Mobile-Only Banking Startup Bets on Bots

by Joseph Walent 0

Integration of machine learning into long standing business systems to better more efficiently address customer needs in areas such as banking continue to make headway, gaining acceptance with younger market segments.

The machine learning software will give customers an agent-like option for assisted self-service on the app. The software was introduced two year ago to diagnose and solve customer queries by analyzing data and learning from the ways in which human agents diagnosed and solved customer problems. Over time, it develops the intelligence to understand and solve customer issues itself without having to be programmed.

Implementation of software robots to act as a first line in customer service, essentially systemizing the “frequently asked questions” portion of the customer service section of a website. It also allows for service to be delivered through an interactive experience via talk or text, depending on the customer’s preference.

Mercator Advisory Group looks deeper into how machine learning has broad applications in banking in its report Eight Technologies That Will Impact Payments and Banking Going Forward.

Overview by Joseph Walent, Senior Analyst, Emerging Technologies Advisory Service at Mercator Advisory Group

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