Chatbots Will Enable Deeper Engagement and Build Stronger Customer Loyalty

The role of a 'personal touch' in delivering financial services is difficult to overestimate, which made it a challenge in the past to overcome the physical part of banking. The traditional and dominating model of a bank is still a physically spread organization with human customer service representatives. Even increased capabilities of online banking weren't able to diminish the role of a human assistant. Personal interaction has traditionally been the primary method of building loyalty and maintaining customer satisfaction with the service.

Meanwhile, hard work is put in developing a viable alternative to the existing model by large technology companies like Amazon and Facebook. In the years to come, AI assistants in the form of chatbots are expected to become mainstream to maintain strong engagement and customer loyalty on a deeper level and in a more efficient manner. In fact, by 2020, customers are expected to manage 85% of their relationships with ente ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 30 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.