Over the past few years, digital banking has seen tremendous adoption with banking customers. While internet banking had been growing steadily since the early 2000, it’s the increase in smartphone penetration that has led to a dramatic increase in mobile banking. Statistics from the Federal Reserve suggest that 43% of all mobile phone owners with a bank account had used mobile banking in 2016, a jump of 10% over the previous two years1.
Conversational money management is essential for the banks of the future. It blends personalized interaction with a banker or financial advisor with the speed and immediacy of a digital just-in-time interaction. For example: During checkout, a customer gets pinged by a bot informing him that he’s about to go over his retail budget—and offering a deal that can help him stay on track. Without the bot, that same conversation would have required the customer to keep an eye on his spending and any special offers manually inside an app, and he probably wouldn’t have had enough time to take advantage of the deal.
The advent of chatbots has given banks an opportunity to do just that. These chatbots, when integrated with the banks existing digital channel solutions, help provide a means to reach out to their customer better and faster. So it shouldn’t come as a surprise that using conversational bots is garnering a lot of interest in digital banking.
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