Banking on Conversational AI
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An estimated 110 million Americans are already using voice-enabled virtual assistants to accomplish basic day-to-day tasks, and that number is growing every year. As these tools become ingrained into peoples’ daily lives, voice interfaces powered by conversational AI will become the preferred way for many customers to interact with businesses, including financial institutions (FIs).
To engage these customers, FIs will have to evolve beyond traditional IVR systems. They’ll need to provide a consistent, seamless, and personalized conversational experience for each customer across every channel—in digital channels such as messaging and chat as well as in voice channels.
Making that move will be vital to getting and staying ahead in the market. FIs face the twin challenges of increased digital expectations from customers and growing competition from digital-only players and innovative financial technology companies (fintechs).