![]() Fraud preventionįraud affects many industries, but perhaps none more so than financial services. Whether it’s making payments, reporting lost cards, reviewing account information or even seeking wealth management advice, chatbots can provide quick, simple self-service solutions. That’s because chatbots are becoming the go-to first point of contact for many industries – and financial services is no exception. You visit a company’s site or their social media page and a chat box pops up in the corner of your screen asking if you need assistance. When most people think about chatbots, they think about customer support. But how are they being used? Here are some of the most common reasons for deployment. ![]() We’ve established that chatbots are on the rise in banking. What are some use cases for chatbots in banking? However, as we’ll discuss in more detail later, we don’t believe they should be considered the final destination for exceptional customer experiences. Now, we think chatbots are a great start for businesses embarking on a digitalization journey. But with chatbot adoption on the rise, it looks like financial services firms are sitting up and taking note – at least when it comes to conversational AI. Indeed, Gartner has predicted that 80% of ‘heritage’ banks will be out of business or unable to compete by 2030 due to digital disruption. With agile FinTechs revolutionizing how traditional financial services are delivered, some banks risk getting left behind. Remarkably, 10% still have no plans to develop one in the future. The Cornerstone Advisors survey revealed that 45% of banks didn’t have a digital transformation strategy prior to 2021. While 40% of retail customers claimed they had interacted with a chatbot in 2019, only half as many financial services customers said the same. However, chatbots are still less common in banking than other industries. If this turns out to be true, the proportion of providers with chatbots will go from less than one in 20 in 2019 to nearly one in three by the end of this year. That’s impressive growth, particularly as a further 16% said they intended to invest in chatbots in 2021. Within just 12 months, this figure had more than tripled to 13%. ![]() Recent Cornerstone Advisors research showed just 4% of mid-size banks and credit unions were using chatbots heading into 2020. We mentioned that financial services firms are upping their investment in chatbots. There are a lot of questions for innovation and marketing teams within the financial services sector so let’s try and find some answers. Will chatbots be another channel banks can tick off their to-do lists, or will the investment actually lead to an increase in customer experience, satisfaction and loyalty?Īre banks getting the most out of conversational AI? And if not, what can they do to further optimize their use of chatbots in banking? But will this investment just allow them to “keep up” with their competitors, or will it offer a competitive advantage of its own? That’s a compound annual growth rate of around 30%.įinancial services is an industry that has significantly ramped up its investment in chatbots recently. Adroit Market Research predicts the conversational AI platform market – of which chatbots are a part – will be worth $17 billion in the next four years. COVID-19 was undoubtedly an accelerant of this increased adoption.īut there was already ample evidence prior to the pandemic that more and more organizations were turning to chatbots to lower their operating costs.Īnd this upward trend shows no signs of abating. Looking more broadly, there was a 67% rise in the number of decision-makers who said their organizations used chatbots between 20, according to Salesforce. Some 30% of them, in fact, have discussed launching a banking chatbot in 2021 – a figure that rises to 44% among credit unions. Boards and exec teams up and down the country have banking chatbots on their agendas. But where does that leave them in terms of CX and competitive advantage? With a simple upgrade, banking chatbots can do so much more.Ĭhatbots are all the rage, if the latest stats are anything to go by.
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