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Fintech & Conversational Commerce: New Research Sees a Surge of Companies Employing Chatbots

buying process, chatbots, consumer-facing interactions, conversational commerce, customer conversations, Customer service, customer service issues, FinTech, Marketing, messaging platforms, Personetics, Pr, Public relationsMost Financial Institutions Plan to Deploy a Solution in the Next 12 Months 

A broad range of companies are getting a step closer to making good on the promise of conversational commerce, and are actively pursuing projects that put chatbots to the test with real consumer-facing interactions, according to new research from personalized financial services app developer Personetics.

Powered by chatbots, conversational commerce allows companies to interact with customers in real-time over commonly used digital and messaging platforms, enabling businesses to provide guidance in the buying process, resolve customer service issues and offer recommendations and advice.

Survey Shows Companies Getting Serious About Chatbots and Conversational Commerce

A recent survey conducted by Personetics shows that over three quarters of financial institution respondents view chatbots as a viable commercial solution now or within the next 1-2 years, and almost half of the companies already have active chatbot projects in place. A majority of the respondents see a substantial share of customer conversations handled by bots within 3-5 years.

“Banks and insurers are always keen to reduce costs whilst improving the customer experience. AI and, in particular, conversational commerce is a natural next step in that journey,” said Warren Mead, global co-lead of Fintech at KPMG, in a news release. “There is a strong incentive for businesses to enable such conversations across all digital channels, including existing mobile apps and web portals as well as highly popular messaging platforms such as Facebook Messenger, WhatsApp and others.”

Conversational Commerce is No Longer Just Talk

The survey results are well correlated with a significant surge in the number of companies actively engaged with Personetics to test and deploy chatbot solutions for conversional commerce.

“The modern financial institution must enable customers to conduct their business and get personal assistance over any digital channel,” said Horia Velicu, head of the innovation lab at BRD Groupe Société Générale, in the release. “Our goal is to create an experience in line with how customers want to interact with businesses in the digital age. If I can order a ride or buy food on Facebook Messenger, I should also be able to manage my money in the same conversational and real-time environment.”

“Customers today expect to shop and transact anytime, anywhere, and they expect the same level of immediacy and response with their research on major purchases, including their next vehicle,” said Seth Berkowitz, president of online resource for automotive information Edmunds, in the release. “By offering the Personetics chatbot solution, Edmunds provides a way for car dealerships to step up to customer expectations for 24/7 availability and consistent quality of service that is efficient yet personal.”

“The true test for conversational commerce is in the ability to solve real problems and guide customers through meaningful and sometimes complex commercial and financial activities,” said David Sosna, co-founder and CEO of Personetics, in the release. “Doing that requires the ability to analyze individual customer behavior and provide intelligent assistance that is truly personalized.”

Source: PR Newswire; edited by Richard Carufel

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