Thoughts from our Chief Executive

25 August 2021

I chatbot?

I’ve never got on well with chatbots. I almost always find that my query doesn’t match any of the pre-programmed options.

So, I wasn’t surprised to read a recent report which reflects on the chatbot hype in 2016, sparked by the launch of Facebook’s Messenger bot platform. As the report’s authors note: ‘mentions of chatbots in earnings calls and press releases skyrocketed, and for many, it seemed that chatbots might be the next big disruptive technology’.

Chatbots are still with us of course, and although they have brought about many benefits for consumers, they have not developed into the all-conquering, paradigm shifting technology that was predicted. Consumers found that many tasks took longer to perform when a bot was involved, and it turned out that Facebook’s M bot required some form of human intervention 70 per cent of the time.

We believe that going forward chatbots have a role to play, today they are more advanced than their predecessors but also more modest in their ambitions, satisfying themselves with making processes more navigable and experiences more personalised rather than playing the role of digital butler. Bots have been valuable servants during the pandemic, helping to manage surges in demand for health services, for example.

As we emerge from a period of lockdown, the benefits of human contact when dealing with businesses has become ever more apparent. For day to day tasks we’re prepared to stay in a purely digital environment, but when judgement or advice is required, we instinctively turn to human beings.

I believe we are set for something of a correction in the relationship between the human and digital realms. At Cynergy Bank it’s something we’ve seen coming for a while and we’re excited by our partnerships with Google Cloud and Wipro Limited that will blend the best technology with the best relationship management in business banking, creating the human digital bank.

Nick Fahy
Chief Executive Officer

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