The Latest Neobank to Open its Virtual Doors

The latest neobank in Denmark incorporates chatbots to their app.

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A neobank in Denmark is the latest financial services organisation to mobilise a tech trend that could be the next generation in the future of digital innovation: the chatbot.

Lunar Way will launch an interactive messenger bot when the platform goes live in August.

It allows users to engage in a virtual conversation with their smart account.

Called the Lunar Way Bot 1.0, it will answer simple questions about recent deposits, as well as offer updates on transactions and account information on where, when and how much.

Its functions include card blocking and money transfers.

In an official statement, Lunar Way described some of the innovative features of the bot, which was developed by the organisation’s own teams in-house:

“If you wanted to perform a transfer to someone you’ve paid before, you could simply type a message to the bot asking it to ‘Transfer €200 to Mark Jones’, and it will. If you suddenly discover you’ve lost your card, simply send a message saying ‘Block my card’, and it will.”

Right now, the security for the Bot is only ‘two-step’, but this will likely change as more sophisticated functions are added. Lunar Way is awaiting user feedback to assess the security issue moving forward.

Microsoft, Google, and Facebook are all pursuing the possibilities of ChatBots, according to estimates in the tech space.

Essentially, the technology allows the user to converse in real-time with a digital service via their mobile.

Source: Lunar Way

Watchers in the space have seen the technology as a way to innovate marketing, creating a pathway to improve overall customer experience.

Facebook, already in partnership with a number of organisations, allows users to add the Lunar Way Bot to Messenger.

Launched in March, Lunar Way is not quite a bank. Its business is based on partnering with institutions that have banking licenses and providing digital services for customers.

Based in Aarhus, the second largest city in Denmark, Lunar Way, was funded through Scandinavian group Seed Capital and is now working with the Københavns Andelskasse (Copenhagen Cooperative Bank).

According to European media, Lunar Way has only a few thousand customers. But it plans to expand into Sweden and Norway before the year is out.