Banks and credit unions are deploying AI-powered chatbots to modernize the ai customer experience and remove friction from everyday banking. Chatbot statistics can help prove that these banking chatbot solutions, or AI virtual assistants, are game changers for the financial industry. Tasks that used to be completed by talking to a human in a branch or on the phone now take place in a conversational interface with virtual assistants for automated support, in real-time. These banking chatbots allow financial institutions to talk to millions of customers at once and proactively alert customers to potential issues or upcoming payments.

As people continue to avoid branches in favor of digital banking, expect even more banks to launch virtual assistants.

What Are The Top Use Cases For Chatbots In Banking?

Chatbot vendors in the banking industry can help make everyday banking tasks easier. An AI chatbot makes it easy for customers to:

Retrieve account balance and information such as account and routing numbers
Get historical spending analysis and budgeting recommendations
Receive bill pay alerts and payment notifications
Receive fraud, repeat charges and suspicious activity notifications
Transfer money, buy stocks and mutual funds
Report upcoming travel
Report lost or stolen cards
Activate new cards
Check rewards and points balances

Which banks have chatbots? A roundup of the 13 best-of-the-best banking chatbot solutions

Here are some of the most well-known banking chatbots.

Ally Assist from Ally Bank

One of the first banks to launch a chatbot, Ally Bank rolled out Ally Assist in 2015 in an effort to provide users with seamless personalized customer service to manage their account.

What makes Ally Assist one of the best banking chatbots?

Accessible within the Ally Bank iPhone app, Ally Assist performs bill payment, transfers and account information requests. The bank also launched an Ally Skill on Amazon’s Alexa giving people perform simple banking tasks via voice commands.

Amy from HSBC

HSBC’s Virtual Assistant Chatbot Amy is available on the bank’s website on various product pages.

What makes Amy from HSBC one of the best banking chatbots?

Amy understands English, Traditional and Simplified Chinese and helps customers get instant answers to common questions on the bank’s products and services.

Ceba from Commonwealth Bank (Australia)

Ceba is a virtual banking assistant that answers a range of day-to-day banking questions. Ceba is available on the bank’s app and Website.

What makes Ceba from Commonwealth Bank one of the best banking chatbots?

Ceba is one of the only banking chatbots to have human escalation and directs customers to other channels based on their specific need.

Citi Bot SG from Citi

Citi Bank’s Citi Bot SG is a chatbot that enables customers to ask about basic account information through Facebook Messenger.

What makes Citi Bot SG one of the best banking chatbots?

Customers can get answers to questions around account balance, transactions, rewards and payment information for credit cards, checking and savings accounts.

Clari from TD

Available within the TD banking app, Clari answers common banking questions. Clari can find information on spending, bank accounts and more.

What makes Clari from TD one of the best banking chatbots?

Banking customers can ask about opening an investing account, account balance, historic spending and categories, and sending money.

Eno from Capital One

Available on the bank’s website, mobile app and SMS, Capital One’s digital assistant Eno uses sophisticated natural language processing to understand 2,200 different ways someone might ask for their balance.

What makes Capital One’s Eno one of the best banking chatbots?

Eno also proactively reaches out if a bill is higher than normal, if it suspects fraud, or if it detects a particularly high tip. Another unique feature is monitoring free-trials to remind customers before they end.

Erica from Bank of America

Available within the BofA app, the virtual financial assistant Erica is designed to help customers more easily manage their money.

What makes Erica from Bank of America one of the best banking chatbots?

Within the interactive interface, Erica provides reward and account balances, spending summaries, refund confirmations and credit scores. She can also identify duplicate charges and send bill reminders.

The AI-powered chatbot’s capabilities don’t stop there: Erica helps support BofA subsidiary Merrill clients through insights on portfolio performance, trading, investment balances, quotes and holdings.

In 2020, Erica helped more than 5 million customers complete over 75 million requests. Since launching in 2020, Erica has helped 15 million customers with over 175 million requests. Every day, Erica engages in approximately 400,000 interactions.

Eva from HDFC

Eva helps customers with everyday banking needs: checking on a loan status, facilitating payments and getting instant answers to FAQs.

What makes Eva from HDFC one of the best banking chatbots?

Eva can also help customers apply for various loans, check reward balances, explain and control credit limits, and block or unblock a bank card as necessary.

HARO and DORI from Hang Seng Bank

With the ability to communicate in Chinese and English, and also understand Cantonese as well as the mixing of English and Chinese, the two bots from Hang Seng Bank in Hong Kong get retail customers instant answers to a variety of needs. HARO and DORI use a combination of natural language processing and machine learning to have human-like conversations, helping banking customers get answers in real-time.

What makes HARO and DORI from Hang Seng Bank some of the best banking chatbots?

HARO stands for ‘Helpful; Attentive; Responsive; Omni” and interacts with customers on the bank’s website, mobile app and WhatsApp and answers questions related to mortgage, personal loan, credit card, medical insurance and travel insurance services.

Available on Facebook Messenger, DORI (‘Dining; Offers; Rewards; Interactive’) helps customers discover shopping and dining offers.

NOMI from Royal Bank of Canada

NOMI is a banking chatbot that hails from the Royal Bank of Canada, the country’s largest bank. NOMI is a chatbot that sends alerts, reminders, and tailored insights based on a person’s banking habits.

What makes NOMI from Royal Bank of Canada one of the best banking chatbots?

Available in the RBC mobile app, it provides tools to help people manage day-to-day spending, including a calculated budget recommendation based on unique spending habits.

The use of virtual assistants by financial institutions to help banking customers save money, manage their bank accounts and XYZ is on the rise. Customers increasingly expect effortless and proactive customer support and banking bots are delivering the experience that customers expect.

Stacy from Standard Chartered

Standard Chartered launched a chatbot named Stacy in Hong Kong. It’s designed to provide a virtual banking experience to customers, offering services like account inquiries, transaction history, and credit card rewards points.

What makes Stacy from Standard Chartered one of the best banking chatbots?

Stacy uses AI technology to learn from customer interactions, continually improving its ability to provide accurate and helpful responses. It’s also multilingual, making it accessible to a broad range of customers.

Eva from Emirates NBD

Emirates NBD has a chatbot named Eva that provides instant support to customers. It can help with tasks like checking account balances, tracking expenses, and even finding the nearest ATM.

What makes Eva from Emirates NBD one of the best banking chatbots?

Eva stands out for its voice recognition capabilities, allowing customers to carry out banking tasks through simple voice commands. This makes banking with Emirates NBD more convenient and user-friendly.

Cora from Royal Bank of Scotland

Royal Bank of Scotland uses a chatbot named Cora, which services its online customers on every platform, offering a seemless connection to the bank’s brick and mortar bank branches with click-to-call functionality and more.

What makes Cora from Royal Bank of Scotland one of the best banking chatbots?

Unlike many other chatbots, Cora can answer questions on over 200 topics, ranging from making payments to ordering a new card. Additionally, Cora has the capability to securely view and search your transactions, order a PIN reminder, and even assist with retail disputes, making it a comprehensive tool for managing your banking needs.

Questions People Also Asked

How are banks using chatbots?

Banks are leveraging chatbots to provide a modern, frictionless banking experience. These AI-powered virtual assistants are capable of handling a multitude of tasks that were traditionally performed by human representatives. From real-time automated support to proactive alerts about potential issues or upcoming payments, chatbots are enabling financial institutions to interact with millions of customers simultaneously. As the shift towards digital banking continues to gain momentum, the use of chatbots in this sector is expected to rise even further.

What are chatbots used for in finance?

In the financial sector, chatbots are being used to simplify everyday banking tasks. They provide customers with easy access to account balance and information, historical spending analysis, budgeting recommendations, bill pay alerts, and payment notifications. They also assist in detecting fraud, transferring money, buying stocks and mutual funds, reporting lost or stolen cards, activating new cards, and checking rewards and points balances. Essentially, they are transforming the way customers interact with their banks, making banking more accessible and convenient.

What are the benefits of chatbots in banking?

The benefits of using chatbots in banking are manifold. They offer 24/7 customer service, ensuring that customers can access banking services anytime, anywhere. They also help reduce operational costs by automating routine tasks, freeing up human representatives to handle more complex issues. Furthermore, chatbots can handle multiple customer interactions simultaneously, improving efficiency and customer satisfaction. They also provide personalized services based on customer data, helping banks to better understand their customers’ needs and preferences.

How are chatbots redefining the banking experience?

Chatbots are redefining the banking experience by making it more customer-centric, efficient, and accessible. They are transforming the way customers interact with their banks, allowing them to perform a range of banking tasks from the comfort of their homes or on the go. With their ability to provide real-time support and proactive alerts, chatbots are helping customers manage their finances more effectively. They are also enabling banks to deliver personalized services, enhancing customer satisfaction and loyalty. In essence, chatbots are not just redefining the banking experience, they are setting new standards for customer service in the banking industry.

What is the role of AI in banking chatbots?

AI plays a crucial role in banking chatbots by enabling them to understand and respond to customer queries in a natural, conversational manner. Through machine learning and natural language processing, AI allows chatbots to learn from past interactions, understand the context of conversations, and provide more accurate and personalized responses over time. This not only enhances the customer experience but also makes the chatbots more efficient and effective in handling a wide range of banking tasks.

What is the future of chatbots in the banking sector?

The future of chatbots in the banking sector looks promising. As AI and machine learning technologies continue to evolve, chatbots are expected to become even more intelligent and capable of handling more complex tasks. They will be able to provide more personalized services based on a deeper understanding of each customer’s needs and preferences. Furthermore, as more customers become comfortable with digital banking, the demand for chatbots is likely to increase, making them an integral part of the banking experience.

How do chatbots enhance customer service in banking?

Chatbots enhance customer service in banking by providing instant, 24/7 support. They can answer customer queries, provide account information, assist with transactions, and even offer financial advice, all in real-time. This not only saves customers the time and effort of visiting a branch or waiting on hold for a customer service representative, but also allows banks to provide a higher level of service to a larger number of customers. Furthermore, chatbots can provide personalized services based on each customer’s banking habits and preferences, enhancing customer satisfaction and loyalty.

How does AI help in fraud detection in banking?

AI helps in fraud detection in banking by analyzing patterns and behaviors in transaction data. It uses machine learning algorithms to identify unusual activities that deviate from a customer’s typical banking behavior. When a suspicious transaction is detected, the AI system can alert the bank and the customer, helping to prevent fraudulent transactions before they occur. Moreover, AI can continuously learn and adapt to new types of fraud, enhancing the bank’s ability to combat fraud in real-time.

What are some examples of AI applications in banking?

AI applications in banking are diverse and transformative. They include chatbots for customer service, AI-driven predictive analysis for personalized banking, and machine learning algorithms for fraud detection. For instance, JPMorgan Chase uses AI to analyze legal documents and extract important data points and clauses. Wells Fargo uses AI to provide personalized customer service through its predictive banking feature. Bank of America’s virtual assistant, Erica, uses AI to help customers with transactions, budgeting, and financial advice.

What are the challenges of implementing AI in banking?

Implementing AI in banking comes with several challenges. One of the main challenges is data privacy and security. Banks handle sensitive customer data, and it’s crucial to ensure that AI systems comply with data protection regulations. Another challenge is the integration of AI technology with existing banking systems. This can require significant time and resources. Lastly, there’s the challenge of customer acceptance. While some customers appreciate the convenience of AI, others may be wary of interacting with AI systems, especially when it comes to their finances.

How is AI transforming the banking industry?

AI is transforming the banking industry by automating routine tasks, providing personalized customer service, and enhancing security measures. AI-powered chatbots and virtual assistants are improving customer service by providing instant, personalized responses. AI algorithms are also being used to analyze customer data and provide personalized banking advice and product recommendations. In terms of security, AI is being used to detect and prevent fraudulent transactions, enhancing the overall safety of online banking. These advancements are not only improving efficiency and customer satisfaction but also shaping the future of the banking industry.

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