Virtual assistants are now part of everyday banking – chatbots and voicebots have become an integral part of banks’ digital ecosystems. They increasingly support customer service, help users carry out transactions, navigate through offerings or solve simple problems. Today, they act as digital advisors, assisting clients with basic operations, guiding them through services and stepping in during crisis situations.
What are the current capabilities, limitations and future of banking virtual assistants? In our latest report, we examined how bots perform in various contexts. But above all, we took a look ahead identifying the directions in which virtual assistants should be developing. The report is based on research conducted by EDISONDA experts, with support from our technology partner, Univio.
Virtual assistants and the role of AI and low-code in banking
Among digital transformation leaders, we’re seeing increased investment in AI-based solutions including generative models and low-code implementations. Banks are aiming to deliver seamless customer experiences across all channels. Examples like N!Asystent (Nest Bank) and CLEO demonstrate how AI-driven approaches enable deeper personalisation and better user alignment.
Voicebots in banks – potential and limitations
Voicebots are increasingly used in banking as an alternative to IVR hotlines. However, from a user perspective, their effectiveness can still be limited, especially when handling more complex matters. They often require a specific communication style, short, clear, uninterrupted speech, which may feel unnatural, especially under stress.
Users report the highest satisfaction with bot interactions within mobile banking apps. It is within these environments that bots most often serve as digital advisors, streamlining navigation, helping with simple tasks and reducing the wait time for human support.
Younger customers, particularly Gen Z, tend to prefer text-based communication via in-app or website chat. These channels offer both convenience and privacy, particularly in public spaces.
Virtual assistants in banking
Future chatbots: the multi-agent model
In the coming years, we can expect chatbots to evolve into so-called AI multi-agents, systems composed of specialised units working together to handle complex tasks. This model would allow for more advanced data analysis and tailored product recommendations. However, secure, selective and regulation-compliant data access remains a prerequisite.
Customer service automation in banking
Despite increasing levels of automation, trust in bots is far from guaranteed. Customers expect not only accuracy, but also empathy and contextual understanding. That’s why more banks are adopting hybrid models, where chatbots or voicebots assist but do not replace human advisors. A positive customer experience depends on transparent communication, simple language, and the ability to seamlessly switch between channels.
Looking ahead, customer interaction with banks may no longer rely on traditional apps. Voice interfaces, AR/VR, wearable tech and smart speakers are gaining traction. One possible scenario is bots initiating contact with users offering timely solutions without prompting.
Still, before this model becomes the norm, banks must overcome several barriers – technological, organisational and social, including data security.
Learn more about our approach to automation and AI.
Why read our report?
This is only a glimpse of the data and insights we’ve gathered. The key questions our report seeks to answer include:
- Where is the development of banking bots headed?
- Will AI improve the way we interact with chatbots and voicebots, especially through better conversational interfaces?
- Will advanced AI assistants mean the end of current banking interfaces, including apps as we know them?
Find the answers and much more, download the full report on virtual assistants in banking! Discover how they perform today and how they’re expected to evolve.
