BMO rolls out AI powered chatbots as mobile banking rises

Friday 16 March 2018 10:55 CET | News

BMO has announced its first steps towards AI powered customer service by launching chatbots that can field questions via Facebook Messenger and Twitter.

The deployment of such technology is the latest move by a Canadian bank to beef up its digital capabilities as customers increasingly conduct their banking on mobile phones and computers, rather than over the phone or in a brick-and-mortar branch.

BMO developed the Facebook chatbot in partnership with Vancouver-based and the Twitter one with Toronto-based Massively.

They will only answer customer questions such as how to view their account balances or transfer money, not perform transactions, such as paying a bill, themselves, even though chatbots have the capability and some financial institutions are adopting it already.

BMO is exploring adding further functions to the virtual robots’ repertoire, but is treading slowly to ensure customers’ personal information discussed on platforms outside of their own digital properties is secure.

The chatbots have been fed with the top customer questions received at BMO’s call centre and their websites. Both chatbots will learn over time, but customers will also have the option to talk to a live customer service representative on Facebook and Twitter during business hours.

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Keywords: BMO, AI, chatbots, mobile banking, online banking, social media
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech

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