Banks rolling out 'chatbots' to improve customer experience
Seen above is Kakao Bank app. Kakao Bank said it starts its chatbot service by the end of this month. / Yonhap
By Jhoo Dong-chan
The nation's major banks are rushing to roll out “chatbot” services, computer programs utilizing artificial intelligence (AI) that conducts a conversation via text.
Offering an automated teller and loan service 24 hours a day, the AI-based chatbot service is expected to gradually replace manpower at banks.
Kakao Bank said Friday it will start its chatbot service by the end of the month. Utilizing AI technology, the service will be operated on the nation's top mobile messenger KakaoTalk.
Unlike existing ones on the market, Kakao Bank said its chatbot uses various images and video clips to help develop customer's understanding. It also utilizes hashtags to deliver detailed information.
“We plan to introduce the service on the chatbot soon,” a Kakao Bank official said.
Commercial banks, including Woori, KEB Hana and Shinhan, have already introduced chatbot services.
In September, Woori Bank launched its chatbot service, Wibee Talk, for the first time in Korea. NH Nonghyup and KEB Hana Bank also rolled out similar services shortly afterwards.
Shinhan Bank, which integrated its numerous apps into one app, the SOL, in January, mounted a chatbot service in the app.
KB Kookmin Bank said it is developing related technologies to introduce a chatbot service by the end of the year.
Not only commercial banks but also savings banks are joining in. Welcome Savings Bank introduced its in April, and JT Chinae Savings Bank has also started a similar one recently.
“The financial circles expect AI-based technologies, including chatbots, will replace a large part of the workforce in the sector,” a NH Nonghyup official said.
“Such technologies will eventually replace simple repetitive teller work. Banks are already closing branches across the country.”
However, an expert said the related technologies are not yet ready to completely replace people.
“A chatbot can be helpful in the bank, but technology isn't there yet to completely replace a person,” Kyung Hee University Humanitas Big Data Center head Lee Kyung-seon said.
“The chatbot currently automates simple and repetitive banking services via its platform. Complicated counseling services must still be conducted by people.”