Whitepaper - AI Assisted Chatbots In The Finance Industry

There are a few examples of start-ups within the finance industry who have pioneered chatbots, such as Chip16, a chatbot designed to help you save money as you spend, and Kasisto17, which is a whitelabel conversational AI available for banks to pick up and use off the shelf18. However, most of the companies are still only fulfilling basic service requests, and have yet to get sophisticated enough to replace the roles of financial advisor or stockbroker. This is a huge opportunity as the next step in AI is through cognitive conversation between a customer and a chatbot, designed to provide the customer with an effortless service when fulfilling requests currently requiring human intervention. While chatbots are an exciting proposition for the industry, any disruptive shift comes with challenges, which are potentially heightened in the financial sector where consumer trust of banks is low and the stakes are high if it doesn't work19. There has already been strong take-up of chatbots in customer service, where users value the ability to get access to finances in a way that works for customers, outweighed by risks and negative customer sentiment.