Banks testing Privé’s chatbots

In an interview with DigFin last summer, Privé Managers CEO Charles Wong suggested the fintech’s robo-advisory tools could be used by banks to service a mass market, and not be reserved just for rich customers.

He now says that may be starting to happen. The company has rolled out chatbot service for three banks, which is intended to interact with middle-market clientele.

The chatbot is a form of artificial intelligence, and Privé is still training the computer to be more accurate. Privé Technologies – as the company has recently rebranded itself – has also introduced text-to-speech software that could, for example, allow banks to have a robot tell prospective investors about a product’s risks.

The text-to-voice service is live in Hong Kong, available via APIs, but banks have hesitated to adopt it, as they aren’t sure if it is compliant with Hong Kong Monetary Authority regulations.

Wong declined to name the institutions putting the chatbot through its paces. Existing bank relationships include Citi and UniCredit. Hong Kong-based Privé also provides software to wealth managers and family offices.

Banks might want to use chatbots to cut headcount, but Wong says the technology has other uses. “It’s not just about decreasing costs, but increasing revenues,” he said, by providing a better means of engaging customers at a mass level.