Digital to the Core: Chatbots, AI, Open Banking and APIs
Banking providers must continue to step up to plate and meet consumer expectations. Digital banking solutions are table stakes, not something only tech-savvy Millennials crave.
A crowded marketplace and the speed at which new technologies are revolutionizing banking makes crafting the right digital presence overwhelming for many financial institutions. Consumers now expect their banking provider to provide a secure, frictionless digital experience — one that’s easy to use, convenient and fits seamlessly into their everyday lives. With competition increasing across the industry, the stakes are high. If your experience falls short and consumers get frustrated, it will drive both money and relationships elsewhere.
Fortunately there are multiple emerging digital strategies and technologies that are improving the customer experience for mobile banking users. Voice-enabled platforms, chatbots and AI assistants are emerging as one of the hottest technologies — for both banking providers and consumers alike. This trend is definitely something banks and credit unions must pay attention to.
It is no longer a question of if consumers are willing to interact with digital assistants; they are already doing it. Many financial service have successfully launched proof-of-concept tests for chatbots, thanks to recent advancements in conversational interfaces and voice recognition. Regardless of whether the platform is Facebook Messenger, WhatsApp, Amazon Echo or Google Home, these solutions offer a new avenue of access that reduces friction in the consumer journey.
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