What Banks Need to Know About Financial Chatbots

November 30, 2016

Banking is one of the industries most at risk of major disruption in the next three years. At the heart of this disruption are innovative financial technologies, which are rapidly transforming digital banking. As tech-savvy consumers—especially Millennials—develop higher standards for customer service and convenient, friction-free digital experiences, banks must evolve in order to remain competitive and profitable. The latest in innovative banking technologies are artificially intelligent financial chatbots that act as personal financial advisors to banking customers.

In our latest report — How Financial Chatbots Are Transforming Digital Banking, we explore this innovative new technology and how banks can capitalize on it.

Financial chatbots provide users a way to get fast answers about their finances. Rather than searching for their financial information in mobile app menus, users can ask a chatbot straightforward questions through mobile messaging platforms they already use, such as Slack, SMS messaging, and Facebook Messenger. This intuitive conversational interface provides a more convenient user experience and offers banking customers personalized, proactive money management advice that can help them improve their financial well-being.

AI-powered chatbots are opening up new opportunities for financial providers to win valuable Millennial market share. Within the past year, forward-thinking financial institutions such as Bank of America, Mastercard, and American Express have invested in this innovative technology and raised the bar for digital banking services. However, many Millennials are disenfranchised with big banks, leaving a gap in the market for smaller financial institutions to win new customers by providing best-in-class financial planning features. Community banks and credit unions should take this opportunity seriously and invest in financial chatbots now to gain a competitive advantage against big banks.

AI-powered chatbots are opening up opportunities for financial providers to win valuable market share. Click To Tweet

In today’s evolving financial industry, early adoption of cutting-edge technologies is the key to remaining competitive and profitable. Download our latest report for actionable strategies and best practices for digital banking innovation.

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