The Rise of Chatbot Banking and AI Money-Managing Assistants

As the market for apps is maturing and artificial intelligence advancing, text-based services, or chatbots, are poised to take off. Chatbots are essentially software programs that use messaging as the interface to carry out various tasks. Venture Beat estimates that the bots landscape currently consists of over 170 companies that have attracted some US 4 billion in funding. One particular area where entrepreneurs and market observers are optimistic about, is their use to deliver financial services. Already, a number of banks have dived into this emerging trend, building and delivering solutions on instant messaging and popular social networks (think Facebook Messenger and Twitter) to deliver basic banking needs such as checking your banking account balance, finding nearby ATMs, and even make payments, have launched this year.