In the media

How AI is being used for consumer education in banking

By Phil Britt


23 May 2023

Jennifer Fuller, US Financial Services Lead at PA Consulting, explains how fintech companies are using AI to improve consumer education and banking interactions in a CMSWire article.

Read the full article in CMSWire

The article notes that fintech companies are using chatbots and virtual assistants to provide personalized and interactive financial guidance to customers, helping them make better financial decisions and improve their financial literacy. These AI-powered platforms, merging technology with the human touch, are increasingly becoming the cornerstone of customer interaction in the financial sector.

According to Jennifer, injecting a personal touch into AI interfaces, Cleo, an AI-powered chatbot, has been revolutionizing the way users manage their finances. Cleo helps users manage their finances, either via the Cleo app or Facebook Messenger, and through integration with Amazon's Alexa and Google's Google Home will send memes, slightly bold remarks and witty quips.

She said: “As well as sending messages, the bot can take its own medicine and respond to retorts. You can reply with emojis and memes in return — which shows some real sophistication and really tailors the interaction experience.

Jennifer adds that Cleo is also tailored to handle practical customer experiences. “For example, spend tracking is a key component of the offering, when you ask if you can afford that dress for the weekend — the response will be precise but fun. This really makes the interaction unique, fun but still responsible. A very different and fresh take on financial management.”

This trend of infusing humor and human-like qualities into AI not only personalizes the interaction, but also makes financial management a more engaging experience for the users.

Adaptable chatbots: providing improved financial guidance

As we move deeper into the era of digital banking, the emergence of adaptive chatbots is playing a significant role in redefining customer service.

Jennifer said: “We’re seeing some chatbots show real adaptability and becoming a truly trusted offering. For example, Erica [Bank of America’s chatbot] can tell you everything from spending insights, duplicate charges, refunds and more.”

She continues: “What makes Erica stand out though is the integration with both Zelle and Merrill Lynch. It can check on incoming payments from friends and any investments you might have. Having machine learning built into the offering as well means it will continue to evolve and improve. An impressive one stop shop.”

These innovations in chatbot technology not only exemplify the ongoing evolution of AI in finance, but also pave the way for a more inclusive and accessible financial future.

AI-assisted cost-cutting: how technology can save you money

Sharing insights and recommendations to customers is great but what happens if AI could actively save you money as well?

Jennifer adds that Trim is a money-saving assistant using AI that saved an estimated $20 million for its users in 2021 calling the solution “a great example of a simple, practical and undaunting use of AI. The smart app can do things such as cancel subscriptions you aren’t actively using or even give you quotes on car insurance to find you a better deal than your current one. As far as a financial advisor in your pocket, this might be the beginning of just that.”

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