![]() With access to Bank of America’s databases, Erica can talk convincingly about a user’s cash flow, upcoming bills, transaction history, balances across multiple accounts, and more. According to Tearsheet, Erica was the result of a massive in-house chat build effort, with a team of 100+ engineers and other experts working for 10 months ahead of the 2017 launch and continuing to innovate, refine, and add new features to this day.Įrica isn’t just reading from a pre-programmed script - this chatbot uses machine learning, advanced analytics, and cognitive messaging to adapt based on each conversation and report challenges and unexpected events back to its dev team. This bot’s personality may be less memorable, but it more than makes up for that with a highly advanced feature set that boasts deep integrations with Bank of America’s other financial technologies and its users’ bank accounts. ![]() Where Cleo makes a point of talking to users like she’s their mildly NSFW best friend, Bank of America’s Erica chatbot comes across with a polite professionalism that still manages to feel thoughtful and human. Erica - Bank of America’s Virtual Financial Assistant Practical financial planning features include the ability to set and track savings goals, personalize budgets and spending breakdowns, and ask not just whether you can afford a given purchase, but whether it’s a good idea even if you can. For customers looking to get a better handle on personal finance, it’s a user-friendly mobile alternative to obsessively checking account balances and manually logging purchases. Unlike other offerings on this list, Cleo isn’t affiliated with a bank and never touches users’ actual money - it just processes the information they provide and returns advice almost instantly. The design, chat playbooks, and feature set are all thoughtfully optimized to entertain users, boosting engagement and retention as a result. Advanced chat features like emojis and media attachments - not to mention the natural language processing it takes to know when and why a bot should send them - take some serious engineering chops to develop and deliver successfully at scale. She’s a prime example of advanced chatbot technology that manages to feel realistic, capable, and fun instead of just spitting back disjointed FAQ answers.īehind the memes (yes, Cleo will send you memes and even make fun of you if you break your own spending rules), we’re impressed with the level of polish and functionality built into this AI-driven chatbot and its surrounding app. Ask Cleo whether tonight’s DoorDash order is in your budget and she’s liable to respond with both a numerical answer and a cheeky comment about your spending habits designed to help you keep your financial goals on track. ![]() It’s a fun take on fintech, whose biggest players can still come off as stuffy and old school. The premise behind Cleo - a chatbot that’s not only helpful but wields a snappy personality to match modern internet culture - is aimed squarely at millenials and other highly online users. Teams working to introduce or refine their own fintech chatbot technology can learn a lot from the five providers below, whose platforms are transforming the consumer banking experience with each new conversation.Īre you an engineer or product manager looking for the best approach to develop scalable, reliable chat functionality? Try building with the Stream Chat API for free→ Cleo - A Fintech Chatbot for Personal Finance Coaching Driven by these requirements, chatbots in banking have made incredible progress over the last five years, with the best solutions sending personalized, near-lifelike messages that make scripted, rules-based responses look ridiculous. Talking finance with a robot is about as complicated as it sounds - unlike the basic live chat experience you might find on a retail website, a good fintech chatbot requires advanced artificial intelligence and machine learning technology for both conversation (natural language processing) and meaningful financial analysis.
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