Artificial intelligence has ushered in a new era of bank representatives — chatbots. According to the infographic from Carsurance, no technology has made a greater impact on the financial services industry in 2017 than robo-advisers.
Bots never showed signs of slowing down since then. Although they still can’t replace their human counterparts, they have generally helped the world’s leading financial institutions deliver customer service more efficiently.
Now that more and more people are getting comfortable managing their finances through mobile devices, the importance and popularity of these virtual assistants are increasing by the day.
Let us take a look at how the major leaguers use bots to their advantage.
Unlike most of the entries in this piece, Wells Fargo’s chatbot has no name. It is integrated into Facebook Messenger to engage with its social media customers.
Through AI, the bank’s bot responds to customer messages in natural language to produce organic interactions. It can answer countless queries and provide answers quickly.
The United Services Automobile Association’s Clinc is more akin to voice-based virtual assistants, such as Apple’s Siri, Microsoft’s Cortana, and Amazon’s Alexa, than to ordinary chatbots in the financial services world.
Clinc banks on sophisticated natural language processing engines and deep industry knowledge to converse with people properly despite the generally contextual and often ambiguous human messages.
With its ability to analyze word structure, speech patterns, and sentiment, members of the USAA enjoy having intelligent conversations with Clinc.
Bank of America
Erica assists the growing number of BofA’s mobile app users. Launched in 2018, the AI-powered bot has evolved a lot over the months.
At first, it was designed to help users tackle everyday transactions and answer basic inquiries. Thanks to several enhancements, Erica can now alert users about expiring free subscriptions that may become recurring charges, send bill reminders, and monitor FICO® score increases and decreases, among others.
Instead of using an AI-driven bot to handle customer service, the bank developed COIN to run its back-office operations more smoothly. It analyzes complex contracts proficiently in record time, helping human lawyers accomplish more. In fact, JPMorgan Chase claims that its bot has saved over 360,000 labor hours.
Moreover, COIN helps employees with basic IT problems like password resets and gives authorized individuals access to software systems. With its success, JPMorgan Chase plans to develop more bots to improve its cash flow and minimize risk.
Commonwealth Bank of Australia
The banking behemoth of the Land Down Under uses Ceba to assist customers with over 200 tasks, ranging from card activation to balance inquiry. The bank expects its AI-based chatbot to expand its skills to help customers with 500 banking activities over a short period.
The Swedish Bank has two bots: Amelia and Aida. The former is dedicated to employee assistance and internal IT support, while the latter is designed for front-end customer service.
Aida helps customers with account inquiries, card problems, and meeting arrangements, plus it handles 13% of IT support queries at the time of writing.
The diversity of chatbot uses in banking is fascinating. As more financial institutions adopt AI, it is exciting to imagine how bots might shape the industry in ways we never thought were possible.
Infographic URL: https://carsurance.net/