The increasing intricacy of mobile technology has facilitated us to exchange details, validate and conduct transactions flawlessly. Information is literally accessible at our fingertips, removing the need for human support. The only area where human interface has had a lead over technology is the personal touch during a conversation, particularly in the case of relationship-based interactions. However, with all major innovators, including technology giants putting their burden behind technology that delivers human-like conversation experiences, even that edge seems to be fading. A platform designed to understand, learn and converse like a human and answer ad-hoc queries in real time is commonly denoted to as a chatbot. Chatbots have enticed the attention of firms across industries and are being viewed as a means to create differentiation in an increasingly crowded landscape. A brief discussion about various financial chatbots are mentioned below.
1) Customer query chatbot by UTI Mutual Fund:
UTI Mutual Fund has launched the Chatbot facility through which existing UTI MF investors can ask queries related to mutual funds and invest in both regular plans and direct plans of the fund house. This chatbot use Facebook Messenger platform to interact with the investors. In a press release, UTI said that it would work on improving the capabilities of this platform and cater to different investor segments in future.Leo Puri, Managing Director, UTI MF said, that they are committed to leverage technology to make life easier for investors. Whether it is through the new website, the two new mobile apps (i.e UTI MF app and UTI Buddy app) or the UTI Chatbot, these resources come together to enable and encourage digital investments."
Fullerton India Credit Company Pvt Ltd. (Fullerton India), a leading non-banking financial company (NBFC) has launched its chatbot, Asha, which is India's first robot salesperson. It is initially available initially over Facebook Messenger, Asha will aid Fullerton India's customers apply and obtain decisions for their personal loan needs. It is a self-learning chatbot which provides an interactive medium for customers with a Facebook Messenger account to apply, structure, submit documentation and receive loan approvals, instantaneously, and without the need to download any additional application.
RBS has been piloting an advance artificial intelligence bot which can help their human staff to answer customer questions. The bot is capable of scanning a huge chunk of data and return with the correct answer in a split of second. Supporting the stuff with dynamic knowledge means the employees do not need to remember answers or encyclopedic documentation. Robo-advisors are another option, managing your investment portfolio for you and offering financial planning recommendations at lower costs.
It is a banking chatbot, a software program that understands and responds to questions and commands about the user's bank account. It is like your bank's customer service representative powered by artificial intelligence. It is named MyKai and was released by artificial intelligence software company Kasisto in June. Any question you ask sends the bot to your transaction history for an answer.
5) FAQ chatbot used by Fidelity:
Fidelity, after collaborating with amazon eco has produced a Fidelity Alexa skill that enables the users to simply say "Alexa, ask Fidelity how Apple is doing and getting the instant, real time quote. Fidelity started to build their Alexa skills since 2015 and has rapidly evolved the product since then.
Capital one Alexa skills for the Eco lets manage account information, pay bills, check balances and even deal with auto and home loans. It was created in 2016 as acclaim. Capital one was the first company to enable bank account access and management through the voice-only eco platform. Designing voice only platform was a very challenging task. The design team wanted the skill to feel like a true, personalized conversation so that they meet the customer's need in all possible ways.
Bank of America (BofA) is leading the transformation for artificially intelligent chatbots in financial services. The company launched Erica, a voice- and text-enabled chatbot for BofA customers. Erica is touted as an intelligent digital assistant designed to help customers make smarter banking decisions. Erica sends notifications to the customers and identifies areas where they can save money, provides updates on their FICO score, and facilitates bill pay within the BofA app.
JPMorgan Chase recently launched COIN, a chatbot capable of analyzing complex legal contracts faster and more efficiently than human lawyers. Since its take-off in June last year, the bot has helped JPMorgan save over 360,000 hours of manpower. COIN is the latest bot launched by JPMorgan, which also uses the technology to parse emails for employees, grant access to software systems, and handle common IT requests like resetting passwords. In the future, the company plans to continue to use bots to identify new sources of revenue, reduce expenses, and mitigate risk.
9) Chatbot used by Master Card for account handle:
MasterCard is now offering a chatbot on Facebook Messenger. The MasterCard bot enables customers to access their accounts through one of the world's leading messaging apps. MasterCard customers can use the bot to review their account balances, purchase history, and spending habits, as well as make payments. The bot also provides customers updates about cardholder benefits and makes contextual offers.
HDFC Bank's Artificial Intelligence (AI)-based chatbot Eva' will now work with Google Assistant on Android devices, the company announced on Wednesday. "Eva" built for HDFC Bank by Bengaluru-based Senseforth AI Research claims to have answered more than five million user queries with more than 85 per cent accuracy.
HDFC is also successfully using a chatbot built by surbo a Delhi based AI and ML firm for evaluating the potential customer for personal and housing loan and to inform the customers about different financial products.