Will Bank Customers Accept Robo-Advice?

Summary

This presentation is well suited for those who want to understand what banking customers are looking for in banking service and the degree to which they currently are satisfied with those services. It also addresses the degree to which banking customers would be willing to accept those services from digital associates. The author has conducted survey research among banking customers to measure the importance of several banking features and services as well as the degree to which those customers feel like they are getting those services from their current bank. These services included:

• Promoter Score and At Risk
• Relationships and Trust
• Service Features such as Alerts, , and Fee avoidance
• Quality of the Digital Experience, Branch Experience and Human Contact

Then the author asks whether the banking customers would be willing to receive some of these services from digital associates such as chatbots or algorithms.  Only 11% said they would trust the advice they got from an algorithm. One major source of concern was information security which 60% saying they are worried about information security with chatbots. About a third of respondents claimed chatbots are too slow or can’t deal with “my level of complexity”. However, the author suggests these concerns are consistent with typical resistance to leading edge introductions. They suggest a program of iterative testing, launching and retesting to ensure that the user experience for the early adaptors is a positive one and to capitalize on the growing use  of chatbots, AI in the internet of things and voice assistants in general.