Prime Use Cases of Chatbots in FinTech
Artificial intelligence changes the way businesses interact with their customers. Today, with the help of natural language processing, companies can ensure customer-centric conversational experiences for their clients. AI-powered chatbots have proven to increase user engagement and customer acquisition. So, it’s no wonder that bot adoption grows fast in various areas of the economy. Take FinTech, for instance. Let’s have a closer look at the prime use cases of chatbots in the financial industry.
Conversational robots in FinTech are widely used for customer support since chatbots can resolve a complaint instantly. According to Gartner, 85% of customer relationships with enterprises will be managed without humans by 2020.
Without a doubt, chatbots are faster than human workers in looking up information and answering questions. What’s more, chatbots are available at any time. And, as a survey shows, 24-hour service is what consumers enjoy most about conversational bots. Moreover, a chatbot is scalable: it can handle multiple requests from different users simultaneously, which is impossible to do in a traditional call center.
Customer support chatbots in FinTech can be integrated with a website, a messaging platform or a mobile application. They can provide quick help in case of emergency and guide users through complex processes.
Payments and Money Transfers
Another application of chatbots in FinTech is a peer to peer payments. An AI-powered conversational bot can assist in making different kinds of payments and transferring money. Having linked their bank or PayPal accounts to the bot, users can shop, pay bills and check their current financial balance even faster.
It’s interesting how building FinTech chatbots like these doesn’t require making a separate app. Usually, payment bots are integrated with existing popular messaging applications. Take, Facebook or WhatsApp, for example. It’s a lot easier for customers to use a familiar interface than to get used to a new application. Also, with app fatigue spreading fast, customers find using messaging platforms more convenient.
Personal Finance Management
Thanks to chatbots, customers can easily check their balance and transaction history, track expenses and get spending insights as if they were asking a personal financial manager to do that. What’s more, users may want to set a budget, and their AI-powered assistant will remind them to stick to it.
Just look at Cleo , an AI chatbot that integrates with Facebook Messenger. Cleo gets financial data from multiple user accounts and provides insights and graphs based on it. With Cleo’s help, users can set different financial goals, put some money aside, donate it or turn on spending alerts to stick to their budget.
Personal Financial Advice
Along with payments and balance checking, intelligent FinTech chatbots can provide personal financial advice. By analyzing a person’s transaction history, they can learn about the spending behavior of a user and predict the user’s future actions. This allows an AI-powered financial assistant to anticipate the person’s expenses and make recommendations beforehand. For instance, a FinTech chatbot can identify bad spending habits and help the user get rid of them. Or it can find different ways of saving money and present them to the user.
This is exactly what Olivia does. Olivia is a smart financial assistant powered by artificial intelligence that links to a person’s bank accounts and tracks expenses. But Olivia is not only about balance and spending tracking as she provides her users with valuable insights and advice on how to manage money.
In addition to that, some AI-powered chatbots in FinTech can provide users with a smart savings option. Basically, it means that a chatbot automatically calculates how much it can save for you today and transfers this amount to your savings account. Don’t worry, you can withdraw money from it anytime. Also, the chatbot never allows overdrafts.
Take Digit, for instance. It’s an AI-powered financial assistant that analyzes user income and spending data. Digit is smart: it identifies when and how much exactly a person can save. This AI chatbot transfers an optimal sum of money to the user’s savings account every day. Beyond that, a user can choose different saving goals for Digit to follow.
Remarkably, chatbots can not only put a bit of money aside but also assist in earning some. Conversational bots may offer micro-investments options. Similarly to Robo-Advisors, AI-powered bots can help you create and manage a portfolio.
Take a look at Plum, for example. It’s a Facebook Messenger chatbot that assists in smart savings. But Plum has more to offer, like money investing. It allows users to invest according to three risk levels and choose between different company themes.
AI-powered chatbots in FinTech are finally getting the recognition they deserve. In fact, research shows that 46% of financial firms already use them. Chatbots are faster than humans in completing tasks and they provide clients with personalized conversational experience.
In FinTech, bots have several major use cases. First, they provide real-time, on-demand customer support. Next, bots assist in payments and money transfers. Also, they may help you with personal finance management and may even give you tailored financial advice. On top of that, chatbots in FinTech teach users to save money smartly and grow their wealth by investing.
If you’re ready to create your own chatbot, learn how to build one in just a few weeks. Or contact software engineers at Skelia to get expert assistance with your project.