Chatbots and artificial intelligence are transforming every industry, but their greatest influence may come in the finance services industry by helping raise consumers' financial IQ and making smarter, more calculated decisions.

That is one position of Beerud Sheth, founder and CEO of San Francisco-based bot platform development firm Gupshup. He foresees the automation of day-to-day transactions, and the emergence of bots as intermediaries between humans and financial institutions, and robo advisors making autonomous financial decisions to maximize clients' wealth.

"It's obvious that a bot-powered meteor will shortly strike the financial services industry. Some firms will adapt, others will simply perish. It will be survival of the fittest. It's time for financial firms to start adapting quickly," Sheth said.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).