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Written by Cyndie Martini
on November 26, 2019

Chatbots are no longer gimmicks. Banks and credit unions now fully embraced chatbots to assist with customer service and employee productivity. Customers like them too. A 2019 Salesforce survey of 3,500 customer service professionals found that 84% of customers would rather get answers from a chatbot than fill out a webform. Gartner predicts that by 2020, 85% of customers will interact with chatbots than with a human customer service representative.

Besides enhanced customer service and employee productivity, AI chatbots also provide better security than their human counterparts. Insider security exploitations are very real. An employee with malicious intent and the right access to customer PII (personal identifiable information) has the potential to do great harm. In contrast to a person, a chatbot will only do what it is programmed to do. 

Besides its programming, a chatbot needs access to core banking data and services to fully serve customers. Any area of the bank that the chatbot has access to can be revoked at any time. This is also true of employees. But if an employee is also the one providing access, a breach of data may not be known for some time. In this case, a chatbot provides a well-defined division of labor.

As customers interact with the chatbot, there are only three main entities involved — the customer, the chatbot, and the bank's backend system. The chatbot will do only what it was programmed to do. There's no chance of it going rogue all the sudden and publishing customer information on the web. 

In addition to their security enhancements, chatbots also cut out human errors. Human errors can lead to security risks.  Experian’s Managing Insider Risk Through Training and Culture Report found that 66 percent of data protection and privacy training professionals surveyed referred to their employees as the “weakest link” when attempting to safeguard their organization from cyber threats.

AI Chatbots are becoming easier to implement and continue to grow in functionality. Security is one more reason why the adoption of AI chatbots shows no signs slowing down.

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