Generative AI (genAI) will add a human touch and greater personal relevance to the stilted scripts through which banking chatbots currently force-march their customers. This report looks at what will impact consumer adoption of AI-enabled chatbots in Canada, the US, and the UK - and each market’s embrace of genAI.
Key Question: What’s driving the integration of genAI into customer-facing banking chatbots, and how will those factors impact financial institutions’ (FIs’) digital strategies?
Key Stat: A total of 48% of surveyed US bank executives plan to use genAI to enhance customer-facing chatbots and virtual assistants, per an October 2023 Google Cloud survey. This increased exposure will drive further consumer adoption of interactive chatbots.
Here’s what’s in the full report
- 2 Exportable files for easy reading, analysis and sharing.
- 2 Charts: Reliable data in simple displays for presentations and quick decision making.
- 1 Expert Perspective: Insights from industry and company leaders.
Table of Contents
- Executive Summary
- Chatbots are becoming critical to banking customer relationships, but they’re still a work in progress
- Rivalry across the Big Six banks has led to wide AI chatbot availability in Canada
- Despite US leadership in AI technology, consumers have been slower to adopt AI banking chatbots
- Though UK consumers have welcomed tech-forward neobanks, they lag in AI banking chatbot adoption
- Insider Intelligence Interviews
- Sources
- Media Gallery
Charts in This Report
- Ways in Which Generative AI Is Being Integrated Into the Banking Industry According to US Banking Executives, Oct 2023 (% of respondents)
- What Is Stopping UK Adults From Using AI? (% of respondents, March 2023)
Interviewed for This Report
- Magnus Revang - Openstream.ai, Chief Product Officer
