How Conversational Bots Change the Facets of FinTech?

Conversational robots can be integrated with messaging platforms, websites, or mobile applications. They can resolve complaints instantly and offer immediate help in emergencies, guiding users through intricate processes.

Fremont, CA: Artificial intelligence (AI) has transformed the way businesses communicate with their clients. With the help of Natural Language Processing (NLP), organizations can now offer a customer-centric conversational experience for their customers. As such, there has been an ever-growing demand and use of AI-powered chatbots to optimize user engagement and customer acquisition.

Here are five key use cases of chatbots in the financial industry:

Personal Financial Advice

Fintech chatbots can offer personal financial advice by analyzing a customer's transaction history, learning about their spending behavior, and anticipating the user's future actions. This enables chatbots to predict the person's expenses and make suggestions ahead.

Customer Support

Chatbots in fintech are widely used for customer support to resolve the latter’s complaints instantly. This technology is available anytime and is faster than human workers in searching for information and answering queries. They are also scalable and can handle multiple requests from various users simultaneously.

Smart Savings

Chatbots can also offer smart saving options by automatically calculating how much a user can save and transferring the amount to their savings account.

Personal Finance Management

With chatbots' help, clients can check their balance and transaction history seamlessly, monitor expenses, and send insights. It can also remind users to stick to a set budget if they want.

Payments and Money Transfers

Chatbot in fintech can help make multiple kinds of payments and transfer money because of its peer-to-peer payment facility. Payment bots can be implemented with existing messaging applications, making it easier for customers to use instead of navigating through a new application. Customers also find messaging platforms more convenient due to the app fatigue spreading faster.