Investors and banks focus on conversational AI amid pandemic restrictions

There are major bets being made on the future of automation and financial services, as shown by a $25M Series B investment in startup Ushur, which helps insurers automate interactions with customers, and a partnership between Santander UK and Personetics that will support a digital money management platform offered by the bank.

Why should we care?
AI-supported customer service tools have picked up interest from financial institutions in recent years, and the market is moving away from simple customer service bots to multi-service tools that can handle a range of interactions. Ushur, which is based in San Francisco, helps insurers like Aetna, Irish Life, Tower Insurance, and Unum offer digital customer experiences instead of phone calls or face-to-face interactions through a no-code toolkit. Meanwhile, Personetics has added Santander to its extensive network of banks that tap its conversational AI technology to offer customers tailored insights and recommendations. Client service automation is particularly relevant during the pandemic, as customers grow more receptive to virtual interactions with their financial providers. What’s still yet to be seen is if consumers will choose not to revert to traditional phone or face-to-face interactions once pandemic-era restrictions are lifted.