While many businesses have been speedy adopters of emerging and disruptive technologies, banking and the financial services industry has been seen to lag behind.
Take Capital One’s chatbot text message “Eno” (“One” backwards), which allows customers to text to get balance, transaction history and pay bills. Customers can even communicate with emojis — a “thumbs up” means to confirm and a “money bag” will prompt Eno to list a customer’s account balance.
Bank phone trees are dreadful experiences, so many banks are turning to chatbots in the hope to spruce up the experience.
While chatbots have been seen, and used, by many to automate conversations or service information up in a more conversation format, Livingston believes that the real value around bots comes from enable the offline world around us. Whether that is paying for items, ordering from a restaurant menu, or more.
TransferWise is the latest fintech company to see opportunity in Facebook Messenger’s nascent bot platform.
Chatbots have all the potential to become the next big thing in eCommerce and payments will be an important step in making that happen – but it won’t be enough. Brands, designers and developers alike need to forget about chatbots as the latest marketing trend and focus on using the technology to solve consumer problems in a way other platforms can’t.
Companies in the financial sectors are investing heavily in technologies that support their customers faster, provide convenience and more security.
With a total of S$10,000,000 (~USD$7,117,945.30) in loan applications within 3 months the OCBC chatbot “Emma”, has proven itself to be very helpful when turning cold leads into pre-qualified leads.
Mastercard also announced Tuesday that its Masterpass payment service is being used to power payments for select Messenger bots. This represents what appears to be the largest rollout of a payment service on Messenger — beyond the Messenger Payments API beta that works with companies like PayPal and launched last fall. Masterpass can take payment from MasterCard, as well as from banks like Citi and Capital One.