Chatbot Banking with Unyti – How a chatbot will replace the bank branch

Feb 07, 2018

Talking to a chatbot as a substitute for visiting a bank branch or picking up the phone still sounds strange to many customers and research has repeatedly shown that despite their designers’ wishes, chatbots have not found the acceptance among all customer groups. However, with the Unyti banking chatbot Comtrade Fintech created a solution, which is intended as an emotional customer interface to financial service providers. See why the bill for the banks will continue to rise and what white label banking has to do with it.

Comtrade Fintech, a provider of software engineering services and IT solutions, introduced an improved version of its Unyti chatbot banking platform (free white paper). The conversational solution for mobile chatbot banking provides financial service providers with a new and emotional way to communicate with customers in multiple languages. Unyti is a modular chatbot platform that integrates several existing functions – from payment transaction processing and customer service to marketing.

This enables financial service providers to quickly and flexibly deploy a new channel into their omnichannel banking efforts without having to replace their core banking systems since the chatbot solution communicates with the core banking systems over secure and standardized API interfaces

Confidence in your own brand: Unyti chatbot is also available as a white label platform

From the user’s point of view, calling up banking functions is intuitive and requires simply inputting text into a chat window. The Unyti chatbot controls the intelligent interaction between the user and the existing banking system. To facilitate access to chatbot banking for new users, an optional graphical menu structure with buttons has been designed.

If the customer still needs help, they can use the chatbot to directly contact a bank consultant or a call centre employee. Based on user behaviour, Unyti can also work on its own to determine when a customer needs help with using the system and engaging a consultant.

With the updated version, Unyti platform is now also available as a white label solution which presents itself to the user under the brand desired by the financial service provider. Banks can now rely on the Unyti starter pack to quickly kickstart their chatbot-based online banking initiatives. The pack includes the most important chatbot banking functionalities, such as the account and payment order overview, quick cash transfers and recurring transfers as well as currency exchange. New features include Smart Offering Engine, which helps IT professionals integrate new services and capabilities into online banking.

Chatbots are not for digitally savvy users only

Communication used to happen through web forms or e-mails, but modern customers expect a quick and direct interaction with their bank – even when on mobile devices. Chatbots are considered a natural evolution of the existing human-machine interfaces, allowing customers to easily and naturally interact with their financial service provider at any time. Particularly people with a high level of digital literacy prefer text-based communication using chatbots. After all, they are used to having conversations via messaging and social media platforms in the privacy of their own home.

Another central challenge faced by the banking industry is that customers can now choose from a growing number of financial service providers and providers in the payment and insurance industries. This raises the question of how do individual providers even distinguish themselves from each other.  One possibility is to offer services through a chatbot-based user interface.  This is particularly appealing to younger audiences as it forges a stronger emotional bond between the brand and its customers at the same time.

“As the barriers to entry for new providers in API-based ecosystems are relatively low, banks increasingly find themselves in intense competition with service providers, including those from outside industries. With a chatbot platform like Unyti chatbot, banks are getting a technology that will create new digital and emotional experiences for omnichannel banking and delight their customers.” Dr. Johan Lönnberg, Director Business Development, Comtrade Digital Services

Unyti Chatbot uses existing chat clients and is designed to enable financial service providers to implement chatbot banking on mobile devices, such as smartphones and tablets, without requiring users to install additional apps. First international financial institutions in Europe are already relying on Unyti for chatbot banking and the solution can be implemented in just six weeks.

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