Banking Bot: 4 Reasons Every Financial Institution Needs One

What is a banking bot? Basically, imagine Siri but for banking. We say “Hey Siri” and get our answers within a few seconds.

Banking Bot: 4 Reasons Every Financial Institution Needs One

Banking Bot: 4 Reasons Every Financial Institution Needs One

What is a banking bot?

Basically, imagine Siri but for banking.

We say “Hey Siri” and get our answers within a few seconds. For example, if I want to create an alarm to wake up at 8 AM tomorrow, I could open my phone, scroll around to find the timer app, then scroll around again to find how to set the time. This process is easy for people who set timers all the time, but for someone who doesn’t do this regularly, it can be time-consuming and frustrating. Luckily for us, Siri knows the inner workings of technology and sets the time for us. All we need to do is quickly ask her!

Similar to Siri, banking bots help mobile and website users navigate digital banking easily. I, for one, can never find my routing number. In the past, I’ve spent over 10 minutes scouring my financial institution’s key digits and eventually finding the right number on Google. Instead, I now use the banking bot and just ask the question: “What’s my routing number?” In less than a second, my routing number flashes before me. No digging around, no googling, just voila!

Banking bots can do much more than finding and displaying a user’s routing number, though. More on the functionalities of a banking bot in the next section.

Why should I use a Bot when I’m logged into Online Banking? Doesn’t my Online Banking Dashboard already do transactions?

Like I explained previously, banking bots answer FAQs for authenticated members so that they don’t have to consult the website or call into a contact center when they’re already logged into online banking. In addition to FAQs, banking bots can execute any digital banking workflow such as balance checks, payments, transfers, pin changes and travel notices because they are interfacing with authenticated users.

Yet there are a lot more capabilities that chatbots can do in an authenticated environment like online banking systems. Some banking bots even go the next step and help financial institutions with personalized and conversational marketing. For example, if a financial institution wants to grow their CDs (Certificates of Deposit), they can launch a personalized campaign targeting users segmented by persona (e.g. above 40 years old, have been members with you for 2+ years, and have at least $10K in savings). Then, when a member who checks all 3 of those boxes, interacts with the banking bot, the bot will naturally and gracefully surface information about CDs to them. This subtle and targeted type of conversational marketing is highly effective and increasingly adopted by more and more companies today.

In addition to personalized marketing, banking bots can also act as personal financial managers for users. Bots can surface insights about user’s spending behavior and provide tips on how they can better budget and manage wealth.

Intelligent bot Trudi (powered by Posh) sits on both TruWest CU’s website and within their online banking system.

To summarize…

Banking chatbots situated within authenticated environments can:

  1. Answer FAQs
  2. Execute transactions (i.e. check balances, make payments or transfers, put travel notices on cards, etc.)
  3. Conduct personalized, targeted marketing campaigns
  4. Act as a personal Financial Managers for users

Users today no longer want but expect seamless navigation and communication with their financial institutions. Conversational AI companies, such as Posh Technologies, currently offer high-quality chatbots so that smaller financial institutions can maintain their personalized support with the help of innovative AI.

About Posh

Posh Technologies is a Conversational AI company that helps credit unions and banks automate their contact center work, saving and making financial institutions money while fostering the most enjoyable and efficient banking experience for users. Posh’s product suite consists of three intelligent bots: (1) Website Chatbot that answers FAQs and generates sales leads (2) Online Banking and Mobile Bot that answers questions, executes transactions, acts as personalized financial managers and markets products (3) Phone Bots that operate through verbal command rather than touchpads to authenticate callers, answer questions, execute transactions and contextually route to reps when needed, Based in Boston, MA, Posh has grown to 30+ customers across 60+ product deployments since spinning out of MIT’s AI Lab in 2018.

Relevant CTA

CTA based on this blog post

Free-form text goes here that makes sense

CTA Goes Here