Gateway to Digital Interactions

Reflecting on the past 12 months or so since we launched Joey, our holistic chatbot/virtual assistant platform, the world has moved towards the vision we had set for ourselves of building a Gateway to Digital Interactions.

No one knows how the banking industry would be in 10 years (or maybe 5 years if blockchain and cryptocurrencies have their way) but it’s certain it will be very different. Our interactions and needs for dealing with banks are declining as we move towards availing some of the banking services from other institutions. This is a very healthy phenomenon, particularly for countries like Australia, where most of the market share is held by a few major banks.

We are getting used to IOT and Artificially Intelligent devices and we know Blockchain has the potential to change the core of business processes across all businesses. The organizations that used to have 5-10 years of strategy now need to rethink as their long-term strategies and projects could lose the business case by the time they get implemented. We have many examples where certain institutions have spent hundreds of millions of dollars with very little business benefits in return.

While some technologies would take more time to mature, mobile devices certainly have advanced, become smarter and brought financial inclusion for all.  Unlike laptops and desktops which provide more real estate for customers to browse and navigate, mobile phones have constraints with regards to screen size and the attention span of a customer.

Customer experience over mobile devices is key to the success of any product and services offered and hence the conversational experience can play a significant role as we step further into future.

As mobile banking disrupted internet banking, a chatbot/virtual assistant would gradually take the customers away from traditional channels like websites, internet banking and online forms to front and initiate most of the interactions from customers digitally using text and voice.

Who would want to Search and Find when you can Ask and Select.