Conversational Commerce Tools in Banking

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Conversational Commerce - Rows 10-22

HSBC was the first bank to enter the conversational commerce space with its chatbot Olivia, which debuted in April 2011. The remaining banks, except for Simple Bank and Synchrony Bank, entered the space between March 2016 (Santander) and October 2017 (Capital One and TD Bank). Simple Bank and Synchrony Bank have not yet entered the conversational commerce space. You will find the details for the 12 banks in rows 10-21 of the "Conversational Commerce" tab of the attached spreadsheet.

Methodology

To find the information requested on when each of the 12 banks entered the conversational commerce space, I searched for press releases and the earliest media mentions of their entrance. Except for Simple Bank and Synchrony Bank, all companies have at least piloted chatbots or other conversational commerce technology. Of the 10 banks operating in the space, only Chase's chatbot is being used strictly for back office operations at this time. The remaining nine banks are using their technology to interact directly with customers.

Despite extensive research, I was unable to find any indication that Simple Bank or Synchrony Bank have entered the conversational commerce space. Synchrony Bank has researched the technology in its Essential Guide to Technology in Retail, but it has not yet developed a chatbot or personal banking assistant.

Conclusion

In terms of when the 12 banks entered the conversational commerce space, HSBC was first in 2011, followed by Santander, Barclays, American Express, and Chase in 2016 and Mint/Intuit, Wells Fargo, Citi Bank, Capital One, and TD Bank in 2017. Simple Bank and Synchrony Bank have not yet introduced conversational commerce technology.
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