Chatbots

Chatbots are growing in popularity as machine learning improves such that computers can hold natural conversations with people. The use of chatbots can improve productivity and customer service efficiency to help people access information within a system.

For example, Charlie is a chatbot penguin that helps manage personal finances. Charlie helps people quickly and efficiently learn about their personal finances and strategize how to get in better financial health. Charlie also informs people of better deals that will help them save money. Charlie the chatbot eliminates peoples' need to login to a financial institution and look at their statements and balances, to call a banker on the phone to access data, and to go into a physical bank to discuss personal finances. While these options are still available, people can save time by asking Charlie directly and receiving an immediate response.

However, with chatbots come some privacy concerns. For instance, if anyone gets access to the messaging application that an individual has connected to Charlie, then that person's personal financial information could be accessed. I am sure that there are multi-step measures in place to avoid this from happening casually, but the risk still exists. Additionally, when linking your financial institutions for Charlie to analyze, you are providing this 3rd party with your financial data.

This brings up the question of who do you trust more—the people on the phone to whom you can direct your financial questions or the chatbots and people behind the making of the chatbots?