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Customer service: It will make it easier for users to contact the company and express their opinions, ask questions and in general make the service almost exactly how they want it, instead of having to go to the bank or call the busy contact centers. Purchasing via chatbot: Sales will improve because customers don't need to access a specific website, just by using the regular social media they could see different bank products and make a fast decision of purchasing (if banks make these products appealing enough).

It's a way of making communication online between companies and customers easier, even through social media, the main purpose of its creation is to improve sales, give customer support and solve problems without having to invest too much money or time in it. This term was first introduced by Chris Mesina in 2015.

Also known as "Chatterbot", it's a software of artificial intelligence capable of imitating a conversation with a person, frequently used for customer support. There are still some challenges for its correct performance, such as language, accuracy, and false responses. 

Consumers may be able to evaluate the service they recieve in banks, so banks can modify it according to consumers' expectations without having to pay for a market research. Also, it can make some transactions easier for users, which can lead to fidelity from already existent consumers and make the bank more appealing for potential ones. By seeing a bank that is so effective and innovative, the decision of consumers to make a purchase or stay loyal to this institution could be easier.  The problem is that not all consumers are familiar with technological tools, which would require some kind of free training or a video of a clear and short explanation on how to use it. It is necessary to avoid making mistakes in the creation of this tool, otherwise, it could make users stop using them. Something negative is that these kind of software are replacing human work in companies, with is translated as fewer jobs.