Tag Archive: personal finances

Research shows that consumers want an interactive digital financial coach, but most are still stuck with static online banking. Discover how the industry’s most innovative companies are using AI and machine learning to build financial solutions and apps to attract and engage today’s evolving consumer. Consumers in every generation, from millennials to boomers, are worrying about their financial health more than ever. There’s a wealth of information out there to…

Consumers these days want to connect with their preferred brands at a moment's notice. This, in turn, has forced companies to dabble in areas that didn't exist three to five years ago. Today's latest trend is the chatbot, specifically within Facebook's wildly popular (1.2 billion monthly users worldwide) Messenger platform. The social media company last month announced Messenger Platform 2.0, "a new suite of tools that gives [software developers] the…

Chatbots, computer programs that typically use text-based live chat as an interface to carry out tasks for customers on behalf of the business, are emerging as an inexpensive way to introduce artificial intelligence (AI) in banking. New digitally savvy companies have found success attracting consumers with user-friendly offerings, while legacy banks are finding it difficult to invest in and adopt innovative products. To remain competitive, these large banks will have…

Trim, perhaps the most popular personal finance bot on Facebook Messenger, today launched Savings, a cash-back on purchases program for Visa cardholders. By opting into the program and allowing the company to monitor your purchases, users receive coupons or cash-back rewards shortly after purchases. The launch deal: Visa promises $1 back for every $5 spent on groceries or eating at any U.S. restaurant and $10 when $50 or more is…

The first generation of chatbots in financial services has yet to win over the majority of consumers. But as the technology improves, banks and payments companies foresee a variety of roles and abilities for these virtual assistants. Today’s simple question-and-answer programs will evolve, experts say, to become sophisticated conversational agents, which will help customers transact and may even be capable of understanding emotional cues. As that happens, banks expect more…

A new generation of consumers connecting with their friends via messaging platforms expects the same conversational tools from their favorite brands. Financial services firms are giving it to them. Western Union joined MasterCard and Wells Fargo among the financial services leaders to announce chatbots for Facebook Messenger at the social network giant's F8 Facebook developer conference last month. The company's money transfer bot allows Facebook Messenger users in the U.S.…

Next time you want to talk to a robot, go to the chat box on your bank’s website. Chances are, your questions will be answered by a chatbot—a robot that chats Have you ever chatted with a robot? Well, you may have done so already. Banking, insurance and broking industries have started rolling out chatbots for their consumer services and transactions. You may have come across them on some of…

As technology related to artificial intelligence, natural language processing, smart home tech and more evolve, business applications are emerging that can have a transformative effect. From an insurance industry perspective, some of the most exciting developments are those that are changing the way insurers interact with their customers. Many insurers have struggled to apply technology and data effectively to build solid relationships with customers. Traditionally, insurers don’t frequently engage with…

In an interview with Lisa Moyle, portfolio director of InsurTech Rising, we dive into the importance of partnerships and investments with insurtechs. She recently hosted InsurTech Bytes – a podcast for the future of insurance, which has kicked off with a panel of insurtech investors and partnership pioneers. 2016 saw a lot of hype around insurtech, with record levels of investment. How is the insurtech sector maturing? There has been…

Bank phone trees are dreadful experiences, so many banks are turning to chatbots in the hope to spruce up the experience. 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. Capital…