Chatbots - A new era in digital banking
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We describe the conversational UI trends in various verticals and mobile banking in particular. Presented at finovate NBB hackathon 2016.
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Chatbots - A new era in digital banking
- 1. Chatbots A new era in digital banking Sotiris Alexopoulos Head of Operations, Warply NBG i-bank, #fintech crowdhackathon Be Finnovative !, #fintech workshop
- 2. Mobile Lanscape Case studiesBots Chatbot Banking
- 3. 0 18 35 53 70 2010 2013 2016 2019 2022 4% 6% 8% 13% 20% 28% 37% 44% 50% 54% 59% 62% 66% 69% Smartphone penetration
- 4. Users (in Bn) 0 1 1 2 2 2015 2016 2018 2019 1.07Bn 1.40Bn 1.61Bn 1.81Bn 2.00Bn 2.19Bn Messaging mobile app users
- 5. Instant Messages sent per day (in Bn) 0 55 110 165 220 2014 2015 2017 2018 30Bn 100Bn 130Bn 160Bn 200Bn 220Bn Mobile instant messaging
- 6. Monthly Active Users (in M) WhatsApp Facebook Messanger WeChat iMessage Viber LINE Kakao Talk Snapchat BBM Tango Telegram 0 200 400 600 800 50 70 100 140 150 170 240 280 500 550 750 Global Messaging app leaders
- 7. The historical moment of messaging Monthly AcCve Users for Cp messaging apps versus Social Networking apps (in M) 0 1,000 2,000 3,000 4,000 2012 2013 2015 2016
- 8. Hours 0 150 300 450 600 2015 2016 2017 2018 2019 2020 $173Bn $158Bn $138Bn $119Bn $99Bn $80Bn $79Bn$69Bn$60Bn$51Bn$43Bn $35Bn $252Bn$253Bn$242Bn$234Bn$231Bn$213Bn Desktop Tablet Mobile US Mobile Commerce forecast (sales in $ Bn)
- 9. Hours 0 2 3 5 6 2008 2009 2010 2011 2012 2013 2014 2015 2.8h 2.6h 2.3h 1.6h 0.8h 0.4h 0.3h 0.3h 0.4h0.3h0.3h 0.3h0.3h 0.4h0.3h0.2h 2.4h2.4h2.3h2.5h2.6h2.4h2.3h2.2h Desktop / Laptop Other connected devices Mobile 3h/day per user @ mobile Time spent (per adult per day) on mobile
- 10. Mobile landscape 58% smartphone penetration in Greece 47% smartphone penetration worldwide 44% usage of mobile data 76% of word smartphone users use social media networks 3h/day per user @ mobile 78% of smartphone users use an over-the-top (OTT) mobile messaging app 80% of time spent on apps 30’ spent per day on messaging apps
- 12. Bots A bot is a software application that runs automated tasks (scripts) over the internet. Typically, bot perform tasks that are both simple and structurally repetitive, at a much higher rate than would be possible a human. “ ” A chatbot is designed to work on conversation with people and existing chat app or social network Usually AI is embedded in a chatbot so the chatbot can understand the context and perform much more complicated tasks than what a bot does.
- 13. Why is this huge? one chat app = all services needed shift to conversational UI
- 14. Chatbot builders telegram chat fuel Prompt Along with developing new conversation base service, many existing app/service developers try to apply conversational UI. Several CDKs (Chat Development Kit) are offered to build a bot aligned with existing services.
- 15. Summary Big shift from app to chat, Facebook took this path Chat app may become the primary access of users and center of services Chatbot will play a main role as a primary touch point of users to services Developers will be required to to cope with conversational UI The challenge is to bypass incumbent vertically integrated players (Apple and Google) The key to success is to offer a better UX than existing mobile services
- 17. Utility - KLM flight updates Notification for check-in Once book fight, agree to start up a chat thread on Messenger app Flight status updates Boarding pass Get booking confirmation
- 18. Personal travel agent - Hyper bot2human2human Adjust to ones preferences and budget, “the more the reaction the more understanding”. Support any type of messaging, email, iMessage, app, messenger etc Combine human expertise with automated and quick responses Time lapse responses come from bots, edited by human agents Support decision making, data driven recommendation
- 19. Shopping - Sephora “Conversational commerce” Then serve relevant content, insights tailored to ones facial shape etc Welcome users “Hi Rachel, welcome to Sephora!” Click to directly shop without having to leave the app Know users better by “Do you want to take short quiz?”
- 20. Hiring - Codefights versus Bots Solve some of the core everyday challenges Recruiting codefights versus bots, not humans Challenges specific to needs of the company Writing code and review existing code challenges Quick and accurate evaluation of the participants
- 21. Scheduling assistant - X The bot emails the guest When a meeting request is made Exchange emails in order to set details Respond with cc a dedicate bot email When details are set, receive bot a meeting invitation
- 23. Receive and submit information Instant information on various topics, i.e. rates or terminology Consulting information
- 24. Apply for a credit card Compare credit card benefits Instant information on various topics, i.e. rates or terminology One click action to proceed to card application Consulting information Update or confirm alterations on personal data and submit evidence
- 25. Report a card loss Compare credit card benefits Instant information on various topics, i.e. rates or terminology One click action to proceed to card application Consulting information Update or confirm alterations on personal data and submit evidence
- 26. Handle routine transactions The bot emails the guest When a meeting request is made Exchange emails in order to set details Respond with cc a dedicate bot email When details are set, receive bot a meeting invitation
- 27. References - Pew Research Center “Spring 2015 Global Attitudes survey” - OTE Investors report - KPCB mobile technology trends by Mary Meeker. - http://www.gsmamobileeconomy.com/ GSMA_Global_Mobile_Economy_Report_2015.pdf - Marc Beacue Consulting, The Economist - Portio Research; a16z; Company reports - emarketer - Ericsson Mobility Report - BI Intelligence - Forrester Research Mobile and Tablet Commerce Forecast, 2015 to 2020 (US)