Chatbots are one of the biggest development trends that flourished itself to ease customer support for any industry while simplifying human-to-machine interactions. Well, you will never know whom you are talking to, a machine or a human.

With the advancement of tools and technologies like Artificial Intelligence, businesses are bridging the gap between robots and humans and helping establish streamlined communication. One of the leading industries is banking and financial service providers, where AI plays a crucial role in the transformation.

Nowadays, what all customers want are instant services. If it gets slower and unpleasant, you are prone to mistakes and misunderstandings. With conversational AI chatbots, you can offer seamless services, 24/7 support, and no errors involved!

Customer care is the priority that comes to mind, and there are many ways to that ensure efficient use of the chatbot. Here is a blog that helps you find out how can an NLP-supported chatbot help your fintech business grow in the real world.

How do chatbots help customers in Fintech?

1. It can solve the customer problems

No matter what issues a customer faces with their cards or accounts, all the queries can be resolved here. If the customer wants instant solutions for their card being stolen, wants to block it, or issues a new one, everything is carried with ease, and there is no need to visit the banks for any reason. Even mobile banking applications complicate the process, and to offer customers ease, chatbot comes to the rescue.

It is simply a small icon you will find on the platform, and clicking on the same begins your conversation. Leave the rest to the bot! As chatbots are becoming smarter every day with the integration of AI, they can understand customer intent. An ideal chatbot offers smart conversational and automated solutions that ultimately lead to seamless customer service and support.

2. It offers a personalized Advice

Chatbots understands the concern of the customers and offer personalized services that are tailored to the individual customer needs. In the world of personalization, a survey says that more than 63% of users expect personalized services. A chatbot can clearly understand the spending habit of the customer and their account details and predict solutions that offer better management.

Chatbots will incorporate the customer data and offer a tailored digital banking experience that has an understanding of the customer consent and send data accordingly.

3. Streamlines Transactions

Virtual assistance can be used to perform actions instantly, where you can simply call out the assistant for help and perform the operations without any hassle. Suppose your daughter has asked for some cash transfer, and you are enjoying your evening on the couch. In this scenario, without having to pick up your mobile phone, you can simply call your virtual assistant and ask them to make the transactions.

4. Better Risk Mitigation

With a conversational AI chatbot, you can manage and evaluate critical data and maintain its confidentiality, which is the most crucial aspect of the fintech world. Whether it is the customer loan request, financial actions, cash deposits, or credit reports, chatbots eliminate the possibility of errors, detect fraud and streamline your operations.

Chatbot Use cases in Fintech, you must know:

From improved operations to boosting operational efficiency, chatbots offer a platform that streamlines all with automation. These are the assets that continue to add value to your business, and here are the use cases.

1. Transfer Money

Chatbots are used efficiently to transfer funds, pay bills, quick money transfers, check for payments, and more. Chatbots can be used by the user to pay their bills, make recharge, credit card bill clearance, and others.

2. Enhance Customer Support

With the financial services chatbots, you can assist your clients and securely conduct different transactions. Whether it is knowing about the account information, the details, reporting your lost cards, renew policies, the bots control everything.

3. Know Financial Advice

Apart from dealing with your customers and their requests, chatbots are also popular in offering financial advice to users. As it keeps a record of their accounts and how they are spending, they can recommend their financial health. In this way, the users can keep their finances under control.

4. Send Timely Alerts & Notifications

Chatbots play an essential role in offering valuable reminders and alerts to the users, including the due date for the payments, delivery deadlines, interest rates, documents related to financial transactions, say the loan application, and others.

The push alerts and notifications aware customers of every detail they didn’t know. And it ultimately leads to improved customer satisfaction and growth. 

5. Track Transactional History

At times, the users might forget about their spending and make transactions they are not aware of. In such a scenario, they might want to ask the bots to generate weekly or monthly reports of their transactions that satisfy them and help them manage their money more efficiently.

6. Tackle Suspicious Activities

Data privacy and confidentiality are foremost concerns, especially in the fintech industry. A single suspicious activity may put your account at risk. Therefore, adopting conversational banking allow customers to receive notifications and help them stay secure every time without any fear of getting hacked. 

It is one of the most crucial use cases of conversational bots in banking since it protects all your user accounts and data to prevent any sought or fraudulent activity. 

What Features Does a banking bot must-have?

With the increased demand for chatbots, the expectations of the consumer have risen. You might be thinking a normal chatbot is enough for your assistance, but no chatbot with limited capabilities offers only a few features. Let us elaborate on the characteristics a banking chatbot should have.

1. Conversational

A chatbot is the most common way of making the communication. When you interact with a bot that is unable to understand the language you are conversating in, it gives you a degree of frustration. Therefore, it is vital to offer conversational assistance that expresses in the best possible ways and is easy to speak and understand.

2. Transactional

What is the use of integrating a chatbot if it is unable to execute your operations seamlessly? It should not be every time you have to make a conversation with the advisor regarding the transfer of funds, investment, opening a new account, or more. It becomes vital to have a transactional chatbot that is seamlessly able to help and make such operations seamless.

3. Reliable

A reliable chatbot is a must for the banking and fintech sector because money is a vast matter, and not even a single error is acceptable in such scenarios. There should be no errors of interpretation, and things should go smoothly, which will ensure success and more customer retention.

4. Multi-Channel

It is one of the crucial benefits of integrating such technology. Yes, bots can deploy on multiple channels. Here the customers can choose their preferred channel they wish to choose, which can be a phone, laptop, or another device. Choosing a conversational bot capable of porting apps into multiple channels is a key requirement for businesses.

5. Security

Security and data privacy is the key concern of the fintech industry. And businesses must believe that the authority to access the conversational data should only be with the banks, and it should offer consulting, extracting, deleting, and other necessary integrations. You must be able to integrate the solution with a centralized authentication system.

Chatbots affect customer loyalty and positively engage audiences. It helps bring more visibility and revenue to your business with a lower-cost investment. When you can choose the right platform that offers conversational intelligence, your business is sure to attain success.

What do Future Trends for Chatbots have to convey?

Artificial intelligence is the future that offers digital capabilities and delivers a great customer experience. Financial institutions must leverage and rely on technologies that can boost their operations and bring more customer interaction.

Let us throw some light on the crucial future trends for chatbots in the financial sector.

  • As per research and estimates, traditional financial institutions and businesses can save $1 trillion by 2030 with the implementation of Artificial Intelligence and chatbots that cuts down costs by 22%.
  • A report by Juniper Research found that operational cost savings with the integration of chatbots will reach $7.3 billion globally in 2023. 
  • 43% of customers use chatbots for financial services to finish off their tasks, and the number continues to rise in the upcoming years.
  • Chatbots continue to maintain transparency and security in their operations while ensuring that customer information remains safe.
  • More and more organizations are relying on chatbots to boost their security level and operations automation and keep their data safe.
  • Chatbots have a role to play, and their integration with various systems in financial services boosts facial recognition, authentication processes, and security while delivering a superior experience to customers.

Chatbots are the game changer for Fintech!

While chatbots have gained prominence in our lives and becoming a part of our day-to-day operations, they can easily be deployed and help financial service providers to boost their business. More and more customers are looking for personalized services and ease of usage. Chatbots have made it possible, as they convince people and customers to stay with them.

Chatbots in financial services are capable of offering services when you combine them with big tools and technologies like AI, NLP, and more. There are a plethora of opportunities chatbots have to offer and whether it is integration with the chatbot with virtual reality, savings, facial recognition, and more, you can benefit from the real-time updates.

The robust technology is redefining customer engagement in the financial sector and benefits them with time. If you are looking forward to integrating the best conversational AI chatbots that are a great help to you, rely on OZVID and avail the best services ever!