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.


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.


Beyond chatbots, banks are now investing in 'brains' behind them

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The customer experience in banking is about to get a lot more personal, as shown by an investment announced Wednesday in technology that will act as the "brain" behind AI financial services applications. Kasisto – a company that's behind a conversational AI platform about around a dozen financial institutions globally use – just completed a $17 million Series B funding round.


'Toes in the water': Banks play around with chatbots - Digiday

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Bank phone trees are dreadful experiences, so many banks are turning to chatbots in the hope to spruce up the experience. Take Capital One's chatbot text message "Eno" ("One" backwards), which allows customers to text to get balance, transaction history and pay bills. Customers can even communicate with emojis -- a "thumbs up" means to confirm and a "money bag" will prompt Eno to list a customer's account balance. Capital One's approach to Eno may offer some clues why traditionally risk-averse banks are just taking baby steps. Capital One is only rolling out the product as a pilot for the time being, and the bank is careful to manage future expectations.


Meet 11 of the Most 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.