Digging Into KeyBank’s Conversational AI Strategy

“In the first month after the AI initiative went live, Kontul reports there were nearly 3,000 daily sessions with MyKey, for a total of 250,000 interactions. The digital assistant is also reducing cost to serve by solving customer problems within the app rather than using other channels with an 84% ‘containment rate’ so far.”

https://thefinancialbrand.com/news/data-analytics-banking/artificial-intelligence-banking/digging-into-keybanks-conversational-ai-strategy-155483/

Digital Banking…Chatbots

  • “According to a recent study from Cornerstone Advisors, 40% of consumers between the ages of 21 and 55 who contacted a human when opening a checking account said they tried to get the information they needed online but couldn’t find it, and 28% said the bank’s website or mobile app didn’t support what they needed to do.
  • According to Cornerstone Advisors’ 2022 What’s Going On in Banking study, just one in five banks and credit unions currently have a chatbot deployed—and just handful of those institutions are truly offering an intelligent digital assistant.
  • But the underlying technology—conversational AI—is already having an impact on consumers’ mobile banking experience. Consumers’ rating of their banks’ mobile banking experience is higher for institutions deploying conversational AI than for those that don’t deploy the technology.”

https://www.forbes.com/sites/ronshevlin/2022/11/14/digital-banking-didnt-kill-bank-branches-but-chatbots-will/amp/

I tested out Panera’s new ‘automated’ drive-thru and now I think every fast food chain should use it

  • “Panera is testing out AI technology to take orders in the drive-thrus of two New York restaurants.
  • Popeyes is also using the same tech, and has reported successful results so far.
  • I thought it made ordering much easier, and I hope more restaurants in my area adopt it.”

https://www.businessinsider.com/panera-automated-drive-thru-with-ai-technology-review-photos-2022-11?amp

Wells Fargo partners Google Cloud for AI virtual assistant, Fargo

  • “Wells Fargo is set to rollout a new virtual assistant, named Fargo, which will leverage Google Cloud’s artificial intelligence (AI) capabilities to offer a personalised banking experience for customers.
  • Citing research conducted this summer by Ipsos on behalf of Wells Fargo, the bank says nearly two thirds (65%) of millennials and Gen Z respondents prefer to use a virtual assistant for customer service needs rather than waiting for a customer service representative on the phone.”

https://www.fintechfutures.com/2022/10/wells-fargo-partners-google-cloud-for-ai-virtual-assistant-fargo/

A Roadmap For Building A Business Chatbot

“Here’s a quick recap of the detailed 10-step process:

  1. Start by identifying whether or not a chatbot is a right fit for your business model.
  2. Understand the different types of chatbots and identify the ones you need.
  3. After settling on a type, give your chatbot a purpose by defining its goals.
  4. Once the end goal is in view, iron out the details surrounding the language, channels, and so on.
  5. Work out the different integrations that will be required and find out ways to accommodate them.
  6. Recruit a team of experienced professionals or outsource the entire job (you do you)!
  7. Regardless of your choice above, document and share defined project requirements so you can get a chatbot as per your expectations.
  8. Get started with the chatbot development, and once ready, send the prototype on a dry run.
  9. Finally, when you have worked out the kinks, gear up for D-day as you launch the chatbot.
  10. Round up the chatbot development process with continuous testing, measuring, and tracking its progress so that it continues delivering value to your business.”

https://www.smashingmagazine.com/2022/10/roadmap-building-business-chatbot/