Who are the banking robots?

Monday, 22 april 2019 | Redacción CEU

Decades ago, movies promised us an optimized and avant-garde future. In it, artificial intelligences would interact with people as if they were another human being. They would  also take care of the most boring tasks, and free us from hard work. Although in some cases the future seemed apocalyptic –largely due to the need to create a narrative tension–, in all these films robots had originally been designed to improve our living conditions. In any case, the script of the story is now in our hands. These futuristic tales have gone beyond the screens. Little by little, robots are beginning to occupy that dream place. Marketing, health or education are disciplines in which bots are starting to "show" their potential. The financial world is no stranger to this change. In particular, banking is betting heavily on chatbots. Their arrival can transform the world of banking relationships forever.

Banking has gotten down to work. The arrival of fintech companies has acted as a spur. Banks do not want to be left behind. They have realized that innovation is their best strategy to compete. Actually, the financial investment in artificial intelligence may amount to 10 billion dollars in 2020. AI promises to be a great ally in prevention and risk analysis, but that is not reason enough to pay less attention to its derived technology: chatbots. They are a new instrument that will help banking connect with its clients in a different way.

What is special about banking chatbots?

According to a survey carried out by Personetics last year, 87% of banks have already implemented chatbot technology or plan to do it in the near future. If this percentage is so high, it is because it meets, to a large extent, the new social demands and expectations. Not only do people have a closer relationship with technology, but they have also changed their behavior patterns and their way of socializing. Younger generations no longer like to go to branch offices to do paperwork. Nor do they feel comfortable when solving a problem through a phone call. Banks have found in electronic banking the solution to this new situation. Virtual assistance seems the logical next step.

The use of chatbots by banks has focused on customer service mainly. Although a priori it may seem that flesh and blood agents will always be more effective in solving doubts, chatbots are usually prepared to answer most user questions. Specialists talk about 90% efficiency. However, these same experts advise to leave a door always open to conventional attention.

These robots can also perform complex tasks such as assistance in financial decision-making. The design of these bots is focused on satisfying the needs that may have very specific and different profiles. This is further proof of the new trend toward hyperpersonalization. Furthermore, the phenomenon of robo-advisors and their success in the fintech world is an example of the potential that chatbots based on this type of services could reach. Likewise, the algorithms of these robots might be particularly useful in the detection of fraud, the fight against money laundering, the risk assessment and the automation of the routine tasks of banks.