The 1st generation of chatbots in financial services has yet to win over the majority of consumers. But as the technology improves financial institutions foresee a variety of roles and abilities for these virtual assistants.
They learn more about customers from their interactions with bots, and this allows the bank to offer targeted products and services, says Jared Johnson, a principal digital strategist at Solstice, a mobile-tech consultancy. Typically, a bank's data on a customer is fragmented across departments. The mortgage business doesn't necessarily know that a customer consistently pays her credit card bills on time, for instance. But to interact with a bot like Wells Fargo's, customers have to share their accounts with it. With the full breadth of a customer's financial life open to the bot, it should be possible for a financial institution to attain the long-sought bird's-eye view of the customer's behaviors and act on it.