A new article from American Banker features CI research on AI chatbots from consultant Grant Easterbrook:

Most bank chatbots trail far behind what generative AI-powered assistants like ChatGPT or Bard can do, according to a study research firm Corporate Insight shared exclusively with American Banker. This finding, the firm suggests, should concern banks striving to meet evolving customer expectations to stay ahead of their peers.

“The average industry chatbot is not sophisticated. It [handles] really basic tasks, basic account servicing,” said Grant Easterbrook, a consultant at Corporate Insight and one of the study’s authors. ChatGPT and Bard can take that further by being able to explain financial concepts and pull knowledge of averages and trends in a way industry chatbots can’t do, he added.

Read the full article on American Banker (subscription required).