Explore the future of AI in banking with a look at the top chatbots like Erica and Eva, offering 24/7 assistance and personalized financial advice. (2024)

In recent years, implementing AI in many industries has facilitated user experience on many levels. One of the cases of AI visibly helping customers is chatbots. Now, customers can get help 24/7 thanks to the advanced algorithms trained to find asolution to their problems.

Evolution of AI in banking technology

AI has greatly influenced the banking industry on many levels. This includes the modernization of data practices by moving to the cloud and integrating AI into the foundations of banking services.

AI was first introduced into banking in 1980 with expert systems. They focused on market predictions and customized advice. The systems minimized human errors in decision-making by acting as experts.

Nowadays, the role of AI has expanded to personalized customer service, fraud detection, risk management, and more. AI combines massive data analysis, machine learning, and NLP to provide real-time banking services.

AI allows for adeeper analysis and better understanding of customer behavior while automating the banking process. Bank of America introduced a24/7 assistant to help their customers in 2016. Erica is achatbot that has evolved since its implementation.

Oliver Wyman provided acomprehensive analysis of the AI Revolution in Banking, along with examples of AI uses of digital banks:

Explore the future of AI in banking with a look at the top chatbots like Erica and Eva, offering 24/7 assistance and personalized financial advice. (1)We’re witnessing adigital transformation in banking that drives the services to offer personalized products and services. Oliver Wyman’s study of major banks from all over the world that implemented AI in the form of achatbot, digital adviser, or virtual assistance showed enhancements in cross-sales, customer service, risk management, and more.

Chatbots in banking

Why are banks using chatbots? Many financial institutions have implemented some type of AI customer assistant to offer a24/7 service to their customers. Such notes can answer queries about transactions, account details, and many other frequently asked questions without the need to involve humans. Their responses are fast, accurate, and lift the burden of performing repetitive tasks from employees. Moreover, they fill in the availability gap for out-of-office hours.

With time, the performance of chatbots can be improved as they learn from interactions. Thanks to the enhanced efficiency of customer service, banks can shift the attention of their employees to more complex customer needs that chatbots can’t handle.

What’s the difference between chatbots and virtual assistants? Chatbots include knowledge they use to provide answers. They can be used as guides and helpers to answer auser query. However, their scope is defined and, at the same time, limited by specific algorithms. Virtual assistants can integrate with other systems and services, which allows them to provide awide range of help. Still, banks often combine both to provide users with awide range of services, and the names chatbot and assistant are used interchangeably.

Chatbots can be used, for example, to guide auser through aprocess such as disputing atransaction. Virtual assistants, on the other hand, can handle bill payments or money transfers on request.

Ceba/Commonwealth Bank

Ceba is an AI-based chatbot capable of helping customers with hundreds of tasks. It can assist in activating acard, checking account balances, money transactions, and more. Ceba is available 24/7 to all customers and offers instant responses to everyday banking tasks and issues. The bot can show the customer how to open anew account, identify atransaction, or aid in locking acard.

Citi Bot SG from Citi

Citi Bot SG is achatbot service that can help customers with basic account information through Facebook Messenger. The bot operates 24/7 and offers real-time responses to queries about account balance, transaction history, card payment information, etc. It learns through user feedback to minimize the need to contact human agents. As the bot operates through the Messenger app, OTP is required to ensure data privacy.

Clari from TD Bank

TD Clari is achatbot available within the TD app that is capable of giving instant responses to many typical questions about the bank account. The bot is available 24/7 for all customers. It can not only answer questions but also assist with tasks such as money transfers, paying bills, and finding the bank’s location nearby. Clari can also analyze spending habits by dividing transactions into categories.

Eno from Capital One

Eno is an assistant for Capital One customers. The assistant helps protect accounts and credit cards by monitoring transactions and sending notifications. It can also help customers track their spending by checking recurring charges. The chatbot is available 24/7 and can be used to check account balances or answer questions about the account. Eno is available through amobile app and can send notifications, text messages, emails, etc. The bot can also create virtual card numbers when shopping on adesktop computer.

Erica from Bank of America

Erica is avirtual financial assistant for Bank of America. The assistant includes alive chat with aspecialist and offers personalized insights on finances. Erican can help replace lost or stolen cards, check account balances, or get account information. It’s available 24/7 and can suggest investing and saving strategies or refer to aspecialist. Erica notifies customers about duplicate charges, sends bill reminders, and monitors recurring charges. It can also be used to review updates on spending and view account past transactions across accounts.

Eva from HDFC

Eva is a24/7 personal assistant for HDFC customers. The chatbot allows users to open asavings account, check its benefits, find the bank’s branches, and more. Eva can understand voice commands. The bot can also help find the right personal and business loan offer or assist in getting aloan on one’s credit card. Eva can also assist in the card activation process and find the credit card suitable for the customer’s lifestyle. It can also check the customer’s eligibility for different types of loans, like car and home loans.

Haro from Hang Seng Bank

H A R O is avirtual assistant chatbot with AI abilities. The chatbot is available on the bank’s website, in the Hang Seng Mobile App, or on WhatsApp and can handle banking services and conversations 24/7. Haro can assist in money transfers and bill payments, foreign exchange, and credit card settlement. It also offers help in general banking services, like account balance diagrams and reminders about changes in the balance. It can also answer questions about banking, investment, insurance, and loans.

NOMI from the Royal Bank of Canada

NOMI is an intelligent assistant available in the RBC Mobile app and RBC Online Banking. The bot offers afew services, such as NOMI Insights, NOMI Find & SAVE, NOMI Budgets, etc. It can, for instance, analyze monthly cash flow and categorize transactions. The assistant can also help in finding ways to save money using predictive technology. It’s also capable of calculating budget recommendations based on the customer’s spending habits. NOMI also sends notifications about transactions, updates, and reminders about financial operations.

Milla from Millenium Bank

Milla is an automatic mobile app assistant for Millenium Bank’s customers. The assistant can help make abank transfer or top up aphone or prepaid card by preparing aform that only needs confirmation. It can also assist in finding atransaction in history. Customers can also ask about the estimated time of transfer finalization. It operates in writing and speaking. The app is available only in Polish.

The future of AI assistance in banking

The use of chatbots is one of the ways of implementing AI in financial services. In the beginning, the chatbot capabilities focused on algorithmic responses to queries. Now, they’ve evolved to include smart and personalized assistance in various topics. It seems the advancement of technology will keep the shift from repetitive customer service-related tasks to bots. With broader capabilities, AI assistants could help in more complex tasks in the future and offer custom financial solutions for users. Many financial institutions have already noticed the potential of chatbots, and their implementation seems to be spreading widely.

Explore the future of AI in banking with a look at the top chatbots like Erica and Eva, offering 24/7 assistance and personalized financial advice. (2024)


What is the future of chatbots in banking? ›

It's possible in the future that advanced virtual agents could even operate as banking advisors, providing in-depth financial advice for clients. The more ways chatbots can assist customers with tasks, the more it frees up bank employees with the knowledge and skills to handle more complex and sensitive matters.

What is the future use of AI in banking? ›

Furthermore, AI could better detect financial crime by using sophisticated pattern recognition to identify suspicious transactions and reduce false positives. While the future of AI in banking looks promising, scaling AI adoption won't come without challenges.

What is the future of generative AI in banking? ›

Generative AI (gen AI) is revolutionizing the banking industry as financial institutions use the technology to supercharge customer-facing chatbots, prevent fraud, and speed up time-consuming tasks such as developing code, preparing drafts of pitch books, and summarizing regulatory reports.

What is the technology behind Erica Bank of America? ›

Today, Erica leverages advanced AI technology to enhance account management and deliver a more intuitive and tailored customer service experience to BoA customers. Besides BoA clients, the AI also aids customers of banking partners such as Merrill Edge and Benefits Online.

What are the benefits of AI chatbots in banking? ›

Banking chatbots use artificial intelligence and machine learning to respond to customer queries. By using natural language processing, the chatbot facilitates a human-like conversation with a customer. Unlike human support agents, banking chatbots are available 24/7, allowing customers to bypass long wait times.

Do banks use chatbots? ›

Instead, they're funneling their budgets into enhancing their digital experience. Many banking apps now feature chatbots or virtual assistants. But customers still don't like chatbots as much as banks do. They've complained to regulators about repetitious, circular chatbot conversations that don't solve their problems.

How will AI transform banking? ›

Artificial intelligence is transforming the banking industry, with far-reaching implications for traditional banks and neobanks alike. This transition from classic, data-driven AI to advanced, generative AI provides increased efficiency and client engagement never seen before in the banking sector.

How will AI impact banking? ›

AI can guide customers through onboarding, verifying their identity, setting up accounts and providing guidance on available products. Second, AI can automate many routine tasks, such as account balance inquiries and password resets, freeing customer service representatives up to focus on complex issues.

Which banks are using generative AI? ›

In the three months of fall 2023, Morgan Stanley, JPMorgan Chase, Citigroup, and Goldman Sachs all announced their custom internal generative AI tools. Although these institutions were the first to implement AI technology, the entire financial industry acknowledged its impact.

Why AI is transforming the banking industry? ›

The introduction of AI in banking apps and services has made the sector more customer-centric and technologically relevant. AI-based systems are now helping banks reduce costs by increasing productivity and making decisions based on information unfathomable to a human.

Can AI replace banking? ›

With the improvement of AI technology, the investment banking sector can effectively focus on better decision-making, better productivity, customization, and precision with much more accuracy. Though AI will not replace investment banking.

How AI will change financial services? ›

Machine learning algorithms can now analyze vast data sets in real time, providing deeper insights into market trends, risk assessments and customer behaviour. AI-driven tools have streamlined operations, improved customer service and enhanced investment decision-making.

What are the benefits of Erica Bank of America? ›

Erica makes it easy to transfer between your Merrill investment and Bank of America checking accounts, so your money moves with your life. Simplify your Merrill investing experience. Get quotes, manage your portfolio and connect with a Merrill advisor, right in the Mobile app. A smarter way to plan ahead.

Is Erica generative AI? ›

Bank of America has not yet incorporated generative AI — a type of AI that can generate new content based on what it learns — into its virtual assistant, Erica, but the bank is currently exploring how generative AI might improve the customer experience.

How many people use Erica Bank of America? ›

BofA's Erica Surpasses 2 Billion Interactions, Helping 42 Million Clients Since Launch. CHARLOTTE, NC – More than 2 billion since 2018. That's how many interactions Bank of America clients have had with Erica®, the most advanced and first widely available virtual financial assistant, since it launched.

What are the future predictions of chatbots? ›

According to Gartner, a technology research firm, chatbots could become the primary channel for customer service in one-fourth of businesses by 2027. This prediction is supported by the recent surge in chatbot adoption, which has seen a 67% increase.

Why chatbots fail in banking? ›

Why do chatbots fail in banking? Chatbots can fail in banking if they lack customization, provide a poor user experience, have technical glitches, or fail to provide personalized services to customers.

How chatbots are redefining the banking experience? ›

Banking chatbots.

They provide 24/7 support, streamline routine processes, and offer personalized financial advice no matter the channel. Chatbots have the potential to help banks cut costs, improve customer satisfaction, and stay ahead of the curve.

Which of the following are the potential use cases for chatbots in banking? ›

12 potential use cases for chatbots in banking
  • Send money. ...
  • Check balances. ...
  • Review and adjust accounts. ...
  • Provide basic answers. ...
  • Give location-based answers. ...
  • Send reminders. ...
  • Provide faster service to urgent issues. ...
  • Monitor transaction history.
Jun 19, 2020

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