With technological growth accelerating at a pace never seen before, virtual assistants powered by artificial intelligence are becoming as commonplace as smartphones. In fact, an estimated 2.5 billion people worldwide use virtual assistants, a figure expected to hit 8 billion within the next 4 years. With such advances in human-bot interactions and the increasingly availability and processing of data, the functionality and usefulness of virtual assistants will only expand. For example, such virtual assistants can help people better manage their finances, including giving advice on spending habits, finding the best deals on products and services and reducing debt.
And this isn’t as far off as it may sound. Tech leaders are already collaborating with financial institutions on digital tools that customers can use, such as self-service budgeting applications. Moreover, financial institutions are also starting to incorporate a full range of historically third-party accounting services into their own portfolio of offerings. While the integration of bookkeeping and the like moves financial institutions in the right direction, these services are still very limited in their ability to deliver on the true promise virtual assistants due to their lack of visibility into the data of others. Once data visibility is increased however, the possibilities become almost endless.