The Automation of Conversational Banking

22. December 2017.

The role natural language processing as it manifests in chatbots in our daily lives is certainly set to expand in 2018. The author present his vision of how this fast developing tool is finding fertile ground in a variety of industries, with banking figuring prominently.

The banking industry has gone over a sea change since all the most of the financial transactions are conducted online. So, the banks also need a perfect chatbot interface, which will make their hefty activates simpler. Each day several transactions are completed and it must be done carefully. The users can check their balance, money transfers and receipts and history of transactions, locating the nearest bank branch or ATM all through the bots. In fact, some of the reputed banks like Bank of America or Western Union Money Transfer have already implemented the bots such as Erica or Messenger for that specific purpose.

Mercator Advisory Group anticipates the ability to make interactions with financial institutions flow and be more conversational will be an area of emphasis for financial institutions seeking to cultivate regular interactions with consumers. The shift to the mobile device as the primary point of engagement with the various financial institutions many Americans utilize in conducting their personal business transactions has many of those FIs seeking ways to move beyond simple answering of questions. The ability to automate the conversational engagement allowing for the FI chatbot to initiate questions to uncover opportunities to deliver additional services is one way to replace the regular “check-in and update” FIs had conducted during branch visits. Chatbots, properly implemented, will be able to deliver on the promise of high-touch personalized FI service delivery to a wider spectrum of FI customers. We’ll be watching the developments in 2018.

Overview by Joseph Walent, Associate Director, Customer Interaction Advisory Service at Mercator Advisory Group

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