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Research Report on Chatbots and Virtual Assistants for Banking and Wealth Management 2016

Chatbots for Banking and Wealth Management: Why financial institutions should employ virtual assistants

Dec. 06, 2016


Chatbots are poised to become the next big technological innovation and they are already on the way to changing the way we bank and manage our finances. Our 140-page report investigates the ways chatbots are already used in banking and wealth management and explores how they will revolutionize the future client interaction.

For our assessments and recommendations, we screened more than 100 established banks and wealth managers to identify and analyzes the 35 most advanced and innovative chatbots and virtual assistants. In addition the report evaluates state-of-the-art chatbots by 9 FinTechs and challenger banks and as well the offerings of 8 bot developers.
 >>  Click here for Report Summary, Table of Contents, Methodology



The report provides data driven answers to following key questions a financial institutions should ask when using bots of client interaction:

What does the current landscape for chatbots in financial services look like and what drives the developments?

  • When, where, and who? Time trends in bot releases 2015-2016
  • Regional distributions of bots
  • Different platforms chatbots are running on
  • Functionalities of existing chatbots
  • Share of voice versus message chatbots
  • Security measures for bots by region and financial institution type
  • Developments fueling the bot trend in banking
  • Regulation as a hurdle and an enabler
  • What do skeptics say (and why you should still go along)

Which are the most advanced chatbots in the financial services sector, how do they look and what do they offer?

  • Chatbot profiles of 35 established financial institutions and 9 challenger banks and FinTechs.
  • Analysis of each chatbot’s key features
  • Identification of target audience, developer and level of Artificial Intelligence for each chatbot
  • Special features and future functionalities of each chatbot

How will bots change and enhance the client interaction and communication?

  • Dos and Don’ts for financial institutions interacting with their clients through bots
  • Case studies of state-of-the-art bot applications in financial services
  • Promising use cases of chatbots in the financial industry
  • How to cater to different target audiences: existing customers, Millenials, seasoned investors
  • Implications of bots for the customer experience
  • How chatbots can serve high-net-worth clients
  • Measures to take to ensure that bot behavior does not get out of control

How to choose the right bot, platforms and implementation?

  • Quantitative and qualitative benefits of bots
  • Pros and cons of high AI bots
  • Types of bots supported by which platforms
  • Pros and cons of bots solution on-website, in-app and public platforms
  • User-friendly security and privacy concepts
  • Criteria when opting for bots for public platforms or proprietary channels
  • Strategic steps to create chatbots
  • What to look for in vendor for developing chatbots

What do the vendors offer?

  • The future of chatbots – The provider perspective
  • 8 chatbot vendor profiles: Offered features and platforms, security and privacy measures, level of artificial intelligence.

The report is THE resource to understand the enormous implications chatbot have on client interaction in the financial services sector. The report offers in-depth data, analysis and recommendations on how banks, wealth and asset managers can take advantage of the paradigm shift. It includes in total over 60 visuals including graphs, screenshots and charts PLUS:

  • Comprehensive and easy-viewable data appendix containing thorough evaluations of each chatbot according to a to 39 detailed criteria (spreadsheet)

  • Key Insights Deck. An easy-to-understand 5 slide presentation that summarizes key findings for quick sharing.


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