September 2018 – With a Little Help from the Machines: Virtual and Voice-Based Assistants

​Virtual assistants have the potential to add convenience to the digital finance experience, offering clients expedited access to their most important account details, as well as to market research and basic transactional capabilities. That said, most firms have not devoted significant resources toward the development of robust in-app virtual assistants or support for third-party platforms like Amazon Alexa, Siri and Google Assistant. The results of Corporate Insight’s 2018 Consumer Banking Survey help explain this trend, as only 31% of respondents rated the availability of a virtual assistant as “very important” or “extremely important.” While virtual assistant-based functionality is currently in its early stages, it may eventually come to play a bigger role in users’ financial lives as its security, usability and capabilities improve. In this report, we review the proprietary offerings and third-party assistant capabilities provided by 16 of the 25 firms in the Mobile Monitor coverage set.

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