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What is a banking and finance chatbot?

A bank chatbot is an AI conversational tool to engage with clients and offer assistance. Banking chatbots are powerful and can manage intelligent discussions on the bank’s behalf. As a result, it is feasible to manage millions of users concurrently and improve their experience with a banking bot.

One can use a chatbot to respond to questions quickly, be accessible around the clock, and automate repetitive chores. For example, it helps users consult with individuals about finances and money using an AI banking bot without involving humans.

Use Cases

Assist Users in Choosing Products and Services

  • Automate the whole lifecycle, starting from luring prospects and teaching them.
  • Provide specialised services depending on their persona, assist in risk profiling, and much more.
  • Provide consumers with wise saving and investing advice based on their spending patterns.

Process Financial Transactions

  • Your financial services chatbot may respond to all banking questions and make all requests relating to economic activities for a current client or potential customer seeking information.
  • Provide seamless connections to other systems, payment processors, and terminals.
  • Give clients the option to pay directly from the chat interface by integrating payment gateways.

All Time Customer Support

  • The chatbot has a knowledge library of frequently asked questions (FAQs) and can respond to inquiries from staff members, subcontractors, suppliers, and clients.
  • This provides a solid and satisfying experience to internal staff and consumers.
  • Banks may use bots to fix consumer issues anytime without human interaction because they are accessible 24 hours a day. 
  • AI bots can answer complex inquiries with robust algorithms and machine learning capabilities.

Suspicious Activity Alerts

  • In case of unwanted access to clients’ accounts, you can use bots for prompt alerts or notifications. Any questionable activity may be reported using AI bots, reducing the likelihood of phishing scams or hacking.
  • Allow the chatbot to automatically determine whether a customer or a prospect is qualified for a loan or investment. This will reduce financial fraud.

Transaction History

  • Users can utilise bots to review their transactions quickly. A simple weekly or monthly expense report is available. 
  • Your clients may access documents like account statements, balance sheets, no objection certificates, and more immediately through the chatbot on their chosen channel, thanks to internal systems interfaces.

Easy KYC

  • Real-time integration, recognition, and verification of all KYC papers submitted by users.
  • Additionally, AI in KYC can cut the time it takes to examine each case in half.
  • Automate periodic KYC checks for retained customers

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Benefits of a chatbot for Banking and Finance Companies

Better Decision Making

Improve your company by basing decisions on information and analytics provided by the chatbot for the banking and finance industry.

Saves Cost

The chatbot can serve more efficiently and will reduce the banking and financial institute's human resources cost and other overhead costs.

Reduce waiting time

Customers need not fill out multiple forms or wait in long queues. The chatbot shall be able to solve their queries almost immediately.

Gain Competitive Advantage

Have an edge over your financial industry's competitors with the help of technology and customer experience.

Real-time interaction

The chatbot helps respond to a customer's query almost immediately and accurately, making real-time interaction for the student seamless 24*7.

Omnichannel Experience

Provide omnichannel service and assistance to your customers wherever they may be. This makes the company available to the customer across multiple messaging channels.