Artificial intelligence enhances the modern financial industry with fast and helpful solutions that save time for customers and costs for business owners. For instance, did you know that nowadays, AI-powered chatbots handle more than 70% of customer financial requests? AI drives institutions to a new quality of service and simplifies old-fashioned, time-consuming procedures.
Simply Contact invites you to the world of fintech chatbots. With this article, you will review their impact on the industry and the usual banking routine. We will highlight the main benefits and discuss real-world use cases. Here, you will find answers to common questions that may arise before implementation, along with our own example of working in the fintech industry. At last, with a few valuable tips from our experts, you will see where to start your journey to an effective chatbot upgrade.
Chatbots are advanced AI-driven solutions that financial institutions use to automate customer interactions. Their main goal is to simplify customers’ communication with companies and to handle routine banking requests without human agents' assistance. It doesn’t mean full replacement of the human staff. They only enhance support teams and offer a self-serve option for simple queries.
Now, when you know what kind of function the chatbots perform, it’s time to take a look at the top benefits they bring to fintech companies.
Nowadays, customers expect access to banking services all day long, and with chatbots, they will not be limited only by working hours. AI-powered solutions enable automated assistance and responses to queries at any time of the day.
Chatbots can simplify many time-consuming procedures, including filling out forms and verifying the information. Customers can use the chatbot to fill in all the required information by simply answering the questions provided by the bot.
Chatbots can provide real-time monitoring of customers’ transactions and mark suspicious activities to attract the attention of human agents to them. They can also send timely alerts to customers if any unusual activity is detected, to request confirmation.
Chatbots easily adapt to growing demand, handling an increased number of requests without quality loss. So, if your company is scaling and more customers are about to come on board, you will not have to hire and train new staff urgently.
Artificial intelligence can provide an accurate analysis of available customers’ data and interactions to tailor further communication. For example, chatbots may offer financial advice and provide recommendations based on a specific user’s needs.
To give you a better idea of chatbots' capabilities within the financial industry, let’s review the most common applications of use from real-world institutions related to banking and financial areas.
Chatbots are commonly used to assist with frequently asked questions, and they may also offer valuable financial advice. It doesn’t mean that a chatbot can be a complete replacement for a human team, but it can efficiently cover account-related inquiries and provide recommendations for efficient budget planning.
Chatbots make account and transaction checks much easier. Their features and capabilities may include bill payments and money transfers. Instead of passing through long and complex menus, customers can use a chatbot to achieve the desired result via interaction with artificial intelligence.
Chatbots are often used to strengthen the security of digital transactions. For instance, AI can constantly monitor interactions and detect suspicious activity. If any unusual activity takes place, chatbots can ask account owners to confirm their identity. Otherwise, AI can simply stop the operation or block an account to keep it safe. Such security measures lower the risks of financial fraud, thereby increasing customers’ trust.
Applications for insurance policies or loans often require communication with multiple representatives of the company and completing forms. With chatbots, the long and complex steps are getting much easier. For example, customers can provide information and verify eligibility via a conversation with a chatbot.
At Simply Contact, we believe chatbots can boost our human team's capabilities. Many routine tasks can be automated, saving time for cases that require human attention. Chatbots provide services beyond traditional working hours. Chatbots can be a perfect addition to professional customer service teams and also an internal assistant for team members in information searches.
— Anna Bielikova, COO
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In our experience, a few common questions and concerns arise when a company is deciding on chatbot implementation. To make the process easier for you, let’s review some of them with responses from our specialists.
Usually, chatbot providers ensure their safety and compliance with the required regional regulations. Security is among the top priorities, so we recommend always ensuring that all sensitive information is processed safely. For instance, check if providers offer end-to-end encryption for data transmissions and secure authentication to make sure only authorized employees have access to it.
Integration with an existing system will ensure accurate and reliable work of your AI-driven chatbots, so yes, it is possible. Most providers arrange the stable work of chatbots with connections to core banking systems, CRMs, ERPs, and payment solutions.
Typical fintech chatbots can cover round-the-clock customer support and respond to frequently asked questions. They can assist with account management and improve the personalization of a fintech application by providing tailored suggestions and recommendations. AI-driven chatbots are perfect when users need to fill out the form or prepare an application for a loan or credit. We also consider AI’s presence as an opportunity to double protection measures with real-time fraud detection and alerts.
Generally, organizations can see the payback within months after launch. For instance, they will start to feel how much the costs associated with big human agent teams are lowered. Fast responses at any time of day will increase customer retention and improve conversion rates. It’s a cost-effective scalability option that doesn’t require proportional growth and costs for extra staff.
When you are choosing a chatbot provider, we recommend looking for a company that offers post-launch support. Effective chatbot operation requires regular updates of the system, especially if new data becomes available. Technical monitoring and troubleshooting ensure stable functioning. Post-launch support is an opportunity to ensure the stable chatbot operation under growing workloads and demands.
Working with Simply Contact, you get a team of professionals with deep fintech customer support expertise. We are familiar with the industry nuances and work with care about the sensitive data of our clients and their customers. Our specialists run fintech support outsourcing services enhanced with AI technologies. Simply Contact also offers multilingual support, extending your reach abroad. With high-level professionalism, our partners were able to reduce the number of technical mistakes from 7% to 3% within just two months.
In one of our previous projects, we provided customer support for an online banking platform. Our mission was to manage requests related to the account opening. With the help of AI, we successfully performed document submission and verification. As front-office workers, we also process customers' requests via chat and ensure prompt assistance at the highest level of service.
With 18 experts involved in the project, we have achieved 1000 successful applications daily and reduced the error rate to 3%, as well as the number of mistakes in approvals to 1%. Our round-the-clock presence on the platform enabled us to take part in over 500 chats per day.
If you are considering AI chatbot implementation, but you are not sure where to start, here is a short guide based on our experience of working with fintech solutions.
If you want to implement a chatbot for your fintech company, first of all, decide what you want to achieve. For example, do you need reactions to basic queries or assistance with complex fraud detection processes? Is your goal to assist customers or internal teams? Objectives will show what kind of chatbot will be suitable for your requirements.
Then, you will need to pick a platform for your future chatbot. For instance, you can review DigitalOcean, Botpress, and LivePerson, among others. Pay attention to the platforms that are compliant with regional and financial regulations, including GDPR, PCI DSS, or local standards for banking systems. Integration capabilities are crucial if you want to connect your core banking system or software for fraud detection. Check if it supports encryption, role-type access, and multi-factor authentication. Customization is always a positive factor.
It is important to make sure that the chatbot is trained on data and scenarios relevant to your domain. For instance, an AI model may need to be ready for anomaly detection across users' transactions. For other cases, you may want to teach your chatbot to assist customers or employees with information searches. We recommend connecting with knowledge bases related to financial regulations, market insights, and banking products to make the solutions more useful for teams and customers.
Chatbots are often integrated with CRM systems to manage interactions with customers. Connection to the banking system will ensure access to accounts and payments. With fraud detection tools, the solutions will be able to mark suspicious transactions and prevent potential harm.
Don’t rush implementation; perform accurate testing to make sure that the chatbot provides correct information and reacts to users’ actions as it is supposed to. Stress testing can help evaluate how an AI-powered chatbot performs under peak demand. Don’t forget that deployment is not an absolutely final stage: constant monitoring and adjustments when they are needed make an AI chatbot a time-proven solution. It allows developers to control performance and ensure customers get highly accurate responses.
If you want to improve service quality and deliver round-the-clock assistance to customers, an AI-powered chatbot is one of your best options. Integration of artificial intelligence into your usual workflows will simplify many procedures and cover routine customer service tasks, saving time and energy for complex cases where a human touch is extremely important. It enhances personalization, providing offers according to users’ preferences and needs. With AI-enhanced fraud detection, your financial organization will become a reliable and trustworthy company for existing and new customers.
At Simply Contact, we specialize in creating personalized customer support solutions that drive business growth and customer satisfaction. Let us help you elevate your customer experience and stand out from the competition.
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