August 3, 2017

What role will bots play in the financial sector?

A bot is a software that by using Artificial Intelligence can automatically answer to queries made by users.

Although this is not massified on the industry yet, some banking institutions are already using this technology.

According to Gartner, by 2020, 85% of transactions between brands and consumers will be through chatbots.Today bots’ most common functionality is to inform users about account balances and last transactions, but in the near future, it will not be surprising to see bots for transactions purposes, fraud detectors, and financial advisors.

Many times trust becomes an important issue for new technologies to gain popularity. Would Millennials trust bots? In the study we performed with more than 2300 millennials, almost 40% would trust a bot to interact with their financial institution, even if they have never had any direct contact with this technology before.

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