Look closely and you’ll see that banks have long been leaders in adopting new technologies. From SMS balance requests to IVR telephone banking to apps, a highly competitive environment forces banks to deliver value to their clients in new ways. Banks typically provide products that are nearly identical to those of their competitors, leaving innovations in customer service as the main driver in retention and acquisition. The latest of these innovations lies in chatbots and conversational interfaces.
Until recently, bank clients had to rely on physical branches to answer complex questions. Stand-alone banking apps either lacked the functionality to do so or failed to present it in an understandable manner. Chatbots allow us to ask the difficult questions that traditionally required a trip to the bank, from our own devices and our own homes.
Capabilities vary from each bot, with some offering highly complex investing and lending features and others focussing on common transactions like checking account balances, paying bills and transferring funds.
Retail banking: User/account registration, dual factor authentication, branch locator, spending analysis, contact requests, cheque orders and lost/stolen card cancellation.
Payments and transfers: Client onboarding, internal/external money transfers, bill payment, payee addition/removal/modification, P2P and recurring payment setup, exchange rate data and alerts and real-time financial market data.