BB&T announced last week that they were committing $50mn to fintech; the company plans implement what they are calling intelligent automation; plans include AI & machine learning, robotics processing automation, chatbots and virtual assistance & conversational commerce according to TearSheet; the company also announced they are looking at transforming branches and looking to move as much of their business to the cloud. Source.
With AI and machine learning technology becoming better banks of all sizes have started to employ chatbots with more regularity; Crowdfund Insider takes a look at 5 banks employing the technology; banks include Bank of America’s Erica, Swedbank’s Nina, Capital One’s Eno, SEB’s Aida and Wells Fargo; in most cases the chatbots help with simple tasks like checking balances, paying bills and finding the closest ATM. Source.
Banks are starting to experiment with different customer service chatbots like Facebook Messenger and Twitter; with this move comes potential security risks and the question of risks for the customer; The Conversation points out that a research report by The Centre for Communications Interface Research (CCIR) shows that customers are willing to give up some security for convenience; chatbots will need to provide a sense of convenience and a sense of trust to ultimately be widely accepted by the broad consumer; additional research by the World Retail Banking Report shows that while consumers are accepting their banking life being digital they are still looking for face to face interaction with more complex problems; finding the right balance is the key as more banks move into fuller digital offerings. Source
Chatbots are a great tool for banks to appeal to tech-savvy customers at a lower cost compared to a standalone app; according to Business Insider, DBS uses Kaisto’s Kai which allows customers to use Facebook Messenger to process transactions; Swedbank is currently using Nuance’s NINA to better serve customer inquiries; article shares other companies using chatbots and why this is a segment positioned for continued growth. Source