As previously discussed, the chat system would be based either on artificial intelligence or algorithms. How would it possibly work??
To start off with, the user would click the chat button and proceed to be greeted by the automated system. Then they would go on to enter and send their question they need help with, eg. “what is a debit card?”. The system would quickly locate this information in the internal system, probably in the FAQ section, or by the help of the Open Banking Initiative. Then it would quickly form the simplest and most understandable response possible, eg. “a debit card will draw money directly from your account when you make a purchase by putting the payment amount on hold”.
The user can ask any sort of bank-related question and the bot would come up with an answer quickly. If the bot can not locate an answer because they need additional information, it would respond with a question asking the user to elaborate on some details, eg.
User: What is the best bank account for me?
Bot: What are your banking needs? Do you need an overdraft? Are you a student?
User: I don’t need an overdraft and I am not a student, I am working full time
Bot: The best account for you would be the current account. Would you like to know more?
To launch this program, the chat system could be pre-installed with information from the FAQ sections from banks, but worded differently, making the answers shorter and simpler. As time goes on and the system interacts with different users, it would learn more and more new questions and answers and would essentially grow by itself.