Artificial intelligence-enhanced virtual assistants that answer questions via text or voice chat – from Capital One’s Eno to Bank of America’s Erica – are becoming table-stakes for consumers who want quick and easy customer services.
Truist is the latest big bank to launch an AI-powered virtual assistant on its website and app. The “Truist Assist” service can immediately answer more than 100 customer support inquiries and, crucially, will automatically transfer clients to human support for more in-depth requests. The service is powered by Lex, the conversational AI platform that underpins Amazon’s own Alexa assistant.
As such digital assistants are becoming the norm, banks are trying to impress customers with advanced or distinguishing features. For example, US Bank already has a Spanish version of its Smart Assistant, and is planning to roll out additional language options in the next several years.
Like Truist, many big financial institutions partner with AI providers to build out their assistants: Kasisto counts WestPac, JPMorgan Chase, Standard Chartered, and TD as customers, while US Bank, Ally, and Santander rely on Personetics, and BNP Paribas and Deutsche Bank use Glia (an Insight Partner’s portfolio company).
It’s been a busy month for Truist, which also just launched a robo-advisor and acquired strategic assets from data platform Zaloni to help it roll out AI capabilities more quickly.