8 Chatbots Changing Finance

How can financial institutions take advantage of automated assistants?

Quality customer service should be a top priority for any business. However, in the especially complicated world of finance, handling customer queries with speed and sensitivity is crucial. If a customer has a problem with their bank, for example, they could switch to another provider if they feel ill advised. To make sure customers are dealt with efficiently and easily, many financial companies are considering chatbots.

Calling in the chatbots might seem strange, but these automated assistants come with many advantages. They are always on, always responsive, and always available. They can access customer data instantly once permission has been granted, and they are intuitive for humans to use. And, because they store data remotely in the cloud, chatbots also carry a cost benefit.

Here, we look at eight chatbots fuelling quality customer service in finance.

1) Erica

Erica is Bank of America’s aptly named chatbot creation. Erica sends notifications to customers concerning their account balances, credit reports, bills, transactions, and spending habits. The aim is to enable customers to make smarter choices using prompts based on personal data. Like most chatbots, Erica is constantly available to provide instant and specific answers.

2) Amy

In Hong Kong, HSBC has launched a chatbot service called Amy for corporate banking customers. Amy has an embedded customer feedback capability. It is currently available in English, traditional Chinese, and simplified Chinese. The next phase of Amy’s development is to become integrated with live chat, allowing human operators to step in for more complex customer queries.

3) Mia

Not all chatbots are designed for customers. In the UK, the Co-Operative Banking Group set up Mia as a helpful tool for its call centre and customer service employees. Mia lives on the firm’s intranet, updating backend systems and carrying out IT tasks. The bot acts as a virtual colleague, using Natural Language Processing (NLP) to make interactions quicker and easier for humans.

4) Allie

As well as aiding existing workers, chatbots can help prospective employees to find jobs in finance. Allie was created by asset management and insurance company Allianz to streamline recruitment and connect with new talent using popular digital channels. By asking users a series of questions, Allie is able to narrow down relevant positions and save the tiresome administrative work that often comes with job hunting.

5) Eno

Capital One’s Eno is a text-based money management service for customers. Following a successful pilot programme and an app released on Amazon Alexa, Eno represents the company’s next step in its chatbot journey. It sends information about accounts and payments via instant message, interacting easily with digital natives. Eno can even understand emojis and their suggested meanings, which is fundamental to digital message exchange.


COIN might sound more like a cryptocurrency than a chatbot, but JPMorgan Chase’s chatbot service has already proven its worth. Rather than facing the customer, COIN works to analyse contracts in the place of human lawyers. It can complete IT requests, grant access to software systems, and send data analysis to employees. The internal service is designed to make back office processes more efficient and, according to JP Morgan, saved more than 360,000 labour hours.

7) Ally Assist

Ally Assist was set up in 2015 to aid AllyBank customers as part of the Ally Mobile Banking app. Ally Assist can be accessed via voice or text, and is able to make payments, transfers, deposits, and facilitate peer to peer transactions. The bot can also provide account summaries and transaction histories, which enables it to monitor spending and saving. Ally Assist interacts with users via NLP and helpful messages sent within the app.

8) Spixii

It’s not just major financial companies that are working on chatbots. Built for the insurance market by industry experts, Spixii was set up in 2015 to provide a chatbot service that insurers can use for their customers. Rather than create their own bots, they can use Spixii’s platform to deliver automated insurance solutions for queries and claims. The startup aims to give insurers the tools needed to interact with customers with speed and ease, using specific information to deliver the best quotes and advice.

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