Banks are starting to experiment with different customer service chatbots like Facebook Messenger and Twitter; with this move comes potential security risks and the question of risks for the customer; The Conversation points out that a research report by The Centre for Communications Interface Research (CCIR) shows that customers are willing to give up some security for convenience; chatbots will need to provide a sense of convenience and a sense of trust to ultimately be widely accepted by the broad consumer; additional research by the World Retail Banking Report shows that while consumers are accepting their banking life being digital they are still looking for face to face interaction with more complex problems; finding the right balance is the key as more banks move into fuller digital offerings. Source
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Retail banks have started to digitally enhance their customer experience but when it comes to small business lending they are still stuck in the past; according to a recent report by Bain and SAP only 7% of banks can offer a fully digital experience for credit products; research is starting to show that small businesses want a digital experience for capital and to manage their banking needs; banks can decide to build, partner or buy to ensure they stay competitive; partnerships have continued to form and understanding how best to utilize fintech for the long run will help banks and small businesses. Source