ROLE OF AI CHATBOTS IN THE FINTECH INDUSTRY
Banking and technology are two sectors that have witnessed exponential growth over the years. Together, they combine to form financial technology, also called Fintech, that enables businesses to provide state-of-the-art customer service to its clients through chatbots. Conversational technology has really changed the game for the financial sector with its wide reach and usability from the point of view of organizations and seamless service and round the clock assistance from the perspective of consumers.
With emerging technologies that are increasingly gaining prominence in the Fintech sector, AI with its deep learning capabilities has proved to be an intelligent solution for businesses to reach their clients in an easy and comparatively more efficient manner. Chatbots in Fintech are being consistently leveraged by organizations to enhance financial services and assist their clients in more ways than one.
Why are chatbots used in the Fintech industry?
The financial sector has seen tremendous growth in the past couple of years and has emerged as one of the most important and developed industries across the globe. Whether it’s banking or technology, chatbots have found their way in a variety of different spheres. Being a cost-effective and highly effective automation solution, chatbots are reshaping the communication strategy of many businesses. Now, let’s find out how the different Fintech organizations are adapting AI chatbots to enhance their operational workflows and increase overall efficiency.
Virtual financial advisor
Chatbots act as financial advisors for businesses and are known to provide financial services and assistance to customers. By analyzing customer behavior and usage, chatbots predict future actions of customers and provide them with all necessary information and recommendations. They also help in identifying the transaction history of customers and help them with investments and money management.
Instant customer support
With 24 hour services and customer assistance to all clients across the globe, Fintech chatbots are just a step away from providing instant and easy messaging facilities to assist clients through complex processes. This helps in building a valuable relationship between businesses and their customers and enhances the overall structure of the company. A Drift report states that 24 hour customer support is what customers appreciate the most when it comes to conversational bots. This feature makes the customer rely on companies’ products and services and improves the overall satisfaction and brand loyalty.
Digital payments
Fintech chatbots enable companies to make/receive online payment in an easy and smooth manner. Clients can simply link their bank accounts to different payment gateways like Paytm, Phone pay and Amazon pay, etc. and make digital payments from one corner of the world to another. Customers can shop online, pay additional bills or transfer money easily with just one click on the WhatsApp chatbot for Fintech.
Advertising assistance
Chatbots act as a well-known medium to connect customers and users from all around in one place. It helps in creating and building an online presence for different companies and startups. Social media marketing is very important in this online world, thus through Fintech chatbots, one can make use of online advertisements on different social media platforms like YouTube, Instagram, Facebook, and Twitter.
Financial management
Digital AI-powered chatbots offer personal finance advice to consumers and help them grow their money in more ways than one. They help organizations to manage their client’s investment portfolios and provide different ways of managing their finances through various spending and saving methods.
There are endless benefits of chatbots in the Fintech industry and with emerging technology and advancement it’s beneficiary to flow with the needs and requirements of customers. According to Business Insider, more than 67% of people are using chatbots on a daily basis for various transactions and requirements, which portrays the importance of chatbots in today’s world. Now let’s discuss how chatbots affect the Fintech industry and become an asset to it.
How chatbots can act as an asset for Fintech industry
More than 38% of people all around the world close sites and apps because of software complexity, thus making the process simpler and accessible has become a mandate. Chatbots help in accessing problems worldwide and remove communication barriers for their customers. Through various means, chatbots can act as an asset and can transform the Fintech industry in the following ways:
- Offer immediate suggestions and timely assistance.
- Help businesses to keep up with the millennials
- Provide easy marketing services
- Enhance customers loyalty and satisfaction
- Effectively monitor the frauds and scams.
From online shopping to fund management, Fintech businesses can help their clients do all types of financial activities through the help of chatbots. One of the most important reasons why users turn to chatbots is that it helps them to get services in a personalized manner anywhere and at any point in time.
To sum up, Fintech is growing with advancement in tech and user needs, the introduction of chatbots will only increase customer satisfaction and experience in the long run. The data collected by Fintech chatbots will in turn become potential leads for the company. Thus, it’s always necessary to evolve with technology and services.