Key takeaways
Since 2016, global banks have led a gold rush towards the implementation of automated chatbot technologies, spurred by changing consumer behavior and profit-margin expansion.
Technologies powered by artificial intelligence require additional prudence due to the sensitive nature of financial information and transnational data.
By focusing on conversational intent, experience and security, bank can deploy a chatbot engagement model that delivers an exceptional customer experience.
This past month, billions across Asia and the world celebrated another Lunar New Year with the arrival of the final member of the Chinese Zodiac by way of the pig — and said farewell to the.. chatbot? To suggest that 2018 was the hype year of automated conversation platforms, and whose embrace from banks was unmatched by any other industry, wouldn’t be considered far-fetched to anyone close to the technology.
The rise of the financial chatbot
Just two short years ago, only Bank of America and Mastercard were on record among financial institutions to have launched a chatbot into the wild. Since then however, the industry has witnessed a crowded introduction of automated chatbots from virtually every multi-national banking institution. Banking is ahead of the curve from other industries in respects to the deployment of chatbots to lift and automate the customer experience model.
The wide adoption of an automated chatbot technology has been driven largely by the industry acceptance of strategic cost-savings, enhanced operational efficiency, and higher engagement rates with customers and prospects. In fact, UK-based Juniper Research recently raised its cost-savings estimates for the retail, banking and healthcare sectors from $209 bn in 2019 to $7.3 bn by 2023. Gartner has even predicted that by 2020, chatbots will be handling no less than 85% of all customer service interactions at financial institutions.
In a recent Entrepreneur article, Ashish Parmar, CEO of Prismetric, provides additional clarity on why chatbot technology is becoming more valuable within the banking space. He attributes a range of factors, such as GDPR
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