Banks and credit unions are deploying AI-powered chatbots to modernize the ai customer experience and remove friction from everyday banking. These banking chatbot solutions, or AI virtual assistants, are game changers for the financial industry. Tasks that used to be completed by talking to a human in a branch or on the phone now take place in a conversational interface with virtual assistants for automated support, in real-time. These banking chatbots allow financial institutions to talk to millions of customers at once and proactively alert customers to potential issues or upcoming payments.
As people continue to avoid branches in favor of digital banking, expect even more banks to launch virtual assistants.
What Are The Top Use Cases For Chatbots In Banking?
Chatbots in the banking industry can help make everyday banking tasks easier. An AI chatbot makes it easy for customers to:
- Retrieve account balance and information such as account and routing numbers
- Get historical spending analysis and budgeting recommendations
- Receive bill pay alerts and payment notifications
- Receive fraud, repeat charges and suspicious activity notifications
- Transfer money, buy stocks and mutual funds
- Report upcoming travel
- Report lost or stolen cards
- Activate new cards
- Check rewards and points balances
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Which banks have chatbots? A roundup of the 10 best-of-the-best banking chatbot solutions
Here are some of the most well-known banking chatbots.
One of the first banks to launch a chatbot, Ally Bank rolled out Ally Assist in 2015 in an effort to provide users with a seamless and personalized way to manage their account. Accessible within the Ally Bank iPhone app, Ally Assist performs bill payment, transfers and account information requests. The bank also launched an Ally Skill on Amazon’s Alexa giving people perform simple banking tasks via voice commands.
HSBC’s Virtual Assistant Chatbot Amy is available on the bank’s website on various product pages. Amy understands English, Traditional and Simplified Chinese and helps customers get instant answers to common questions on the bank’s products and services.
Ceba is a virtual banking assistant that answers a range of day-to-day banking questions. Ceba is available on the bank’s app and Website. Ceba is one of the only banking chatbots to have human escalation and directs customers to other channels based on their specific need.
Citi Bank’s Citi Bot SG is a chatbot that enables customers to ask about basic account information through Facebook Messenger. Customers can get answers to questions around account balance, transactions, rewards and payment information for credit cards, checking and savings accounts.
Available within the TD banking app, Clari answers common banking questions. Clari can find information on spending, bank accounts and more. Banking customers can ask about opening an investing account, account balance, historic spending and categories, and sending money.
Available on the bank’s website, mobile app and SMS, Capital One’s digital assistant Eno uses sophisticated natural language processing to understand 2,200 different ways someone might ask for their balance. Eno also proactively reaches out if a bill is higher than normal, if it suspects fraud, or if it detects a particularly high tip. Another unique feature is monitoring free-trials to remind customers before they end.
Available within the BofA app, the virtual financial assistant Erica is designed to help customers more easily manage their money. Within the interactive interface, Erica provides reward and account balances, spending summaries, refund confirmations and credit scores. She can also identify duplicate charges and send bill reminders.
The AI-powered chatbot’s capabilities don’t stop there: Erica helps support BofA subsidiary Merrill clients through insights on portfolio performance, trading, investment balances, quotes and holdings.
In 2020, Erica helped more than 5 million customers complete over 75 million requests. Since launching in 2020, Erica has helped 15 million customers with over 175 million requests. Every day, Erica engages in approximately 400,000 interactions.
Eva helps customers with everyday banking needs: checking on a loan status, facilitating payments and getting instant answers to FAQs. Eva can also help customers apply for various loans.
With the ability to communicate in Chinese and English, and also understand Cantonese as well as the mixing of English and Chinese, the two bots from Hang Seng Bank in Hong Kong get retail customers instant answers to a variety of needs. HARO and DORI use a combination of natural language processing and machine learning to have human-like conversations, helping banking customers get answers in real-time.
HARO stands for ‘Helpful; Attentive; Responsive; Omni” and interacts with customers on the bank’s website, mobile app and WhatsApp and answers questions related to mortgage, personal loan, credit card, medical insurance and travel insurance services.
Available on Facebook Messenger, DORI (‘Dining; Offers; Rewards; Interactive’) helps customers discover shopping and dining offers.
NOMI is a banking chatbot that hails from the Royal Bank of Canada, the country’s largest bank. NOMI is a chatbot that sends alerts, reminders, and tailored insights based on a person’s banking habits. Available in the RBC mobile app, it provides tools to help people manage day-to-day spending, including a calculated budget recommendation based on unique spending habits.
The use of virtual assistants by financial institutions to help banking customers save money, manage their bank accounts and XYZ is on the rise. Customers increasingly expect effortless and proactive customer support and banking bots are delivering the experience that customers expect.