Trends Report

Bots Aren't Ready To Be Bankers

Bank Execs Should Focus On Foundational Digital Initiatives Now To Take Advantage Of Next-Gen Bots In Two To Three Years

August 31st, 2016
Peter Wannemacher, Principal Analyst
Peter Wannemacher Principal Analyst
With contributors:
Martha Bennett , Aurelie L'Hostis , Benjamin Ensor , Michael Facemire , Mike Chirokas

Summary

Many companies are betting on bots, chat-based software built to simulate human conversation and help consumers complete tasks. But while bots and the technologies that enable them are evolving rapidly, the customer experiences they offer today are often either poor or uneven. Digital leaders at most banks should hold off on launching customer service or chat bots on messaging platforms. Instead, digital teams should work with their technology partners to focus on foundational digital initiatives that will enable better bots and artificial-intelligence-based services in two to three years.

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