Chatbots in Fintech
The fintech industry is one of the most successful industries of our time. The level of innovation and change employed by this industry is unparalleled. The fintech industry has proven beneficial by supplementing convenience and connectivity into our lives. From what started with credit cards and online banking to artificial intelligence and big data, fintech has created a niche in which very few industries can make a mark.
Out of the many innovations borne out of and because of fintech, using “Chatbots” is one of the most prevalent concepts in recent years.
What are Chatbots?
Chatbots are automated communication tools employed by company websites designed to study human behavior and words and provide relevant information or solutions. Chatbot applications are augmented into websites and mobile applications as the first point of contact for viewers and consumers who require help or information.
Chatbots are made available on websites for consumers to ask questions, get navigational directions for the website, and get resolutions to their problems. The format of these platforms is in communication channels such as chats, messaging, or voice commands. The chatbots can be given an identity by naming them and defining their role within the application.
The Benefits of Chatbots
Chatbots are very efficient applications that have become a rage with web development. Almost all websites nowadays have chatbots installed to cater to their customers. These chatbots act as guiding tools for when customers feel lost while navigating through websites or when they have queries related to the products offered. Some of these benefits are:
Quicker Replies
Chatbots enable live communication, thus implying quick automated replies and live chats. As soon as a consumer enters their query/question, the chatbot processes the words by running them through its set algorithms to produce relevant answers.
Availability of 24*7 Service
Since the internet is available to us 24*7, the presence of chatbots is also continuous. As soon as a viewer or customer opens the website, the option to communicate with a chatbot would perpetually be available.
Saves Cost
Chatbots are ways to reduce human interaction to some extent. By automating replies and enabling 24*7 help online, companies can save on tremendous costs, which otherwise would be for paying salaries to their customer executives.
Enhanced Customer Experience
Companies can substantially improve their customer service by offering chatbot services and their 24*7 availability on the websites. Customer experiences are enhanced when consumer queries are answered readily, without the restriction of time or place.
Quality Data
An additional benefit that chatbots bring to companies is the data collected through their interaction with customers. Chatbots can help companies improve their websites, customer services, products, etc., by analyzing the problems reported by customers and their queries.
How Can Fintechs Benefit from Chatbots?
As chatbots are useful tools, most industries, like retail, travel, etc., have almost made them a mandate for all businesses. Fintech, in particular, employs chatbots in the following ways:
24*7 Availability
With digitalization entering the financial domain, everything has picked pace, including our expectations. With chatbots available on websites and mobile applications, companies can stay in the race without any compromises. Chatbots can quickly answer consumer queries and questions, making them an excellent service.
Clearer Instructions and Guidance
Chatbots also give clear instructions and guidance to confused consumers by guiding them to the right page or helping them navigate through financial processes. Some companies have incorporated chatbots to singularly help consumers with their e-payment portals.
Financial and Asset Management
Many companies have created chatbots dedicated to helping consumers manage their financial health. From real estate to the trade market, AI-powered chatbots have gained the role of financial friends that aid consumers in managing their finances and making decisions.
Investments Analysis
Similar to financial management is the analysis of past and potential investments. Companies are now diversifying their business services to include investment planning and analysis by employing chatbots.
Automated Fraud Detection
Fintech is a sensitive industry with access to people’s financial and personal data. Any breach of data or information can cause tremendous damage to the consumer and the company. Chatbots come in handy in this regard. AI-powered chatbots can be designed to detect fraud automatically. They are designed to read human behavior and language, which gives them the leverage of understanding if the customer interacting with them is genuine or not. Any fake accounts or interactions can be identified by chatbots right at the beginning of the customer journey.
Conclusion
Chatbots have become a big part of the digital age. From big conglomerates to small businesses, almost all company websites are vouching for chatbots and their usefulness. The fintech spectrum particularly has witnessed added benefits with the employment of chatbots. Many companies, the world over, are exploring the different ways chatbots can be customized and used, enabling them to enhance their customer experience, and creating safe spaces for financial dealings and quicker turnovers.
