Conversational banking technology provider Finn AI today announced a partnership with The Bank of Montreal (BMO) to create a personal banking chatbot for their customers. This is the first ever public launch of a chatbot with a national, tier one, Canadian bank.
“By leveraging artificial intelligence and the deepest banking domain expertise in the industry, Finn AI provides people with a simple, easy-to-use conversational banking platform so they can learn from their money and improve their financial literacy,” Finn AI CEO Jake Tyler said. “This product release is another example of the work Finn AI is doing with tier one banks from around the world to deliver superb, digital experiences to their customers.”
The virtual assistant will allow BMO to engage with their customers via natural language conversations, directly within their channel of choice – Canada’s top instant messaging platform, Facebook Messenger. In Canada, 84 per cent of the population uses a smartphone to access Facebook, with 38 per cent performing mobile banking tasks from these devices.
“Our goal is to provide an exceptional customer experience and meet our customers where they are, and digital is increasingly becoming the preferred way for our customers to engage with us on a daily basis,” said Brett Pitts, BMO Financial Group’s chief digital officer. “The launch of this chatbot, and the integration of AI into our customer facing technology, provides an opportunity to build upon the relationships we have with our digitally active customers and create more convenient and personalized experiences through both self-service and assisted service channels.”
The content-rich virtual assistant, named BMO Bolt, can answer 250 common inbound questions such as information on BMO products, foreign exchange rates, branch locations and ATMs – with instant, 24/7 access to the personal banking chatbot.
The chatbot will learn to answer additional questions each time it interacts with a BMO customer, allowing the technology to continually evolve. For more complex queries or whenever the assistant is unable to help, BMO customers will be able to connect to a live social care associate during business hours. This transition will happen seamlessly within Facebook Messenger.
Customers can access BMO Bolt via BMO Facebook messenger on the BMO Financial Group Facebook page.