How Conversational Banking Will Impact Credit Unions

November 7, 2016

Here at Abe, we’re excited about the future of consumer financial services. As digital technologies continue to evolve, we’re especially interested in the impact conversational banking interfaces will have on community banks and credit unions.

This month, our own Keith Armstrong (co-founder and COO of Abe) was a featured guest on CUbroadcast, a popular online talk show about credit unions and financial services. Keith sat down with host Mike Lawson to discuss AI-powered financial chatbots, conversational interfaces, financial health, and how community banks and credit unions can stay competitive against big banks.

AI-Powered Financial Chatbots

Financial chatbots are the latest innovation in digital financial technologies. Powered by artificial intelligence, chatbots allow financial institutions to offer personal, on-demand banking services at scale. With built-in account aggregation tools and multi-platform integration, customers can consolidate every facet of their financial lives into a single location, for a truly friction-free banking experience.

Chatbots allow financial institutions to offer personal, on-demand banking services at scale. Click To Tweet

Conversational Interfaces

Financial chatbots are part of an ongoing innovation trend toward virtual digital assistants and conversational interfaces. Rather than requiring users to search for information in app menus, financial chatbots use natural, conversational language to communicate powerful insights into a customer’s finances. Users text plain-English questions as if they were messaging a friend and receive instant, helpful responses from the chatbot.

Consumer Financial Health

According to the latest CFSI study, 57% of Americans are struggling financially. Financial chatbots can guide customers through the complexities of day-to-day cash management, empowering them to make smarter spending decisions and improve their overall financial health. Because they’re built on artificial intelligence and use advanced data analytics, chatbots also offer financial providers competitive insights into customer behavior and intents. These insights can be used to identify new marketing opportunities and foster brand loyalty to become the primary institution of engagement.

Check out Keith and Mike’s conversation below: