Conversational banking is an extension of the chatbots that were originally used to respond to the most basic of inquiries. As data availability, analytic capability and digital technology improve, a more enhanced form of digital engagement will become both personalized and scalable. The objective is to improve the overall customer experience, increase engagement, provide insights into areas where consumers need more advice or assistance, and generate sales and revenues by delivering timely solutions.

What if your contact center had the best customer engagement platform on the planet?

Conversational User Interfaces (CUI) based on messaging platforms and voice, or text-based interfaces—are becoming an increasingly popular customer interaction paradigm for digital natives and digital skeptics alike. Download our Free eBook and discover the power of Conversational Banking.

The future of banking is about engaging with consumers in the digital ways they expect. Voice-activated banking will be a big part of that, as consumers use voice assistants at home, at work, in cars and on mobile devices. But don’t focus too narrowly on one or two use-cases, because conversational engagement has far-reaching potential.

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Looking back over the past decade of the banking industry will not prepare us for a future that will transform faster than ever. A focus on new technologies, innovation and the application of customer insights will require new skills and a completely different culture than traditional banks have today.

Today, conversational banking has simplified banking to an extent where you don’t even have to visit a bank. Major banks have adopted conversational banking products to simplify banking processes, which will soon be the norm in the banking industry.

Community banks and credit unions must confront some uncomfortable truths about their commitment — or lack thereof — to digital transformation. They are falling way behind larger banks, which is slowly suffocating their relationships with small business banking clients.