ChatBots are conversational robots that use natural language processing (NLP) and artificial intelligence technology to mimic human interactions through a conversational interface.
Bots have evolved from a simple digital tool to a digital assistant that can perform complex operations. Now, they are available in various channels and are tailored to various sectors according to their specific needs, such as the financial sector for example.
ChatBots in FinTech have become a smart solution for banks and the financial sector to quickly start reaping benefits.
Admittedly, digital technology has eliminated long lines and allowed customers to operate from the comfort of the couch. However, their interfaces have too many features that make the experience fail to meet changing customer expectations.
Faced with this conflict, banks are looking for ways to improve customer experience by allowing them to make transactions directly from messaging platforms, and for this chatbots have turned out to be the best solution.
Chatbots can show the amount transferred, recent transactions, and available balance without even visiting a bank or ATM by simply opening a mobile phone.
Conversational chatbots in FinTech can be used for customer support since the main use of chatbots can be to answer questions and initiate tasks. They are way faster than human employees in looking up information and answering questions, and are available any time.
Customer support chatbots for FinTech can be implemented in a website, Facebook, and other channels. They can provide quick help for frequent questions and redirect the user to a human in case the answer is not found.
Another application for chatbots is payments. A chatbot create invoices and help with different kinds of payments and transfers.
By linking a paypal account to the chatbot, users can create a pay for orders without the need of human intervention.
Customers can check their balance and transaction history, track payments and get statistics as if they were asking a financial manager to do it.
A Fintech chatbot can also assist in earning and investing. Conversational bots may offer investments opportunities. Similarly to Advisors, bots can help you create and manage a portfolio.
Security is essential when doing money transactions online. Not minding security can lead to potential breaches that can jeopardize the financial assets of users.
A chatbot may detection fraud, by asking some questions to the current user. They can also filter and evaluate responses and input information to detect suspicious activity.
Pursuing relevant prospects digitally to promote new business opportunities is one of the most important use cases for chatbots.
Companies need to find and qualify potential customers that would be interested in the solutions. Then companies can create focused message campaigns to the targeted prospects to convert them to consumers.
