Finance Bots The move toward conversational finance

THE FINANCE CHATBOT LANDSCAPE

BoA (2017)

CAPITAL ONE

MASTER CARD (2017) AMEX

PAYPAL (2016)

PLUM (UK)

CHIP (UK)

DIGIT

ABE

Established Brands 3rd party Solutions

OLIVIA

CLEO (UK)

JUDE

Save effortlessly

Simplifymoney management

Easy Transfers

IN-MARKET COMING SOON

LUNAR WAY (DK)

2016 was a big year for chatbots and the financial industry was no exception.

The landscape is growing both through established brands working to evolve the relationship with their base and 3rd party solutions finding ways to fill gaps the larger players haven’t yet addressed.

It looks like 2016 is just the beginning, with many bots still in planning and brands hesitant to enter an area that brings up brand new legal and compliance concerns.

The following slides show finance bots to watch evolve.

My Kai

VoPo

AmEx Facebook Bot

Credit card bot combines card use alerts and related benefits

Basic functionality includes access to your account and alerts when your card is used. Additionally AmEx benefits related to purchases will be surfaced when appropriate. The bot it not conversational and does not engage in conversation.

Problem Solved: Mindless spending, benefit discovery

Themes: Alerts, Discovery

Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

Banking Bot - Lunar Way

Pilot banking chatbot for Lunar Way starts simple.

In June 2016 Danish bank Lunar Way launched their first chatbot. The pilot version allows users to check their balances and understand spending categories. The goal is to include other banking functions like transferring money and blocking accounts. Currently the main hurdle to a seamless experience is making two step verification part of the experience.

Problem Solved: Tracking accounts easily

Themes: Messaging, Micro Moments,

Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

Capital One - Alexa Skill

Capital One invites you to ask Alexa about your accounts

Capital one is the first company to integrate financial services with Alexa. It allows you to ask Alexa about the balance on your banking account or where you have been spending money. It can link to your mortgage or car payments so you can ask about and pay the next bill.

Part of the investment in these technologies is spurred by the decreasing traffic to physical branches and the number of people turning to third-party tech firms.

Problem Solved: Ease of access to account info

Themes: Multi-Platform, ease of access

*Although not a chatbot, this Alexa skill is another way banks are participating in the move toward conversational interfaces.

Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

Erica - BoA

BoA plans to launch the first Bank branded bot in late 2017

Erica is a bot that is accessible allowing users to start and stop conversations they want. The goal of the bot is to deliver quick insights to BoA customers when they want. Even when users only ask about current balance Erica responds with info about monthly trends and a next step to take based on your account. Added to this complexity you can either chat or talk to Erica.

Problem Solved: Managing personal finances

Themes: Messaging, Micro Moments, Mobile Distributed apps

Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

Mastercard

Mastercard bot is built on existing tech to deliver money management and contextual offers

This bot is based on Kasisto banking technology that dynamically monitors budgets and spending levels as well as working to provide financial literacy. The bot understand Mastercard terms and will surface Mastercard offers and rewards when it sees relevant spending behaviors.

Problem Solved: Managing personal finances, Lack of financial literacy

Themes: Education, Discovery, Customer Service, Automation, Always On

Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

My Kai Money Management

My Kai connects bank accounts and Venmo to make payments, show balances and share spending trends.

Developed by the team that also produced Apple’s Siri this Chatbot is focused on being conversational and understanding your questions. This bot is rare in working on different platforms and and connecting to 20,000 banks and Venmo.

My Kai is a finance bot from Kasisto which is the same group that is helping develop the Mastercard bot.

Problem Solved: Managing personal finances, Centralizing banking info, defining banking terms

Themes: Multi-Platform, Always On, Connected Service Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

Plum, Chip and Digit

Chatbots to help you start saving effortlessly

These learn your spending habits and automatically deposit small amounts in your savings every few days.

Plum is a Facebook messenger bot. Benefits of having Plum in messenger is not asking people to download an app for an experience that mostly takes place in the background. Chip and Digit are built outside existing platforms.

Digit sends you a text message with your checking account balance every morning.

Problem Solved: Trouble Saving

Themes: Alerts, Positive Defaults Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

Cleo

Making Money management simple

The goal for Cleo is to keep people out of complex spreadsheets and instead uses machine learning to help you do the boring side of money mangement like categorizing transactions and understanding graphs. “We try to deliver actionable ways to save in 140 characters or less in real time using live data.” - CEO/co-founder Barnaby Hussey-Yeo

Problem Solved: Trouble managing money

Themes: Automation

Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

Olivia

Helping you spend smarter

Olivia is a banking concierge who will analyze your spending, recommend ways to save and let you know what you can safely spend. Without judgement.

Problem Solved: Controlling spending

Themes: Personality, Positive Defaults

Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

Jude - Transfer Bot

Third party bots allow transactions both within and between banks

Messenger-based Jude can interact with customers’ calendars, monitor, and automatically transfer money across banking accounts.

Problem Solved: Helps customers avoid inadvertent overdraft or low balance fees

Themes: Third-party Integration, Automation

Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

Vopo

Voice based third party bot to help you keep track of and manage your money.

Vopo’s primary input is voice. Users talk to their mobile device and it responds with contextual information about goals, spending history and peer to peer transfers.

Problem Solved: Helps people manage most day to day tasks, keeping track of spending and transferring money between bank accounts.

Themes: Third-party Integration, Daily money management

Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

BNY Mellon: Bots Behind the Scenes

BNY is training a fleet of AI and NLP-powered bots to automate data-heavy account processing.

Financial service providers like BNY Mellon are using bots programmed to research (using contextual and language processing) and resolve account discrepancies like trade settlements-- processes that would take their human counterparts four times as long to complete.

Says client service executive Doug Shulman, "we're taking people off the mind-numbing tasks that a bot could do, and freeing them up to service clients and do higher-value-added tasks and more analytical tasks."

Problem Solved: Quicker account issue resolution, free employees from mundane tasks, faster feedback for customers

Themes: language processing, AI, Robotic process automation

Decision Tree

Pre-Programmed

Limited Text selections

NLP

Evolving/Learning

Voice

Conversational Complexity

SEAN DUNLEAVYDelivery

GREG MARTELLAccount

EMILY HEANStrategy

EMILY CHANCreative

JORDAN GRAYTechnology

ROSS FISCHERUX

NIKKI HOZACreative

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