To Battle Fin-Tech Upstarts, Big Banks Are Turning to—What Else?—Technology

Chatbots are forecast to save the industry billions of dollars

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When Capital One rolled out its automated fraud-check texting system a few years ago, the bank was surprised to find how many possible answers its customers could find to a simple yes-or-no question.

While around 85 percent of people responded to the alerts about potentially suspicious credit card activity with a “confirm” or “deny” as directed, the rest of the replies ranged from fat-fingered typos to a “yep, that was me” or even intimate bits of travelogue—“yes, that’s the purse I bought in Philadelphia last weekend while visiting my sister”—says Ken Dodelin, the bank’s vice president of conversational artificial intelligence product development.

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This story first appeared in the April 8, 2019, issue of Adweek magazine. Click here to subscribe.