As financial institutions (FIs) invest in technology in an effort to position themselves more competitively against FinTech firms, the development of so-called chat bots and "robo advisors" has accelerated. Projects from Wells Fargo, JPMorgan Chase and RBS have all surfaced in recent years, as FIs deploy artificial intelligence (AI) solutions that both meet their customers' needs for digitized services and save those financial service providers money at the same time. With small business (SMB) as a notoriously less lucrative enterprise for banks, many of these innovations have focused on consumer clients. However, Personetics CEO David Sosna said SMBs may not only need AI-powered advisory services more than consumers, but could be adopting such solutions at a faster pace. Since releasing Personetics' latest solution (its Self-Driving Finance platform, a solution for FIs to implement AI advisory services for their consumer and small business clients), Sosna said the reaction from SMBs has been strong.

Allstate Business Insurance has launched an artificial intelligence-powered chatbot to guide small business clients through the insurance process. The chatbot, called the Allstate Business Insurance Expert (ABIE), can be accessed through the business insurance section of Allstate's website. Developed in collaboration with Jorsek, with the use of the easyDITA platform, the bot provides answers in real time to questions about small business needs and insurance solutions. "We know small business owners are savvy business people who do their research when looking for solution providers," said Allstate Business Insurance president Mike Barton. "That's why we developed ABIE – to help answer their initial questions and make the conversation with their Allstate agent even more productive."