Do you like to communicate with your bank? Well, no one likes to do so. Introducing a chatbot for Fintech business can enhance communication drastically, as there will be no queues and no stress. In addition, offering chatbots to your customers can make your relationship stronger.
As per the reports by Juniper research, 79% of successful chatbot interactions will be through mobile banking apps in 2023
These days, chatbots, one of the key technological trends, has also entered the highly conservative financial industry. This is because customer satisfaction remains a top priority for banks, similar to shops and other online services.
Why Chatbots Are Preferred Over Live Communications By Users?
The biggest reason behind the preference is the change in core audience. Millennials and Generation Z have entirely different mindsets and priorities compared to baby boomers. They travel, chat and Google and handle their business online; they mostly rely on their smartphones for their daily routines.
Today’s modern generation does not prefer a slow chat with the bank’s customer care department to review their monthly expenses or sign a new agreement. Thus, they prefer chatbots for their quick and precise problem-solving on the go for payments, traveling, and shopping.
Here Are Five Benefits of Chatbots For Fintech Business
Most companies strive to optimize their processes besides providing high-quality service. Chatbots help companies achieve both of these goals. AI chatbots can easily handle vast data and can instantly answer customers’ questions. Here are some of the key reasons why fintech companies are considering creating AI-based chatbots for their clients and internal operations.
1. Personalized Banking Services
Chatbots stand as virtual financial advisors by helping users get what they are looking for. With chatbots, customers can ask questions and get their replies within seconds; there is no need to call the bank to know how much you have spent last month on restaurants.
When a customer asks for advice on a good saving plan, options for deposit, better budgeting, and many more things, the chatbot will offer relevant financial products, as it is familiar with the background of each particular customer.
2. 24/7 Customer Support
The most obvious reason to use chatbots in the fintech industry is round-the-clock customer support. They are ready to answer anytime regardless of the working hours and traffic peaks and moreover, exactly when the client needs a quick response. For example, while visiting a foreign country if you face any problem with any banking services, a chatbot can help you solve it within minutes instead of going through the time-consuming call center procedure.
A chatbot can handle 80% of customers’ requests, but still, you need human support to deal with the rest of 20% of complex tasks.
3. Enhanced Marketing Strategies
Today’s business is driven by customer satisfaction. The key elements of the success of your business are to know who your targeted audiences are and what they actually need. So here chatbots are more beneficial for business solutions. These days FinTech companies and modern payment providers offer numerous products and services. But now the question arises that how would you know if, Mr. Royan could use a saving plan, or Mr. Virgil is willing to invest?
It is quite hard for bank employees to figure it out as they would need to dig through tons of information and do in-depth analysis. But it could be easily handled by a chatbot and can solve the riddle in seconds by chatting with the person. The next chatbot can offer a specific banking service or product that can lead Mr. Royan and Mt Virgil to purchase a new service or product, and most importantly leave them satisfied.
In this way, companies can gather feedback besides promoting new products without even frustrating the customers. AI is beneficial to take user analytics to a new level. Chatbots provide real-time, valuable, and insightful reports that are useful in enhancing services and strategies.
4. Enhanced Security
The key challenges of the banking industry are strict identity protection and multi-level authentication procedures. The top reasons for the field being so conservative are tight regulations and licensing.
As these days’ cyber crimes are at their peak, many people deny using chatbots due to security concerns. But the answers to these concerns are facial recognition, fingerprint authentication, and encrypted conversations. Moreover, These days due to modern technologies being used in every field, chatbots are considered more secure than phone calls or live communication.
Also, chatbots are very much helpful in fraud detection; within seconds they can make out whether a user had made a suspicious transaction and thus react appropriately by blocking the card and reporting a breach–AL rules in detecting deviation from typical behavior.
5. Stress-free Payment Processing
Social media chatbots having payment functionalities are known to be a goldmine for businesses. At the moment the technology is a bit raw, but in the coming future, the outlook is promising. Just give it a thought: people will not have to leave the comfy and familiar app to make the payment. Chatbots will be having all their cards and accounts available, which would allow users to make transactions and purchases without leaving their social media page.
There are numerous advantages of implementing AI-based chatbots for FinTech businesses. Besides, customer satisfaction chatbots save money, enhance marketing strategies, provide fast information, and better fraud detection. In the coming years, most companies would use AI in their processes in one or another way.