Conversational Banking Strategy

Six Keys to a Successful Conversational Banking Strategy

When building a strategy for conversational banking there are six components Accenture believes are necessary for success. Many will require a complete restructuring of current back-office processes, whil others are less daunting.

1. Acquire Needed Talent: Advanced capabilities and skills including neuro-linguists, voice recognition experts, AI developers, and CUI designers are some of those most in demand today. Talent will continue to be a barrier for many years as demand is far outstripping supply.
2. Understand Technologies: Understanding and acquiring new technologies will require a move to real-time back-office processing and ongoing monitoring of advances in text and voice-based technology.
3. Improved Privacy and Security: The collection and application of expanded consumer insights requires a greater focus on securing this insight. Voice biometrics will also need to be utilized for conversational interfaces.
4. Transparency: As chatbots and conversation interfaces better replicate human interactions, it will become more important to let consumers know they are interacting with new technology … and not a human.
5. Consistency Across Channels: It will be important to allow for consistent experiences across channels. Selection of what channels to support may revolve around security as much as anything.
6. Consider a Hybrid Model: Since AI-based interactions are not perfect and a great deal of testing will still be required with conversational interfaces, a hybrid model including technology and humans is recommended.