Could Chatbots have the same effects on mobile apps than Blockchain on the internet? The question is still hard to answer as we are still in the early days of Artificial Intelligence applied to bots.
However, one thing we know is that for the ‘first time ever people are using messengers apps more than they are using social networks‘ according to the media Chatbots Magazine. In a recent post, Christine Duhaime, founder of The Digital Finance Institute and Fintech influencer based in Canada, showed how big the opportunity was by pointing out the 2.5 billion people around the world that were now using daily messaging apps such as Facebook Messenger or WeChat.
Because the number of people using chatbots is expected to reach 2.2 billion by 2020, we thought that it would be interesting to highlight 5 chatbots that illustrate the potential of these technologies for financial services:
Personetics is a Tel-Aviv-based chatbot that provides a new way for financial institutions to engage with customers through messaging apps such as Facebook Messenger, Wechat, Skype and Amazon Alexa. Concretly, the chatbot allows banks to deliver timely insights and advice and satisfy their customers’ needs from the channels they are familiar with and whenever they want.
Ernest is a London-based smart chatbot that answers questions and gives insights on its customers’ personal finances. Often compared as a ‘financial wellness coach’, it uses machine learning to help customers in the most efficient way and understand their needs to proactively provide them tips and notifications about the way they should manage their savings.
Plum is a London-based chatbot that has been developed by some of the early creators of Transferwise, the leading money transfer start-up. The chatbot describes itself as a ‘personal savings assistant’ which can give its users access almost instantly to their balances and chat with them to better understand their needs and expectations. The bot works with Facebook messenger and is still in beta test.
Finn.ai (formerly know as Payso) is a Vancouver-based white-labelled virtual banking assistant, powered by artificial intelligence. Its ambition is to put a ‘personal banker’ in every customer’s pocket, helping them to manage their money wherever they are, whatever they need via a simple, natural conversation.
Abe.ai is a Orlando-based chatbot that develops a conversational banking solution for everyday people and community banks. It allows users to receive need-to-know updates on their money. Its ambition is to study the future cash flow of its users and plan out their financial week so that they never miss a bill and always know what the user can afford to spend.