efficiency. 

The tool uses conversational AI technology from a company called Clinc, which provides similar technology for  various industries ranging from banking to gaming, health care and drive thru restaurant service, according to a press release.

Consumers can use the assistant to do everything from check account balances, search for prior transactions, check bill balances and transfer to live customer service agents. Customers can also get insights into future spending and saving information. 

"Virtual Banking Assistant combines conversational AI and proactive insights within one dynamic platform, with the ability to scale as demand grows," Ryan Jandris, vice president of product management for digital channels at Fiserv, said in the release. "By bringing this technology to market now, we enable banks and credit unions to offer more innovative banking experiences at a time when consumers are increasingly engaging through digital channels."