Chatbots can provide wealth management for the masses, underwrite loans and insurance, provide data analyses and advanced analytics, and detect and notify of fraudulent behavior, all through an automated virtual assistant.Bank of America uses ERICA to give customers key and real-time updates on their finances using a channel of their preference.Given the potential chatbots offer, developers and brands are scrambling to be a part of the chatbot ecosystem.
Chatbots in banking are a digital solution that is relatively inexpensive to develop and maintain.
These companies’ chatbot is their core product, unlike legacy banks that use it to supplement a core product.
These companies are improving various financial services that provide their customers more than just automated savings.
This is because consumers are spending an increasing amount of time accessing social media and messaging apps on their handsets.
Companies that want to gain the attention of consumers should investigate how they can leverage the expanding technology.