Over the past three years, banking chatbots for businesses have evolved from simple FAQ tools to genuine conversational partners. If a few years ago having a competent assistant in digital channels was a "wow" factor, today, banks are learning to listen to businesses and assist them with a variety of tasks. With the integration of GPT models, chatbot communications have reached a new level. At Markswebb, we actively monitor industry trends and contribute to their development. In this case, we want to share a milestone project we are proud of: a three-year journey in developing business chatbots that set a benchmark in the market.
We have our own unique system for evaluating chatbot performance, detailed in the publication Analyzing Markswebb's Chatbot Evaluation System. In 2022, we conducted our first study of chatbots in banks, and in 2024, we released a new wave of research - you can explore it here: Chatbot Rank 2024.
Markswebb has played a pivotal role in shaping the chatbot into a comprehensive business assistant by introducing advanced conversational models, integrating best practices from global leaders, and ensuring seamless adaptation to client needs across multiple channels. Through a collaborative and systematic approach, we have not only expanded the bot's functional capabilities but also elevated the user experience to meet modern standards of digital engagement. This has positioned the chatbot as a benchmark for innovation and efficiency in the industry.
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We were tasked with transforming a traditional chatbot into a fully-fledged business assistant that not only solves client tasks efficiently but also sets new market standards for functionality and user experience. The challenge was multi-faceted: on one hand, we needed to ensure the assistant could address a wide range of client needs, from routine queries to complex business operations. On the other hand, the solution needed to stand out in a competitive landscape by elevating the quality of interaction to a new level, making the chatbot a benchmark for others in the market.
This meant not only enhancing task completion rates but also integrating advanced conversational capabilities, such as context-aware interactions and a seamless user experience across multiple channels. Additionally, the project demanded a forward-thinking approach to leverage global best practices and cutting-edge technologies like large language models (LLMs) to future-proof the chatbot’s functionality and relevance. The ultimate goal was to create a solution that redefines how businesses interact with their clients through digital channels.
The workflow was structured to ensure a systematic approach, combining in-depth research, scenario testing, and the integration of best practices to achieve the desired outcomes.
Modern banking chatbots have evolved from utilitarian tools into versatile business assistants capable of adapting to diverse client needs. Thanks to advancements in language models, interactions with bots have become dynamic and context-aware. Beyond providing basic information, processing payments, or checking balances, today’s chatbots help businesses with budgeting, document preparation, and even delivering engaging content. This transformation positions them not just as helpers but as companions offering robust support.
Today's banking chatbots are far more than informational systems - they can address a wide range of tasks and foster trust with users. This trend continues to grow, and in the future, bots are expected to become even more embedded in daily life, providing comprehensive assistance that extends beyond traditional banking services.
The integration of large language models into chatbots marks a major leap in their evolution. These solutions offer significant support to entrepreneurs, optimizing resources and saving time on routine tasks, such as crafting precise wording for chatbot interactions. Moreover, chatbots now handle advanced tasks: they can draft social media posts, create marketing creatives, and even prepare interview questions for HR purposes.
Notable examples of this trend include bunq and Revolut, which demonstrate how GPT-powered assistants can enhance business operations.
One striking example of integration is card blocking. Often needed in high-stress situations like suspected fraud, users may struggle to quickly locate the relevant option. Modern chatbots can interpret user intent from simple phrases and provide immediate solutions. International examples include implementations by Wells Fargo, where such features significantly enhance customer support.
Visual tools and interactive elements make chatbot responses more intuitive and simplify user interaction. Examples such as Bank of America and Wells Fargo highlight how customers can, without leaving the chatbot, access data visualizations or perform banking operations—features traditionally reserved for mobile or online banking platforms.
Voice input is becoming an essential feature of modern user interfaces. It significantly speeds up interactions and makes them more intuitive, especially in scenarios where text input is inconvenient, like driving. International leaders like Bank of America are adopting voice technologies, enabling clients to perform operations, access account details, and execute complex tasks through voice commands.
Today’s business chatbots also excel in supporting conversational principles, ensuring politeness, brevity, and ease of navigation:
The development of smart business assistants is increasingly focusing on leveraging large language models and integrating global trends. Adopting a cross-channel approach ensures that clients can access the latest version of the chatbot across platforms, whether they prefer Telegram or other messaging apps.
What makes a chatbot truly effective in today’s competitive landscape? It’s not just about answering queries but about delivering a seamless, context-aware experience that adapts to user needs while driving business outcomes. At Markswebb, we offer comprehensive auditing and evaluation services for your chatbot, leveraging our proprietary assessment framework to analyze functionality, conversational quality, and integration scenarios.
Whether you’re looking to enhance user satisfaction, improve task completion rates, or integrate global best practices, we can help you identify growth points and provide actionable recommendations. Let us partner with you to elevate your chatbot to the level of a true business assistant.
Every year we conduct up to 15 studies of digital services. These are industry benchmarks that reflect the state of the market and trends.