Don’t worry – not the Cyberdyne Systems series T-800 Model 101 (or its’ derivatives)!

We mean intelligent chatbots that can hold near human-like conversations via computers or phones. Banking is usually an industry that leads where technology can replace the expensive and pesky humans that need holidays, pensions and lunch-breaks. Think of ATM’s – Automatic Teller Machines – replacing the Tellers within the bank itself. Much cheaper, and easier for the customer too.

Opening a bank account where you choose online access, automated payments, no cheque book etc is already cheaper than having to deal with a person.

The next wave, estimated over the coming few years, includes the current disruptive banking from new virtual accounts from companies like Tide or Curve. This wave includes virtual tellers and assistants like Cleo, that can look after your accounts for you. They can predict your spending patterns and warn you actively if you may go overdrawn. They have inbuilt reporting so you can see what your spending on too.

This recent article by the BBC explains about a report by Accenture suggesting that AI will be pervasive in banking within the next three years: http://www.bbc.co.uk/news/technology-39419727

(psst – keep an eye on Blockchain too. This will make transactions safer, faster and verifiable)