THE CHATBOTS IN BANKING REPORT: How chatbots can transform digital banking

Incumbent banks today are facing increasing pressure to remain competitive. The pressure is coming mostly from tech-savvy entrants that lure in consumers with user-friendly, cheaper products. To remain competitive, these legacy players must innovate digitally, and chatbots let them do so on a budget. Either a third-party provider can build a chatbot for them to roll out on a popular messaging app, or they can develop a chatbot in-house. Chatbots still have risks attached to them, but they are outweighed by their benefits.