Let’s Make Business with a Chatbot

Laptop and Chatbot

After having introduced chatbots in a former post, we keep our promise to tell you more about their role in the wealth management industry.

The primary reason of using chatbots in wealth management – as well as in several other industries and sectors – is not the commoditization of the advisor or the need to constantly engage the user; is that messaging apps are beating social networks from years in traffic. Messages are, in other words, the new privileged communication channel. Omnichannel strategies are mandatory… but they must start from messages. And this means having chatbots ready alongside real people.

Exactly as roboadvisors can help customers to build the right investment portfolio for everyone in a very short time and with a relatively low cost, chatbots can cope with people looking for help with their banking platforms (technical issues), or for making investments more easily (financial opportunities). And they’re a reality already: Bank of America, JP Morgan Chase, Capital One, MasterCard, and American Express, for instance, are all using chatbots.

This doesn’t mean that the market is mature or void of opportunities: one of the most intriguing startups of 2017 is Cleo, a chatbot that – TechCrunch writeswants to replace your banking apps. Pretty ambitious as a goal, isn’t it? For the record, anyway, in July Cleo closed a funding round worth two million English pounds.

Chatbots as Talkative Bankers

A very good article from DZone, Chatbots and AI: The Fintech Trends to Watch, lists five ways AI and chatbots are reshaping financial services.

  1. Real-Time Access to Bank Accounts, Spending Insights, and Tailored Financial Recommendations.
  2. Expense Tracking and Budgeting.
  3. Smart Savings.
  4. Micro Investments.
  5. Payments and Money Transfers.

The page points to several interesting apps you can try out right away from your smartphone.

The disruptive potential of chatbots is enormous: just think that a 19-year old created a very successful chatbot lawyer, capable of overturning 160,000 parking tickets in London and New York. It’s only logical to see more and more to them coming to disrupt the wealth management industry in the next years. Is your business ready?

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