The world’s biggest banks are using chatbots to automate operations and provide a better banking experience.
As competition heats up and customer loyalty declines, the world’s biggest banks are using chatbots to create a more convenient and enjoyable online experience. Here’s how five global banking giants are utilizing chatbots.
Santander UK is a financial services provider in the UK that serves around 14 million active customers and operates through 841 branches. Last month, Santander UK launched voice recognition technology within their SmartBank app. The technology enables customers to make payments, check their account balance, report a lost card and ask about their spending within a period using their voice.
Bank of America
Bank of America is one of the world’s leading financial institutions. The bank serves approximately 46 million consumers, and small businesses, 34 million active online banking accounts and nearly 22 million mobile active users. Last year BOA unveiled a bot called Erica which uses artificial intelligence, predictive analytics and cognitive messaging to assist customers in making payments, saving money and pay down debt. The bot will be available inside the bank’s mobile app via voice or text message.
Royal Bank of Scotland
Royal Bank of Scotland is one of the retail banking subsidiaries of The Royal Bank of Scotland Group, one of the largest financial service providers in the world. RBS has developed a new online AI chatbot that answers customers’ questions and helps direct them to the right places. The artificial intelligence can understand questions and filter through vast amounts of information in a split second before responding with the answer.
JPMorgan needs little introduction. It is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in investment banking, financial services, commercial banking and asset management. JPMorgan has released COIN, a bot which can review and interpret commercial-loan and other legal agreements in seconds, without any errors. The software is reportedly capable of doing in seconds the same work that it would take a large team of lawyers 360,000 hours to complete.
Barclays Africa Group Limited, formerly ABSA Group is a diversified financial services provider offering a broad set of products and services in personal and business banking across southern Africa. Barclays launched ChatBanking for Facebook Messenger, which allows customers to conduct their banking from within their favourite social media platform. Customers can use Facebook Messenger and Twitter to check their balance, buy airtime or data for their cell phone and view mini-bank statements.
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