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Briefly on: The year of the banker bots

With 11,000 bots live on Facebook messenger alone and 23,000 developers having signed up for building bots this year , get ready to chat with your service providers.As per Gartner 38% of consumers have already used a virtual assistant for services on their mobile phone in 2016  . The bots in fintech are typically either goal-based dialog agents or chatbots. This is the year of finbots.

Banking as an industry is not a leader in the adoption of chatbots but there is a conscious decisioning if not adoption process underway in most banks with a careful and definitive digital strategy.  Healthcare in the US , has seen the maximum advancement in mainstream operations , with bots playing a major role in the transcription process. Most of these conversational interactions with a bot are now HIPAA compliant with mainstream service providers stepping up on the compliance front. Banking is yet to enforce Regtech in to the ‘botsification’ arena and is toying with dialog agents and customer service chatbots as its step one into the world of adoption of AI .  However , the use cases or area of engagement in most banks is clear and evolving.

Bank / FI BOT Tech  Vendor Phase
Santander UK SmartBank Nuance and built in assistane with Santander Universities Live
Swedbank NINA Nuance Live
Bank of America Erica Homegrown To go live in 2017
HDFC OnChat Niki.AI Live
DBS , Digibank MyKai/Kai Kasisito spun off SRI International(makers of Apple’s SIRI) Live
RBS Luvo IBM watson Was to launch in December with 10% of Scotland customers
Axis Bank Not known Active Intelligence PTEActive.AI Announced its award of contract to the tech vendor
ABSA Not known Not known Announced intent
Bank of Tokyo Mitsubishi Nao. This  is not a chatbot. It is a  pint sized interactive robot Aldebaran Robotic (Softbank Robotics) Early 2015
Mizuho Pepper. Aldebaran Robotic (Softbank Robotics)
Yes Bank Payjo To Launch in 2017
RBL Payjo To Launch in 2017

The Year of the Banker Bots

Published inFintech

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