May 31, 2018
A growing number of brands are exploring deploying chatbots for customer service. Using AI, these bots can make a significant impact on the customer experience. Improving the customer experience represents a major focus in fintech.
Bank of America’s Erica
Bank of America recently announced the launch of its chatbot, Erica. An Android Community article cites that Erica will utilize predictive analytics to help tailor services to customers based on previous and ongoing behaviors.
Erica can be accessed through Bank of America’s mobile app. Users can interact with Erica through voice commands or through text. With Erica, customers can easily navigate Bank of America’s tools without needing to spend time searching for answers on the site. Users can ask Erica to perform tasks like search past transactions, schedule appointments with an advisor or carry out more complex advisory services.
The Erica chatbot does more than help provide answers to users. It vertically integrates some of the fitech features available through Bank of America. Now Bank of America customers can send money to friends no matter where they bank. This feature is relatively new to big banks and responds to the popularity of apps like Venmo that streamlined interbank transfers.
JP Morgan’s COIN
Rather than focus chatbots on customer-facing platforms, JP Morgan’s COIN helps support back-end operations. The bank uses COIN to help analyze legal contracts. The company claims COIN has saved them over 360,000-man-hours. The technology is also used to send employee emails, answer common IT questions and carry out simple tasks like resetting passwords.
In recent years, automation has replaced millions of manufacturing jobs. While manual labor in factories once represented low-hanging fruit for automation, the technology is pivoting toward knowledge-based work. According to Bloomberg, front end office headcount in banks has been sharply declining in recent years due to pressures to cut costs. Some of the gaps can be filled with bots and automation. Bloomberg emphasizes the future of financial careers will be either focused on tech or client-facing relationships.