Chatbots are poised to become the next big technological innovation and they are already on the way to changing the way we bank and manage our finances. Our 140-page report investigates the ways chatbots are already used in banking and wealth management and explores how they will revolutionize the future client interaction.
For our assessments and recommendations, we screened more than 100 established banks and wealth managers to identify and analyzes the 35 most advanced and innovative chatbots and virtual assistants. In addition the report evaluates state-of-the-art chatbots by 9 FinTechs and challenger banks and as well the offerings of 8 bot developers.
The report provides data driven answers to following key questions a financial institutions should ask when using bots of client interaction:
What does the current landscape for chatbots in financial services look like and what drives the developments?
When, where, and who? Time trends in bot releases 2015-2016
Regional distributions of bots
Different platforms chatbots are running on
Functionalities of existing chatbots
Share of voice versus message chatbots
Security measures for bots by region and financial institution type
Developments fueling the bot trend in banking
Regulation as a hurdle and an enabler
What do skeptics say (and why you should still go along)
Which are the most advanced chatbots in the financial services sector, how do they look and what do they offer?
Chatbot profiles of 35 established financial institutions and 9 challenger banks and FinTechs.
Analysis of each chatbot’s key features
Identification of target audience, developer and level of Artificial Intelligence for each chatbot
Special features and future functionalities of each chatbot
How will bots change and enhance the client interaction and communication?
Dos and Don’ts for financial institutions interacting with their clients through bots
Case studies of state-of-the-art bot applications in financial services
Promising use cases of chatbots in the financial industry
How to cater to different target audiences: existing customers, Millenials, seasoned investors
Implications of bots for the customer experience
How chatbots can serve high-net-worth clients
Measures to take to ensure that bot behavior does not get out of control
How to choose the right bot, platforms and implementation?
Quantitative and qualitative benefits of bots
Pros and cons of high AI bots
Types of bots supported by which platforms
Pros and cons of bots solution on-website, in-app and public platforms
User-friendly security and privacy concepts
Criteria when opting for bots for public platforms or proprietary channels
Strategic steps to create chatbots
What to look for in vendor for developing chatbots
What do the vendors offer?
The future of chatbots – The provider perspective
8 chatbot vendor profiles: Offered features and platforms, security and privacy measures, level of artificial intelligence.
The report is THE resource to understand the enormous implications chatbot have on client interaction in the financial services sector. The report offers in-depth data, analysis and recommendations on how banks, wealth and asset managers can take advantage of the paradigm shift. It includes in total over 60 visuals including graphs, screenshots and charts PLUS:
Comprehensive and easy-viewable data appendix containing thorough evaluations of each chatbot according to a to 39 detailed criteria (spreadsheet)
Key Insights Deck. An easy-to-understand 5 slide presentation that summarizes key findings for quick sharing.