The GDPR, taking effect May 25, 2018, holds a promise to unify data privacy requirements across the European Union (EU). The regulation is set to change how data controllers and data processors obtain and manage user information, giving the user more power over personal data. Given that user data is the cornerstone in almost any industry (and in the financial services and insurance industries especially), the EU’s regulatory stand on the matter is defining for a large number of organizations of all sizes. But let’s focus on a particular topic – virtual assistants/chatbots in the financial services industry.
If we were to put a structure to the bot market around the world, we would find it roughly a continuum with three distinct stages. Arguably, all bots can be placed in some part of the continuum, where the ability to execute on information is the breaking point that businesses serious about the adoption of AI-powered assistants need to cross.
Much hyped, chatbots haven’t been nearly as powerful and user-friendly as they are imagined to be. Most chatbots are still at the first stage, with better examples actually understanding the intent. However, there is also no lack of more sophisticated versions that not only understand the intent but can take an action on behalf of the individual after the “conversation.”
A common element in all forms of chatbots and intelligent assistants, especially all before the point of pure-play investment/trading apps, is the moment of a handoff to the human assistant. It’s equally important for the chatbot to enable customer success in the shortest time as it is important to point out the moment in