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