Are AI chatbots about to change the way we bank?

SOME of the biggest players in the banking world are catching up with the artificial intelligence rush by launching chatbots to serve their tech-savvy customers. HSBC Holdings is among the most recent of these players, implementing a virtual assistant named'Amy', which uses AI technologies such as natural language processing to answer customer queries. The launch of the chatbots come after the city's banking regulator, the Hong Kong Monetary Authority (HKMA), released measures over the past two years to encourage local lenders to develop fintech. The aim is for banks to develop innovative products or technology to both cut down costs and offer better, speedier service to its customers. According to a report by Juniper Research, chatbots are expected to help save global banks over US$8 billion per year by 2022.