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The Future of Online Banking Services

By CIOReview | Tuesday, March 20, 2018

The banking industry needs to integrate automation into its workflow to provide its customers with the benefits of smart bots and smart bot services. With the advent of online banking and mobile applications for banking, the next logical step is the smart bots, which can communicate with customers in need of financial assistance. While smartphones serve as a basic platform to manage bank accounts, smart bots will further enhance the functionality of financial management services. Banking services will be embedded to different media channels, allowing users to access their accounts from within applications including Facebook Messenger, WeChat, and WhatsApp.

Currently, online banking offers basic services for viewing account information and conducting transactions. However, smart bot services will offer much more in terms of acting as a personal assistant that tracks a customer’s activity on the bank’s website and uses the data to help determine financial needs and interests; it will also help manage personal wealth and financial goals. Furthermore, with millennials comprising the bulk of the workforce, there is a need to appeal to that demographic with a relatable solution. Smart bots conform to the instant messaging trend, which is the basis of communication for millennials.

Smart bots and smart bot services will reduce customer support cost through automated communication channels, eliminating the need for call centers and customer support teams. Smart bots can also maintain relationships through quality services with their ability to communicate on the level of the customer.