Recent advancements in artificial intelligence are set to transform digital banking through the implementation of sophisticated chatbots, which can engage users via voice and text. These chatbots utilize machine learning and natural language processing to provide more accurate responses and enhance customer engagement. The rising popularity of messaging platforms, coupled with consumer demand for innovative banking services, suggests a significant shift towards chatbot integration in the financial industry.

1. The Future of Digital Banking
B A N K I N G O N B O T S
Chatbots have been used in banking for years but have so far only been capable
of rudimentary tasks. Today, after major advancements in artificial intelligence,
chatbots are poised to revolutionize the banking industry.
What is a
Chatbot?
A chatbot is an artificial intelligence (AI) software
program that converses with users through voice and
text platforms. Through Machine Learning, Deep
Learning, and Natural Language Processing, chatbots
use Contextual Awareness to thoughtfully answer
questions and make recommendations.
Artificial Intelligence
The ability for a machine to learn from
previous data to make decisions in new
situations.
A type of machine learning in which an
artificial brain with digital neurons and
synapses learns the same way a biological
brain does: through experience.
Machine Learning
Deep Learning
The ability for a machine to
effectively understand and respond
to human language.
Natural Language
Processing
The ability for a machine to understand the
context of a request or situation to provide a
more accurate response.
Context Awareness
While chatbots have existed in some
form since the 1950s, recent
advancements in AI research are
making chatbots more accurate and
useful than ever before.
How
Chatbots
Work
Keyword
Matcher
Parser
Interlocutor
Sentence
Constructor
Stock
Phrases
Knowledge Sources
Conversation
Memory
Chatbot
Interactive voice
recognition (IVR)
SMS Banking
Mobile Banking
Investment Robo-advisors
Conversational Banking
Past
Present
Future
Bots in Banking
The Messaging
App Landscape
300M3.5B
KikSMS
Consumer Banking
Preferences
1.2B
Facebook Messenger
1.2B 1.7M
WhatsApp Slack
Messaging platfroms are building incredible audiences of highly engaged users.
The surging popularity of peer-to-peer messaging
platforms is fueling the rise of chatbots.
The Rise of
Messaging
100,000
The total number of monthly active users on
Facebook Messenger.
The total number of chatbots integrated with
Facebook Messenger.
The top four messaging apps have
higher retention and usage rates
than the top four social networks.*
Of millennials don’t think their
bank offers anything different
than other banks
Of millennials would be more
excited about a new financial
services offering from Google,
Amazon, Apple, PayPal, or Square
than from their own bank
According to a recent survey, over three quarters of financial
institution respondents view chatbots as a viable commercial
solution now or within the next 1-2 years.
53%
Millennials would be
open to switching banks
in the next 90 days.***
1in3
Benefits of
Banking Bots
Account aggregation from
multiple institutions
Automation of back office
operations
Better customer data & analytics
Increase brand & customer
engagement
Personalized digital banking
Banks are all
in on bots.
* http://www.businessinsider.com/the-messaging-app-report-2015-11
**http://fortune.com/2016/07/20/facebook-messenger-one-billion-users/
***http://www.millennialdisruptionindex.com/
Visit Abe.ai to learn more about
the future of banking chatbots.
2
Leading institutions from around the world are roll-
ing out chatbots to their customers.