Jason Mars, CEO of Clinc, discusses conversational AI ahead of Mobey Day Toronto.
1.) How will conversational AI transform banking?
The future of conversational AI in banking is one in which financial institutions themselves will design and deploy conversational AI to their customers through vendors that provide AI training platforms to do so. This disrupts the existing model in which financial institutions pay vendors for professional services each time they want to incorporate a new feature to their AI; a model that is expensive, laborious and impossible to scale. For the consumer, conversational AI will transform banking by taking the complication out of click-heavy, confusing graphical user interfaces and instead provide them with actionable insights around their finances in a mode that is simple, efficient, delightful and uncomplicated. For financial institutions, Conversational AI will reduce volume to call centers, increase CSAT and improve the mobile/emerging channel banking experience.
2.) Are consumers ready for voice services?
Yes. In 2017, the number of Alexa Skills grew 300% from the previous year, and 60% of people using voice search started doing so last year. The biggest promise with voice for banking is enabling consumers to have instant and effortless access to their financial story in a way that reduces financial complexity and allows them to lead more productive lives in the process.
3.) What kinds of services will consumers use voice for?
Consumers will use voice for everything from transferring money to ordering fast food. The possibilities for conversational AI span everything possible with graphical user interfaces combined with any area of business that involves person to person communication.
