Money20/20, the world’s largest conference geared towards the financial services industry, brought big announcements from heavy hitters at its 2016 event.
Bank of America’s head of digital banking, Michelle Moore, introduced Erica (a play on the company’s name), a digital assistant driven by artificial intelligence, predictive analytics, and cognitive messaging. The technology, which can also be referred to as a chatbot, will enable Bank of America’s 21 million mobile app users to check and pay off their balances, save money based on personalized recommendations, and carry out other tasks. Erica is scheduled to be released to the public in 2017.
Other companies, like Thinking Capital, launched Lucy, a chatbot for Facebook Messenger which allows users to chat with customer support and see if they are eligible for a business loan.
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RBS installed advanced “human” artificial intelligence to help staff answer customer queries.
Liberty Mutual announced the first Amazon Alexa skill focused on insurance, granting users instant, voice-controlled access to getting a quote through Liberty Mutual or directing them to a Safeco-appointed independent agent.
While we’ve started to see financial services creating smarter apps, we will see additional financial services companies focus on developing solutions that leverage more complex artificial intelligence and robotic process automation capabilities.
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