AI Chatbots Bridging the Gap Between Fintech and Traditional Banking

Another example of the popularity of the chatbot can be found at Bank of America, where some ten million users corresponded to the chatbot Erica.

Fremont, CA: Change is increasingly coming to conventional banks for a variety of reasons, but not for failing to try. According to the Innovation in Retail Banking Report 2019, 76 percent of banks state that the use of advanced data and machine learning is their top priority in their transition to a digital-first organization.As a sector, more AI companies were formed between 2014 and 2019. Banks not only understand the need to satisfy ever-increasing consumer demand for customization, but they also find a way to save time and money in AI solutions.

One way banks can support their clients 24 hours a day, 7 days a week, is through the use of chatbots. According to MobileMarketer, about 40 percent of millennials connect with automated bots on a daily basis. Juniper Research says that most people used voice search at some stage last year and expects 8 billion voice assistants to be involved worldwide by 2023.

54 percent of people do their banking in the evening or on weekends, making chatbots and their working potential even more appealing. CaixaBank saw a 20 percent decrease in calls to its contact center following the implementation of Neo's chatbot, which has been used by at least 2.5 million customers. Neo had more than 23 million conversations, and consumers got fitting responses to 85 percent of their questions, not requiring any more (human) assistance.

Another example of the popularity of the chatbot can be found at Bank of America, where some ten million users corresponded to the chatbot Erica. Since its launch, Erica has helped more than 100 million client requests and is aware of the answers to more than 400,000 different financial questions. That being considered, it won't be long before a chatbot is the default for any financial organization.

Check out: Top Artificial Intelligence Solution Companies