Erica, Eno, Aida and 8 More Interesting Chatbots in Banking

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With consumer expectations increasing, the use of artificial intelligence, machine learning and chatbots in banking is also increasing. Banks and credit unions worldwide are testing new applications and deploying new solutions to improve the overall digital customer experience. Subscribe to The Financial Brand via email for FREE!More and more banking organizations are leveraging artificial intelligence to launch chatbot solutions, reducing costs and serving increasingly tech-savvy consumers. In many instances, chatbots are developed to facilitate two-way communication, replacing channels such as phone, email or text. The objective is to provide quick service and transactional support.


How 10 Big Banks Are Using Chatbots to Boost Their Business Abe

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Chatbots are exploding in the finance industry, and it's no surprise why. With the ability to automate operations, reach more customers, and provide a more friction-free banking experience, chatbots are streamlining and optimizing many banks' digital services. Here's how the world's biggest banks are using chatbots to boost their business. As one of the largest U.S. banks, Bank of America (BofA) is leading the charge for artificially intelligent chatbots in financial services. Last year, the company announced Erica, a voice- and text-enabled chatbot for BofA customers.


Banks and Credit Unions Bullish on Chatbots for Customer Service

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A survey by Personetics shows that the financial services industry is getting a closer to supporting conversational commerce, supporting projects that use chatbots to improve the overall customer experience. Research reveals that most banking providers will be using automated chatbots to handle a significant volume of customer conversations in the near future. Some are doing it already. Powered by chatbots, conversational commerce (Voice-First Banking) allows organizations to interact with customers over digital and messaging platforms, providing answers to questions, advice and offers in real-time. A survey conducted by Personetics shows that over three quarters of financial institution respondents view chatbots as a viable commercial solution now or within the next 1-2 years, and almost half of the companies already have active chatbot projects in place.


AI virtual assistants making banking easier for everyday consumers

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The rise of mobile banking in the last few years has coincided with the rise of Artificial Intelligence (AI) becoming more capable and pervasive in a variety of fields and applications. Although unrelated, the parallel growth in both the sectors has, of course, led to a confluence of the two, as more and more banking and finance institutions explore AI applications to improve their offerings and services. While enterprise-solutions are many – from more efficient data analytics to improved back-end workflows through automation – quite a few organisations have also explored consumer-facing applications of AI. One of the most widely adopted applications has been the consumer chat-assistant. Simply put, a chat assistant (colloquially called a chatbot) is an AI or computer programme that conducts conversations meant to replicate human conversation via auditory or textual means.


Financial Institutions Bullish on Bots

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A survey by Personetics shows that the financial services industry is getting a closer to supporting conversational commerce, supporting projects that use chatbots to improve the overall customer experience. Powered by chatbots, conversational commerce (Voice-First Banking) allows organizations to interact with customers over digital and messaging platforms, providing answers to questions, advice and offers in real-time. A survey conducted by Personetics shows that over three quarters of financial institution respondents view chatbots as a viable commercial solution now or within the next 1-2 years, and almost half of the companies already have active chatbot projects in place. A majority of the respondents see a substantial share of customer conversations handled by bots within 3-5 years. Chatbots are becoming more useful on a daily basis and are able to serve millions of customers 24/7--a perfect fit for companies that want to deliver instant customer service while cutting costs.