Financial Institutions Bullish on Intelligent Chatbots

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Research reveals that most banking providers will be using automated chatbots to handle a significant volume of customer conversations in the near future. Some are doing it already. Powered by chatbots, conversational commerce (Voice-First Banking) allows organizations to interact with customers over digital and messaging platforms, providing answers to questions, advice and offers in real-time.

A survey conducted by Personetics shows that over three quarters of financial institution respondents view chatbots as a viable commercial solution now or within the next 1-2 years, and almost half of the companies already have active chatbot projects in place. A majority of the respondents see a substantial share of customer conversations handled by bots within 3-5 years.

Chatbots are becoming more useful on a daily basis and are able to serve millions of customers 24/7 — a perfect fit for companies that want to deliver instant customer service while cutting costs. Bots can run on popular messaging platforms, with over 33,000 bots running in Facebook Messenger already.

“Banks and insurers are always keen to reduce costs whilst improving the customer experience. AI, and in particular, conversational commerce is a natural next step in that journey,” said Warren Mead, Global Co-Lead of Fintech, KPMG. “There is a strong incentive for businesses to enable such conversations across all digital channels, including existing mobile apps and web portals as well as highly popular messaging platforms such as Facebook Messenger, WhatsApp, and others.”Making Chatbots Part of an Omnichannel Strategy

There was a great deal of buzz about chatbots in 2016,  with players such as Facebook, Microsoft, Google, and Apple making news as they opened up their platforms for third party developers. According the the white paper by Personetics entitled, “How Chatbots Fit Into Your Omnichannel Strategy,” the rise of the bot was fueled by two key trends:

  • App fatigue started setting in, where close to a quarter of downloaded apps were abandoned after just one use. Research shows that most users have just a few applications they use on a regular basis. These are usually the applications that save time or money (or both) and make life easier.
  • Instant messaging apps took off exponentially, with the number of people installing messaging capabilities increasing at the same time that the amount of time spent on messaging apps also increased to hundreds of hours a week for the biggest users.

Read the source article at The Financial Brand.