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Chatbots: Their Role in FinTech Industry


The fast-paced evolution of technology has meant a lot of different things for different sectors and companies all over the world. This is especially true for the FinTech sector, which has observed the emergence of artificial intelligence, machine learning, mixed reality, etc. in myriad capacities. However, there is one tool in particular that has proven to be particularly interesting for the FinTech sector: AI-driven chatbots. Why? Well, because they stand to enable companies in the sector to not only achieve significantly better customer experiences but also much better business results.

FinTech offers next-level customer service for the users by using chatbots. For the sector, they are intended to assist customers to resolve their requests in the most dynamic way. It must act as a guiding channel through which they can understand serve the customer needs better. The companies in this sector need to handle various complex databases as well they need to store some confidential data of their customers. While you would agree it is humanly not possible to handle everything at once. So instead of getting more employees to handle the work and it is far easier to train service bots making it easier to manage everything flawlessly. The company can access the data on the system and it doesn€™t have to depend on their staff, and no matter how is the situation.

Listed below are some of the key use cases to help you understand how AI chatbots help the sector:

1. Omni-channel banking: The advent of the internet and the digital age has meant that the modern-day banking customer no longer conforms to the archaic patterns of usage and expectations. Today, customers are everywhere and want to be able to access services whenever and wherever they want. New-age chatbots can help the sector ensure that, reaching and engaging with customers over emails, social media platforms, text messages, etc.

2. Enable online payments: The market today offers an abundance of means for making payments, irrelevant of what it is one may be paying for. Now, given this abundance, there is some scope for complexity when it comes to looking for just the payment option a customer may need. Chatbots can greatly simplify this process, helping customers find and make payments via their preferred methods. Modern chatbots can also be linked to digital wallets, bank accounts and more. It helps ease out the process for the users.

3. Better customer service: The banking and finance sector is extremely competitive, so, of course, there is immense focus on customer service as well. Chatbots can help in this regard as well, by the way; they help companies gather immensely valuable data about customers, which is gleaned from the chatbots€™ interactions with customers. Such data, then, is analyzed to better understand the customers€™ requirements, expectations, etc. This information can also be leveraged by human executives to better strategize, offer tailored services, etc.

4. Ensure data compliance: Owing to the rightfully growing concerns about data security, governments across the globe have introduced a variety of stringent regulations to protect users. Now, ensuring compliance with such laws and regulations can be a challenging endeavor, but one that chatbots can help with. Chatbots can record required pieces of information while interacting with customers to comply with the appropriate laws. For example, if you want to pull up the record for a specific customer€™s consent, you can run that query via the chatbot.

The world has an abundance of advanced technologies to offer to help with pretty much everything that we do, including banking, FinTech, etc. However, speaking specifically in the context of the FinTech sector, it has become increasingly evident that the rise of artificial intelligence-driven chatbots has had a consequential impact.

As evidenced from the above discussion, AI chatbots in this context can do so much more than simply offer round-the-clock customer support. So, you can rest assured that a custom chatbot app development project for your business will pay off well. Now, all you need to do is get started on looking for a skilled development services provider.