COVID-19 stokes the chatbot hype in financial services

COVID-19 and its associated containment measures are accelerating digital transformation and automation in financial services. Customer service has been under enormous pressure, and financial services firms such as Nationwide Building Society in the UK and the Royal Bank of Canada have launched chatbots to deal with the unusually high volume of requests. However, digital teams in financial services firms should remain wary of deploying chatbots and voice assistants faster than their customers are ready for them, or than their systems can support. 

To better understand chatbot capabilities in financial services, we evaluated the chatbot offering of over 150 global financial services firms. We also analyzed consumer sentiment and adoption of chatbots in Europe and North America. We found that although artificial intelligence is evolving fast, today’s chatbots are not yet equipped to handle any, and all financial tasks. 

Digital business executives planning to roll out chatbot or voice should be

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Abaka launches Chatbot as a Service solution for financial firms

  • baka debuted a conversational chatbot product for financial firms to integrate into their digital channels, complementing its existing AI applications.
  • The move will be especially useful for smaller players’ digital transformations.

The off-the-shelf offering enables financial advisors, wealth managers, retail banks, insurers, and retirement providers to integrate an AI chatbot, Finextra reports. Launched in 2015, Abaka is a technology platform that provides AI solutions to financial firms of all sizes, and it has offices in the UK, France, Singapore, and the US.

Reported benefits of using AI interactions for global banking and insurance customers

Abaka launches Chatbot as a Service solution for financial firms.

Business Insider Intelligence

Abaka’s chatbot promises to boost financial firms’ client engagement and satisfaction, and complements its existing products.

  • Financial firms are keen to use chatbots to improve customer interactions, but they face implementation challenges. Forty-nine percent of global consumers say that AI interactions in insurance and banking provide better security and privacy around personal data than humans
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