When we go online, there’s generally an unspoken rule about what you should and shouldn’t share – your bank details topping the list. But it might be time to throw all you’ve been taught out window, because banks have now begun working on something that plans to make our lives a little easier. Soon you’ll be able to transfer money and check your bank balance through the help of a chatbot.
What is a chatbot?
A chatbot is an online device that’s designed to simulate a conversation with you and has a similar layout to Facebook Messenger.
Using chatbots for the purpose of customer service is hardly anything new, Ikea have been doing it for over a decade, along with UBank’s RoboChat and proadvisor’s Robo Advice. But using this tech in the banking industry begs the question: what’s more more important, convenience and security?
It will all come down to trust.
According to research that was done back in 2009, customers were willing to trade convenience for security when doing their online banking. However, the study also found that if customers felt there was a security threat to their bank accounts, they’d prefer peace of mind knowing their details were safe.
That means, if banks do decide to go ahead with the chatbot idea, they’ll need to design a product that enforces a high level of security in order to give customers the encouragement to use them and submit their bank details.
Customers will need to trust that their banks have provided a high quality product that will protect their personal details, just like we trust bank tellers when we hand over our money. If there’s a suspected flaw in the system, people won’t buy into it.
The security measures.
We’ve all willingly put our credit card details online before whether for online shopping or paying bills, and trusted that nothing will go wrong because of the security measures in place by websites and credit cards providers. Some of the most common security features include:
- Banking apps and websites automatically logging us out after a lengthy inactive period
- Unique login passwords each time we go log in
- Banks cancelling credit cards if there’s fraudulent or suspicious activity
But will chatbots have access to the same security features?
The human touch.
While our world grows more digital by the day, it’s clear that we still crave that tiny bit of reality and safety whenever we can. A World Retail Banking Report found that 51% of customers still prefer a face-to-face interaction when it came to using tricky products and services.
Chatbots will need to achieve that human-like feel somehow in order to gain trust from users. Here are some of the possibilities:
- Having names and personalities
- Be capable of showing emotion
- Having profile pictures