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Jan 2018 - IDC Perspective - Doc # US42101117

Impact of Cognitive Technology in Retail Banking: Artificial Intelligence, Chat, and Conversational Banking Looking to Kill the Keyboard

By: Marc DeCastroResearch Director, Consumer Banking

Abstract

This IDC Perspective discusses the impact of cognitive technology in retail banking. To be successful in providing top-notch customer service, financial institutions have no choice but to build and support chatbot and conversational banking solutions. Since we are in the early stages of adoption, customer's expectations for these solutions are not exactly sky high, which gives banks a golden opportunity here.

"Chatbot and conversational banking solutions need to streamline the customer experience and provide perfect responses that provide frictionless banking on a plethora of technology choices," says Marc DeCastro, research director of Consumer Banking Engagement Strategies at IDC Financial Insights. "Solutions need to fit with the overall bank image and strategic direction. A bank that stresses personal touch in its marketing campaign yet makes it difficult to get access to a human will only frustrate the customer, so build solutions that match the brand."


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