The shift from Digital Banking to Conversational Banking as a Service

By Ravishankar, Co-founder & CEO of Active.Ai

The USA banking market is at an interesting inflection point for Deposits, Loans, and Payments. In the last 2 years the top 5 banks have aggressively garnered a lions share of deposits through significant digital initiatives.

The Share of FinTech Total Personal Loan Balances Has Grown Rapidly - Source: TransUnion

On the personal loans side FinTech’s have accelerated their market share over banks and credit unions on the back of innovative digital platforms and models.

We believe, here are some of the key demographic and social drivers which are enabling digital financial businesses:

  1. 250 Million smart phone users in North America, nearly 70% of the population is connected
  2. Gen Z (87Million+) outnumber Millennial (72Million+) — Digitally born and engaged population
  3. Socially connected — FaceBook Messenger(125M+), WhatsApp (25M+), Alexa (45M+)
  4. 90% of smart phones have digital assistants built in — Ok Google, Siri, Bixby

Catching on this digital shift are both Incumbents and Challengers who are innovating at great speed.

  1. Banking leaders have significantly upped their digital game with great digital experiences like Erica from Bank of America
  2. Digital born banks like Marcus or Chime are already hugely successful
  3. Digitally born lenders like SoFi, Affirm or Ondeck have already taken significant market share from banks via direct or platform models

The challenge for the incumbents in financial services is going to compound significantly in the next 3 years for the following reasons:

  1. AI, Open Banking and Api’s will enable data aware and digital institutions leapfrog over the rest
  2. Fintechs and Digital Banks will have access to significant amounts of capital
  3. The Millennial and Gen Z population will gravitate towards digitally appealing institution’s

At Active.Ai, we are cognizant of these tectonic changes in the marketplace and how they can significantly impact banks and credit unions.

Hence we built ONE.Active.Ai

Tailor made to the needs for incumbent banks and credit unions in North America, this next generation out of the box, conversational AI platform enables institutions to compete digitally faster and smarter. This platform can work with traditional banking platforms over API’s and is available as a SAAS platform to institutions or service providers. The goto market can be in weeks as the platform has significant out of the box capabilities at a very transparent price point aimed at generating quick RoI.

ONE.Active.Ai Dashboard

Our customers are already digital banking leaders in their respective markets, and we are excited to partner with banks and credit unions in North America.

Write into us to started on your next Digital Journey powered by Active.Ai, Conversational Banking platform.