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chatbots in finance
Chatbots can provide wealth management for the masses, underwrite loans and insurance, provide data analytics and advanced analytics, and detect and notify of fraudulent behaviour. Bank of America uses ERICA to give customers key and real-time updates on their finances using a channel of their preference. Predictive analytics and cognitive messaging helps customers make payments and check their balances.
Chatbots Set to Grow
Although chatbots have been around for a long time, recently the underlying AI technology has made waves in the market. The growing popularity of messaging apps have made them reliable hosts for chatbots, and the increasing public acceptance of chatbots have created more trustworthy relationships with users, particularly for millennials, whom banks are trying to target.
More to Learn...
Chatbot technology will continue to improve in the coming years, particularly thanks to robotics in banking and chatbot financial services. Chatbot architecture and design will evolve to the point that interactive AI will become standard for customer service. But there are numerous applications for chatbots across a variety of sectors.