Banks: how using chatbots enhances the customer experience

Many banks worldwide are deploying chatbots as a means to enhance customer service, with the switch to conversational banking also helping lenders to reduce both costs and turnaround times in fulfilling customer requests.

 

Here’s how seven of the world’s top financial institutions are embracing chatbots:

Bank of America were first movers, unveiling Erica in 2016, its digital assistant to help customers pay bills, access their accounts and better manage their finances.

Capital One’s “Eno” is the company’s second chatbot, and helps customers pay their credit card bill, track transactions and other important tasks.

Mastercard took a different approach, embedding its chatbot on Facebook Messenger. Cardholder behaviour dictates what offers and benefits the bot provides, which can also perform the standard tasks of helping customers manage their accounts and payments.

American Express’s bot also lives on Facebook Messenger. Members can obtain real-time access to their account and receive answers to card-related queries. Users can also make in-app purchases via their Facebook account, with the bot providing details on cardholder benefits and contextual recommendations.

DBS Singapore runs Asia’s sole digital-only bank, Digibank, and this delivers virtual assistance through its mobile app. The assistant can interact through voice and text and can answer 10,000 common banking queries.

JP Morgan Chase does not offer a customer-facing bot, but has instead used bots to improve its back-end operations. “COIN” can go through complex legal documents more efficiently than a human lawyer and has saved the bank over 360,000 hours of manpower, while it also analyses employees’ emails and handles various routine IT tasks.

Royal Bank of Scotland’s Luvo chatbot was developed through IBM’s Watson and can understand customers’ requests made in plain English. RBS is looking to expand Luvo’s emotional understanding and predictive analytics.

Find out more about the chatbot revolution