For years, traditional banks have struggled to adopt new technology at the same pace as consumers. This is now starting to change, spurred in part by the rise of fintech providers, but also because of a growing realisation that digital tech could streamline the industry.
PwC found “robo-advisors” and chatbots are becoming an important component of banking services. They’re joining technologies such as automatic capital planning modelling and AI-powered internal reviews. At this stage, banks aren’t yet ready to switch to full automation so they’re evaluating the intermediary efficiency improvements offered by bot technology.
AI efficiency
Chatbots can supplement existing communication lines such as online chat or social media support. With users spending more time in messaging apps, a fully-featured chatbot could become a customer’s preferred contact method. This is a win for the bank which saves time and money by having the AI handle queries.
Simple tasks could be processed entirely by the AI, avoiding the need for human intervention at all. This offers customers a seamless experience that’s delivered where they want it, without needing to wait on the phone or visit a bank in person. Banks benefit through increased customer satisfaction and the possibility of reassigning frontline support staff to focus on more complex cases.
AI first fintech services
The finance industry’s approach to chatbots still differs from the view taken by fintech though. As Business Insider reports, some fintech providers offer a service that’s built around a chatbot.
The bot becomes a personal banking manager that’s the primary interaction point for your finances, rather than a gateway to the interactions. Traditional lenders are yet to offer this kind of digital-only service, preferring to stick with supplementary chatbots used alongside regular online banking options.
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Over the next few years, chatbot technology is expected to rapidly develop. All the major messaging apps and cloud platforms are supporting the trend, creating a robust ecosystem that’s ready for finance providers to use.
With some regulators considering a loosening of fintech adoption rules, banks could have more scope to offer bot-based services. AI could soon become your first contact with your bank, creating a new finance model that works around you.
