Chatbots and Interactive Assistants: Building an Engaging Digital Experience

Aite Group conversations with financial institution executives suggest that chatbots and interactive assistants will play a role in resurrecting personal financial management.

Boston, October 26, 2017 —  Aite Group’s latest report, Chatbots and Interactive Assistants: Building an Engaging Digital Experience, explores banks and credit unions’ challenges with delivering a digital experience that mimics the human experience that consumers get in branches and call centers—interactive conversations around how to manage their finances. Banks are experimenting with chatbots and interactive assistants now on a small scale, but Aite Group research suggests that that more sophisticated data and machine learning is necessary before banks can better understand and even predict what customers need.

“Financial institutions should start by building experiences that are centered on making users aware of their financial activity,” says Aite Group senior analyst Tiffani Montez. “Once you master that, begin layering in more data to provide customers with insight into their finances, and then provide them with actionable advice.” 

Offering a look at how conversational platforms are being used in the financial services industry, this report contains analysis from 25 in-depth Aite Group interviews with senior executives at banks, vendors, and consulting firms from various parts of the world. Interviews for this study were conducted from March 2017 to October 2017. This report also includes data from the 2016 and 2017 Aite Group Security Engagement consumer surveys.

About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

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