The banking and finance sector is ablaze with chatbots. Bank of America, HSBC, Wells Fargo, Swedbank, Capital One – these are just a few examples of major banks that have (or are set to) release customer service chatbots.
For banks, bots are a cost saving; for customers, they are a simple and instant way to resolve issues. The hype is there, but how have chatbots performed in practice? And can human-led customer service channels (like call centres and live chat) still offer value in the debt recovery process?