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Use of chatbots in the payments industry


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We conducted research on how the payments industry is using chat bots (also called chatbots) today. This document, which is in the form of an easy to consume infographic, lists down the findings from our research.

Published in: Economy & Finance
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Use of chatbots in the payments industry

  1. 1. C H A T B O T P L A T F O R M S Companies are choosing to deploy chat bots on platforms that their customers & users prefer to be on. These include Copyrights to all logos shown here belong to respective companies Chat bots are computer programs that intelligently respond to human queries and requests in an automated fashion. They can be accessed using mobile devices, computers and other devices like Amazon’s Echo speaker. W H A T A R E C H A T B O T S ? Many companies are deploying bots for user interactions that previously required (human) employees. The main drivers are R E S E A R C H C O V E R A G E Payments companies, including card networks, processors, payment aggregators, digital wallet providers and payment apps. Card issuers were NOT included in our survey. 25 Popular mobile, messaging & social platforms that enable deployment of chat bots6 Chat bots that are available to users in the US W H A T T H E F U T U R E H O L D S F I N D I N G S – B O T C A P A B I L I T I E S Currently available chat bots focus on customers (though merchant-facing bots are also in the works) Some providers are also building white label bots that their partners (e.g. banks) can brand and deploy for their customers Current bots have both transactional and informational features Features that users can access via chat bots today include • Send money to a contact (e.g. friend) • Split bills with a contact • Get account information for card accounts (e.g. balances) • Get information about recent transactions • Access insights on spend patterns & savings opportunities • Get educated about financial concepts (e.g. credit) We believe that the payments industry will increasingly look to deploy bots to meet specific objectives. In addition, we think • New feature additions to chat bots will take their capabilities closer to existing mobile apps / portals • Bot capabilities will be delivered as a part of integrated omni-channel experiences that include apps & portals • Bots will increasingly provide proactive analytical features to users, in addition to transaction and information delivery • Bot feature roadmaps will be driven by user experience • Chat bots built for merchants will herald the next wave of deployments of bots in payments F I N D I N G S - S U M M A R Y Almost a third of the companies we researched have either already deployed chat bots or are building them 4 4 3 1 Companies typically prefer to make their bots available on more than one platform Companies seem to prefer building bots for Facebook Messenger & iOS Messages Voice based access is mostly being delivered via Siri working in conjunction with the company’s respective (iOS) mobile app For more information, contact: RAJESH KAMATH (, SMITA NAIR ( CHATBOTS IN THE PAYMENTS INDUSTRY Chat bots are available in two broad forms Text based Voice based Messenger Telegram Siri Messages Slack Alexa S O C I A L D E V I C E O T H E R We conducted secondary research to understand how the payments industry uses chat bots today. Our research covered HAVE BOTS NO BOTS 7 18 User presence & preferences Seamless user experience Reduced cost of fulfillment