More people are becoming comfortable and even adept in using vocal interfaces such as Alexa (Amazon Echo device) Siri (Apple products) and OK Google (Google Home) opening additional avenues for FIs and customers to interact. Directing routine queries and requests to voice recognition programs will further simplify the FI/Consumer relationship and afford more regular interchange of information.
Emirates NBD Future Lab is currently piloting EVA’s voice capabilities via a select customer user group. The beta version includes chatbot capabilities via the bank’s Facebook messenger, and will soon to be extended to its mobile banking app. The pilot enables the user group to interact and receive assistance from EVA using natural or conversational English.
Mercator Advisory Group believes the early stage EVA and similar programs at other FIs will be limited to checking balances and intra-account transfers, but will quickly move to payment initiation and authorization and PFM budget tasks. Human intervention will be elevated further to more complex transaction requests, cutting the cost of service delivery and enabling FIs to provide high touch service levels to a broader spectrum of clientele. Personal banking will be delivered to more individuals, not just those with high net-worth. It remains to be seen if the wider audience will follow the advice it receives.
Overview by Joseph Walent, Associate Director, Customer Interaction Advisory Service at Mercator Advisory Group
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