Independent Banker - December 2017 - 71

What
about
31%
Percentage of banks
with a chatbot project
in the works
many industry experts are split on
whether the time is now for community
banks to get their chat on.
Morgan paints a positive picture.
Since community banks specialize in
relationship banking and make profi t
through long-term relationships,
" chatbots could be a great complement
to these services, " he says.
Also, since community banks are
often " resource-limited, " chatbots
could make 24/7 customer support
much more cost-effective and
accessible, says Matt Miller, vice
president of product management
in Mastercard's Conversational
Commerce. Just as remote deposit
capture vastly extended banks'
ability to accept check deposits from
customers, so too could chatbots
extend their service and advisory
capabilities, Miller believes.
While Holbrook does not yet see
a strong business case for smaller
banks to implement chatbots, he does
believe that their growing popularity
should encourage more community
banks to begin piloting and introducing
more services through mobile
and social media channels, which use
open-source tools. " It does create a
more seamless experience for customers, "
he says.
While it can be tempting to offer
new tech quickly, Morgan advises
community banks that are considering
a chatbot product to be patient
in the development process so that
the fi nal product reaps maximum
benefi ts for the bank and its customers.
" Beware of releasing the chatbot
before it is ready, " he says.
Karen Epper Hoffman is a writer in
Washington state.
> REGISTER NOWon independentbanker.org
security?
In light of security
concerns swirling
around personal
digital technology,
especially voiceactivated
tools,
fi nancial chatbot
developers
emphasize that this
channel will enlist
the same encryption
and protection features as mobile and online banking. In some cases, there
may be additional layers of authentication or security, depending on the
task.
Wellington Holbrook of ATB Financial puts the onus on training: " The
biggest risk is user education to make sure the right person is using it,
and they're not sharing credentials with the wrong people. "
-Karen Epper Hoff man
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Bank CEOs, CFOs, CTOs, CIOs and Board members
FEATURING
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AGENDA
All financial institutions rely on third-party service providers. This introduces
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http://www.independentbanker.org
Independent Banker - December 2017

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