Prefer to read the SolvvyNotes?
Solvvy is seeing a tectonic shift in the way consumers interact with these financial services.
- Consumers are unbundling to get different services from many providers. (Example: online payments to friends, savings account, and trading account)
- There is a generation of users who are not visiting physical retail locations and moving all their financial service transactions to mobile or web.
- There is a very high expectation for immediacy. Consumers do not want to spend time waiting and do not want to speak to a human if they can help it.
Machine learning understands the intent of the question in order to answer the questions a traditional chatbot would consider the same.
Credit Card Example:
- There are three users who are all coming to a brand wanting to replace a credit card.
- One user might be coming in because their card was hacked.
-
- Second user might be coming in because the card’s expired.
- And a third user may be coming in because they simply want to upgrade to a card with a higher credit limit.
- All three of those requests are for a new card, but in each of those cases, the technology can actually help distinguish the reason, the core reason, behind their intent. All those things are automatable and a chatbot can actually be the user interface to take care of all three of those users.