Swiss Banks and Chatbots

Do any Swiss banks already use chatbots? Do you feel that chatbots have a future in banking?

Kind regards

Hi there,

A number of banks and fintech services outside of Switzerland are already experimenting with chatbots. Large IT corporations like Facebook have also launched chatbots. This has led many sceptics to label this development a hype led by silicon valley.

Chatbots should be able to communicate with customers via online chats making use of artificial intelligence. In practice, chatbots do not currently offer highly intelligent communications. Typically, chatbots are only able to answer the least complicated questions, which greatly limits their usefulness. They currently provide very little value above that delivered by Internet search engines.

In Switzerland, Postfinance, Swissquote and Credit Suisse have either launched chatbots for customers, or will launch these shortly. Other Swiss banks too are reviewing possible chatbot strategies.

Over the long term, chatbots will likely improve and become a more common feature of Swiss banking services. We can expect to find chatbots being used for more rudimentary tasts like call centers before possibly developing to a level at which they can be used for consulting. This technology is currenctly in its fledgling stages, and there is no way of knowing for certain how long it will take before chatbots can understand and answer a complicated series of questions. This may happen in as few as 10 years, or it may take several decades.

Best regards from Moneyguru

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