Future of Conversational AI in FinTech - ERP Spain.com - España y América Latina

Voice banking has the potential to be so much bigger than the novelty of being able to use Amazon Alexa or Google Home to ask, “What’s my account balance?” The magic of voice banking isn’t about the device…the magic is in how it transforms consumers’ relationships with their money and their financial institutions. For many years, banks and credit unions have been working hard to engage their customers and members with Personal Financial Management (PFM) tools within online and mobile banking, which strengthens the banking relationship. Consumers want to understand and track their financial situations—but, sadly, for the vast majority, this deep understanding feels unattainable, because the PFM tools aren’t easy enough to use. Combining natural language processing and artificial intelligence in conversational banking builds a bridge for customers to cross the chasm of intimidation and engage more deeply. Customers can ask a cash-flow analysis question using natural language, such as “How much should I budget for take-out based on my spending on restaurants over the past six months?” With answers easier to find than ever before, the technology maximizes the accessibility of PFM. People want to engage more deeply with their finances and AI-powered conversational banking can finally deliver.