Beyond Chatbots : Conversational AI in Banking

  • “In 2017, American banks collected 34.3 billion dollars in overdraft fees. (link). The average value for an overdraft fee is $ 30 in the United States. This means that the average American ended up paying $ 125 in overdraft fees.
  • By 2022, about 90% of all client banking interactions will be handled by Automated Banking Assistants (ABAs), saving $8 Billion annually (source).
  • Bank of America introduced an Automated Bank Assistant, ‘Erica’. It reached 1 million users in 2 months, Facebook took 10 months. ‘Erica’ supports advanced functionality like money transfers, account lockdowns and detailed transaction summaries.”–conversational-ai-in-banking

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