Many U.S.-based retail checking providers are adding more core capabilities to their in-app chatbots. It reflects a growing trend of conversational and data enhancements that are allowing banks to make chatbots the focal point of customer engagement.
One of the latest developments is the delivery of account information and insights that are based on relationship data. U.S. Bank’s response to a request for the user’s money brief, for example, is a prompt suggested by the bank’s chatbot, Smart Assistant, that provides them with their credit score, rewards information (if applicable), a money tracker (periodical spend and deposit insights) and recent transactions (see illustration).
The order and availability of these elements are fully tailored to the user’s banking relationship. A new customer, for instance, will see their credit score first, while more established users will be presented first with their transaction list. Similarly, the rewards summary is displayed only if the user has an eligible account. This level of personalization underscores how Smart Assistant dynamically adapts its insights to each customer, making the money brief a highly individualized experience rather than a generic summary.
As they develop, chatbots are becoming less a supplement to banking apps and more the norm as users enjoy the ability to bank dialogically. And while only a few industry leaders are carving the path in innovation here, many more are looking to be fast followers.
