BMO launches AI-powered chatbots on Facebook, Twitter
The Bank of Montreal is taking a first step toward artificialintelligence powered customer service by launching chatbots that can field questions via Facebook Messenger and Twitter.
The deployment of such technology is the latest move by a Canadian bank to beef up its digital capabilities as customers increasingly conduct their banking on mobile phones and computers, rather than over the phone or in a brickand-mortar branch.
They will only answer questions such as how to view their account balances or transfer money, not perform transactions, such as paying a bill, though chatbots have the capability and some financial institutions are adopting it already. BMO is exploring adding further functions to the virtual robots’ repertoire, but is treading slowly to ensure customers’ personal information discussed on platforms outside of their own digital properties is secure, said Brett Pitts, BMO’s chief digital officer. The chatbots have been fed with the top customer questions received at BMO’s call centre and their websites. Both chatbots will learn over time, but customers will also have the option to talk to a live customer service representative on Facebook and Twitter during business hours, he added. Meanwhile, the physical footprint of Canada’s five largest lenders is shrinking, as they close or remove more branches than they are opening.
In the 2017 fiscal year, these banks collectively opened or relocated 39 and 29 branches, respectively, but closed 170 brick-and-mortar locations, according to their public accountability statements. BMO closed 19 branches, but opened three and relocated nine in the 12 months ended Oct. 31, 2017. It reflects changing banking patterns among Canadian consumers. A 2016 survey by the Canadian Bankers Association shows that 51 per cent say online or internet banking was their primary method, up from 47 per cent in 2012.