When you consider the timeline of artificial intelligence (AI), the emergence of the technology as a viable means to automate retail banking services has only come about in the last few years. Progress with machine learning algorithms, increases in computing capacity coupled with decreases in cost, as well as the generation of vast amounts of data have made the development of conversational AI possible. Many banks are only beginning to use this technology now, but over the coming years we are going to see a proliferation of AI-powered banking assistants. The first modern conversational AI-powered virtual assistant came in the form of Apple's Siri, which was introduced as a feature on the iPhone 4S in 2011. Today, Siri is used by 500 million monthly active users around the world.