Natural Language Interfaces in Conversational Banking Solutions Will Create New Wave of Personal Financial Management Usage

Natural Language Interfaces in Conversational Banking Solutions Will Create New Wave of Personal Financial Management Usage

  • July 2021 •
  • 8 pages •
  • Report ID: 6104639 •
  • Format: PDF
This IDC Perspective uses research from IDC Financial Insights' U.S. Consumer Banking Channel Preference Survey and takes a deeper look at how natural language solutions may finally be able to resurrect the personal financial management (PFM) solution in the United States."The metric in measuring customer success in retail banking will be less on the number of transactions and products and will focus more on helping customers achieve success during their financial journey," says Marc DeCastro, research director at IDC Financial Insights. "The industry has been promoting financial responsibility and budgeting tools for many years, yet the usage has not met expectations. Advances in AI, specifically in natural language processing, will allow the benefit of these offerings to be achieved with much less friction to the customer, resulting in a new wave of adoption and solutions to assist customers during the financial journey."