The financial industry is one of the first that has been changed by the digital transformation because users have become more demanding and changes in their behavior have influenced on banks and other financial institutions to adapt quickly. The first changes occurred in the area of customer care, which further led to further automation of the process. Second, there were fintech companies that forced banks to step out of their comfort zone and start this “digital game”. Some of the best examples of digital banks, such as DBS Singapore Bank or Tatra Bank of Slovakia, say that digitally acquired users bring far more revenue than new users who have made at physical locations of the bank, and that being a digital bank involves digitizing all levels, from frontend to backend, so digital banks rely right on AI.
As today everything revolves around users, and the largest group of users of financial institutions are mostly millennials (or will be soon), companies need to be aware that millennials will hold most of the world’s wealth, that they are changing banks much faster, and the way of communication with companies. As global analysis shows that 60% of millennials are already using chatbots and 70% of them have had a positive experience, we have presented to the Canadian market the importance of these facts and how Weaver can help them as a comprehensive channel of communication that leads to new users as well as increased satisfaction of the existing ones.