Banks Using Chatbots for Better Operations

The finance sector is revisiting old techniques and adding a new digital age spin to them. One of the more successful implementations of today is the use of chatbots in the field of banking promotions and customer service. Chatbots can reasonably empower a bank to run better by taking on the burden of automating operations, improving customer outreach and interactions, and streamline the general processes of common tier banking. And some of the leading banks in the world are trying the technology on for size.

Front End Operations AI

The Bank of America, one of the biggest names in the U.S. financial sector, is spearheading the use of chatbots for a more intelligent automated customer support system. Band of America announced Erica in 2016, which is expected to become their best digital assistant for aiding customers. Erica can send notifications out to customers, offer updates on FICO scores, suggest ways in which they can save more money, allow for easier payment of bills through the Bank of America app, among other things. There is no set launch date for Erica so far, and Bank of America has only mentioned that the chatbot would become available soon.

Back End Operations AI

JPMorgan Chase is trying out a whole new approach for the use of chatbots than most other competitors: they want an AI that will help out in their back end processes and office operations. COIN was launched very recently and is able to take on complicated tasks in order to streamline the office operations for the institution. The chatbot was launched in June 2016 and has since then helped save more than 350,000 manpower hours for JPMorgan.