Fintechs are by definition disruptive. They view customer complaints as chances to reinvent the banking experience. And to achieve this, practically all of the main firms rely on fintech chatbots.
Some people find it difficult to envision how chatbots could fuel the frictionless experiences that characterize fintech. One would think that interacting with a bot just through text would be detrimental.
Right! However, chatbots today are much more than that. We must first grasp the current state of chatbot technology in order to appreciate how effective fintech chatbots are.
What is a fintech chatbot?
Instead of offering direct communication with a live human agent, finance chatbots conduct interactions via text or buttons. They are accessible 24/7, 365 days a year, and can rapidly address typical problems.
It’s easy and smooth to change your password, manage your transactions, or even acquire a credit line. Fintech chatbots are a valuable addition to any financial organization since they can manage several queries at once.
Why are fintech chatbots important?
To meet the demands of customers who were born into the digital age, financial services are undergoing a rapid digital transformation. Utilization of fintech services by Americans increased from 37% in 2020 to 48% in 2021 and 65% in 2022.
It is obvious that chatbots will revolutionize business communication in the future with a 3,150% growth rate in terms of successful chatbot interactions between 2019 and 2023 and an anticipated 862 million hours saved for organizations in the near future.
What makes today’s fintech chatbots different?
The issue with chatbots is that their early failures are still frequently used to define them. They quickly recall the text-only, annoying interactions chatbots formerly offered.
However, chatbots have significantly improved over their unimpressive counterparts. They have developed to the point where we now refer to them as conversational interfaces or apps.
- Fintech chatbots have appealing visuals.
Conversational apps combine rich experiences, text-based messaging, and graphic features. Conversational apps use a variety of tools to facilitate communication in addition to text messages, including as buttons, graphics, embedded calendars, and more.
For all of our visual learners, here is an example:
The time to resolution is shortened by this simple user interface. Conversational apps boost the number of goals completed by 25% and cut down on the time it takes a customer to fulfil a goal by 40%.
- Fintech chatbots streamline complex topics and workflows
Chatbots aren’t seen by profitable fintech companies as a way to save costs or as a substitute for human customer service representatives. Although metrics like cost-per-contact are improved with chatbots, this is not the main objective.
Instead, thriving financial companies see chatbots as a tool to boost client loyalty and pleasure. The client path is thoroughly mapped out, and automation is only used where it improves customer pleasure.
A chatbot must equal or surpass the level of service offered by a human support team for every given use case. When using a chatbot, fintech companies must carefully consider the customer journey. They identify points of friction and assess available resources.
Processes that were previously too complex for a bot to handle are now being successfully automated by fintech companies. In their customer service models, they are building interactions that get rid of paperwork, hold periods, and friction.
- Fintech chatbots and humans work better together
Another widespread misunderstanding is that chatbots for fintech are intended to take the place of people. That is not at all the case.
When necessary, well-designed finance chatbots transfer discussions to a person. For assuring customer pleasure, it is essential to get the chatbot-human handoff perfect.
Once more, control and customer centricity are the cornerstones of fintech. Customers must be able to speak with a live representative if they have a problem that needs to be escalated.
Improving client retention and lowering churn requires a delicate balance between chatbots and human resources.
Use cases for chatbots in fintech
Customer service is always at the top of the list when discussing use cases for chatbots in the finance industry. Customer help is available at any time with conversational banking, not just when a client has a problem.
Clients are instead expertly directed through each transaction. Banking consumers are helped by fintech chatbots:
- Select the appropriate mortgage loans.
- Recognize investing risk
- Improve bank application processes
- Obtain financial guidance.
- Avoid fraud
- Execute basic banking operations such as payments, transfers, and deposits.
There are countless applications for chatbots. The necessity for conversational banking is also growing as a result of the pandemic. What causes your customers the most suffering, is the query. There is an opportunity when there is conflict.
How Fintech Chatbots benefit Brands?
Fintech chatbots can provide a range of benefits to brands operating in the financial industry. Here are some key benefits:
- Better customer service: Fintech chatbots can help clients in real-time and offer 24/7 customer assistance. This may lead to quicker response times, more efficiency, and higher levels of client satisfaction.
- Savings: Fintech chatbots can automate a variety of mundane operations, like processing payments and answering frequently asked questions. As a result, customer support personnel may work less and the company may save money.
- Increased engagement: Through targeted messaging and individualized interactions, fintech chatbots can interact with customers. Customers’ relationships will grow stronger as a result, and brand loyalty will rise.
- Enhanced security: Fintech chatbots can provide a secure channel for customers to perform financial transactions, such as making payments or checking their account balances. This can help to reduce the risk of fraud and increase customer confidence in the brand.
- Data insights: Fintech chatbots can collect data on customer interactions, which can provide valuable insights into customer behavior and preferences. This information can be used to improve the customer experience and inform future marketing strategies.
Botsify’s Fintech chatbots can assist companies in the financial sector to deliver better customer service, increase productivity, boost client engagement, and promote customer loyalty, all while lowering costs and boosting security.