Introducing Gen AI: Bank chatbots upgraded to financial advisors.

The banking industry is utilizing advanced artificial intelligence (AI) technology to transform financial chatbots into effective problem solvers, resulting in enhanced consumer banking experiences. The integration of AI has led to a 65% increase in response efficiency, according to a report from PYMNTS Intelligence. For example, J.P. Morgan Chase is implementing real-time data and generative AI-powered chatbots to create intuitive interactions, while One Zero Bank and DNB have also incorporated AI in their banking services. Dutch neobank Bunq has launched a generative AI-driven platform, Finn, to assist users in managing finances and providing nuanced responses to financial queries. However, maintaining compliance with regulations and combating fraud are essential issues for banks.