Artificial intelligence (AI) and chatbots could play an important role in the future of the banking industry, with these methods increasingly being used as a way for banks to talk to their customers. Chatbots and AI are low cost compared with employing real humans to do the task; in addition, the robotics element can be attractive to tech-savvy banking customers.

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Messaging platforms

Many digital banks without a real-life office are attracting more customers. Some of these companies include big names in the online world, such as Cleo, Wealthfront and Stripe. Customers can conduct simple transactions easily, such as paying bills and making transactions. They can also use messaging platforms to talk about their finances, such as WhatsApp and Facebook Messenger.

It is also possible for online banks to use algorithms to enable customers to search for advice on various banking topics.

Automated virtual assistants

Many high-profile fintech companies, such as Plum and Digit, use chatbots to enable microsavings. The chatbots are core products and provide easy automated services and wealth management services. These include underwriting services for loans and insurance, data analysis, and the detection of fraudulent activity. They use an automated virtual assistant to help with many queries.

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Technology in banking has made huge advances in recent years, with more people getting used to the idea of chatbots and other technology in their daily banking. Public acceptance of these tools means they are likely to be used even more in the future, especially by young people. Some major suppliers of specialist IFA software, such as, are starting to enable easier customer access to expert financial and mortgage advice.

Voice recognition software

Other breakthroughs in banking technology include the idea of banks using voice recognition technology as a form of secure ID. This can mean customers who want to use the tool can login and performing their banking operations using their distinctive voice patterns rather than the usual passwords.

Cost is another important issue. Regular banking apps can be expensive, as they require lots of coding; in contrast, chatbots are relatively simple to code. The growing popularity of instant messaging to communicate means that customers are happy to use these kinds of chatbots. Cloud-based systems also mean that banks can save money on data storage.

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