Enter the chatbots: BMO introduces tools for Facebook, Twitter

BMO is launching a new AI-powered tool to serve customers on Facebook and Twitter.

Two chatbots will deliver instant responses to common queries for customers looking for more online banking options, a BMO release said Thursday.

“The launch of these chatbots and the integration of AI into our customer-facing technology provide an opportunity to build upon the relationships we have with our digitally active customers,” said BMO’s chief digital officer, Brett Pitts, in the release.

BMO Bolt, for Facebook messenger, is based on 250 of the top customer questions received at BMO’s call centres and online. As it engages with customers, it will learn and improve its ability to answer questions.

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For the Twitter tool, BMO’s Virtual Assistant, customers start through Twitter direct messaging and are offered engagement with the chatbot; when they engage, they’re given a menu of available topics.

The launch comes amid a growing interest in online banking tools. RBC launched its NOMI tool last August, offering personalized service based on customer behaviour. The NOMI Insights digital assistant offers information about a customer’s spending trends, while NOMI Find & Save uses machine learning to find money in a customer’s account and automatically move it to a savings account.

A report from Mintel Comperemedia says more financial apps are coming, “mirroring recent changes in the healthcare, self-help and diet industries.” These do-it-yourself financial wellness tools will make use of behavioural finance research and artificial intelligence.

The report said 77% of Canadian consumers who have used a mobile money management app say they like it.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.