With more than 50 percent of financial services companies working on a chatbot project, mobile banking leaders should be following the latest developments in this technology. Chatbots have officially reached buzzword status in Silicon Valley, as investment is pouring in to create a new generation of AI that can generate its own conversations.
What’s driving the growth? A big step up in performance. What does it mean it all mean for you? It’s never been more important to stay on top of this rapidly changing business and technology development so that innovators and decision-makers can make their business a part of the next generation of banking.
Although not quite yet widely used within banking or wealth management, the smart money seems to be on chatbots making a big impact over the next two years. According to a Personetics study, 80 percent of those surveyed in banking see chatbots as an opportunity, the company noted in Financial Brand. But isn’t it just about simple code helping to eliminate calls to the call centers by letting people chat with an algorithm?
Turns out chatbots bring opportunity all over the business. Personetic’s report indicated that over the next 3-5 years, 34 percent of those surveyed expect for over 50 percent of conversations with clients to be handled by bots. Nearly 60 percent believed that more than quarter of all customer conversations will be handled by bots in the relatively near future. What this means, according to Jim Marous, co-publisher of the Financial Brand and publisher of the Digital Banking Report, is that all types of conversations — and not just customer service questions — will be fair game for chatbots to handle in the future.
“What will banking be in two, three or four years? It’s going to be this,” said Michelle Moore, head of digital banking at Bank of America.
Augmenting the Future of Banking
What’s driving these bold predictions for the future of banking? Chatbots have been around for some time, so the concept is not new. A well-known early example that began to step up to the Turing test is ELIZA, the famous computer-based “psychoanalyst” developed by the MIT Artificial Intelligence Lab in the 1960s.
Since then, it’s clear that robotic interfaces (and how we interact with them) has evolved. While basic chatbots just answer simple queries on recent transactions and spending limits, Bank of America’s latest chatbot called Erica, which launched in October 2016, can track your credit score, review your spending habits, offer advice on how to pay off bills, and follow up on requests to move money between your accounts.
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