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How Chatbots Transform Financial Services

How Chatbots Transform Financial Services

On a steady but sure basis, AI (artificial intelligence) advancements are transforming the way financial firms interact with customers and how they operate, in general. Where the delivery of financial services is concerned, chatbots have become the new normal. Gone are the days of needing to personally visit the bank office and deal with lengthy meetings and wait times. In the next couple of years, in fact, it is projected that approximately $7.3 billion will be saved by businesses thanks to the fact that today's chatbots transform financial services for the better.

Courtesy of multichannel bot features and conversational AI, services can now be easily accessed by customers. In the past, the “old school” apps used severely limited the customer experience.

Every day, the line blurs just a little bit more between machine and human support. To keep pace with new-age demand and deliver great customer experiences, more chatbots will be used in the finance industry. To achieve a new dimension in customer service, financial service chatbots will need to be implemented by the industry.

The Financial Service Industry – Using Chatbots

In the financial sector, wide acceptance is being gained every day, slowly but surely, by chatbots. For businesses, they simplify processes. But there's so much more. Whereas service access used to be confined to apps, thanks to today's chatbots, faster access can now be enabled. When using chatbots, financial services are delivered, numerous business benefits can be experienced. Not least of all, customer engagement is almost assuredly boosted through the use of chatbots.

Financial Services Benefit From Chatbots

Where financial services are concerned, a wide range of benefits are insured by AI chatbots, including the following:

  • Boost revenue courtesy of the incredible services and quick support offered to new customers through chatbots.
  • By approximately 30%, customer service costs can be reduced by the use of financial chatbots. Less support staff is needed, and less frequently.
  • In fewer steps and in a smoother manner, new accounts can be set up by customers. This is one reason why bots are being used for onboarding purposes in the financial industry.
  • Numerous financial industry tasks (see below) are being handled in an automated fashion by chatbots.
  • Thanks to personalized customer service, faster response delivery, and more, chatbots can efficiently perform operations and effectively handle financial services once handled only by live agents.

Crucial Tasks Can Be Handled by Chatbots

By proving highly useful for numerous crucial tasks, in the industry of financial services, chatbots can redefine operations. Here are some of the tasks chatbots can handle:

  • Fraud detection
  • Regulatory compliance
  • Virtual assistant
  • Mortgages
  • Tax assistance
  • Insurance claim settlement
  • Instant loan approval
  • Financial aid
  • Money management 

Are You A Financial Institution Who’s Ready for Chatbot?

Enterprise Bot understands that, for financial services, automation is a vital necessity. It helps enhance the digital customer experience, assists in cutting down operation costs, and so much more. For this reason, financial institutions would be well served by finding a way to implement financial chatbots for the delivery of exceptional value to customers and to improve numerous processes.

Keep pace with the changing times! Rest assured, your financial industry competitors will.

Contact us today if you'd like to find out how our team can help your team. You can also email us at