I see Conversational AI as the future of banking. Soon, you’ll be asking your bank’s bot “how much money did I spend on coffee last month?”.

AI combined with NLP will reduce the friction around financial conversation and will open up consumers to have more meaningful and progressive discussions about their finances with a Bot.

Over the next two quarters, users will begin to rely on AI for advice rather than traditional financial advisors. It’s cheaper for both parties and the technology is very accessible.

Natural conversation is the next step of interaction with machines and following advances in AI, we already see financial bots starting to take traditional human roles. For example, Bank of America launched Erica, a bot assisting with daily account tasks.

As people want to do more and more with their smartphones – such as banking – the do engines of the future must be virtual specialists with deep knowledge in specific areas. When it comes to banking, virtual AI specialists will need to really know about banking.

Conversational interfaces and machine learning are going to start giving individuals and businesses tailored information about their earning and spending patterns without the need for professional advice.