This whitepaper provides an overview of the state of conversational concepts and sets out some specific possible uses for dialogue-based self-service via chat and voice. It also seeks to explain why many current implementations currently lack broader user adoption and what banks should focus on when starting their own conversational initiatives.
Conversational banking is a new concept in digital self-service banking. Dialogue-based interaction with banking services can provide increased availability as well as a self-service experience that is more convenient and potentially more personalized. However, the biggest strategic opportunity for banks might be the decoupling of their services from existing digital channels as conversational concepts can increase the digital reach of banks when delivered directly into external channels like chat platforms, voice applications or third-party applications. Although technologies for dialogue-based interaction via chat and voice are becoming more mainstream, banks are still struggling to get broader adoption for their concepts.