In recent years, there has been plenty of hype around chatbots. These artificial intelligence powered bots, designed to simulate human conversations, have been transforming the future of customer service. Moreover, they are a more efficient way to do business, and the next big thing in tech. And while chatbots have made their mark in several industries—from retail to healthcare—their potential in the financial sector is particularly noteworthy. Here’s a look at how AI chatbots in finance have revolutionized the industry today and what the future holds for this transformative technology.
There are many ways that financial institutions are making use of chatbots powered by artificial intelligence. Here are just a few examples:
Customer Service & Complaint Resolution
Customer service is one of the most widespread applications of AI chatbots in finance. Chatbots can quickly and efficiently answer common customer questions, freeing up human customer service representatives to handle more complex issues.
Mastercard implemented a chatbot called “KAI” to improve customer experience and provide instant support to its customers. The chatbot helps customers to locate ATMs, provide information on transaction history, and answer questions about credit card benefits. By providing instant support through the chatbot, Mastercard has been able to improve customer satisfaction and loyalty, which in turn helps to increase sales and retain customers.
In addition to providing general customer support, chatbots can also be used to help customers resolve complaints. This is especially useful for complaints related to specific transactions or account balances, as they can often be quickly resolved with the help of chatbot technology.
Personal Finance Management
Some chatbots also offer features that can help customers track their spending, set budget goals, and stay on top of their finances. This is an especially valuable service for customers needing easy access to traditional banking products and services.
Capital One’s chatbot named Eno can provide personalized assistance to its customers. Eno is designed to help customers manage their accounts, make payments, and track their spending. It understands customer behavior through machine learning in order to improve customer engagement and increase customer retention, resulting in higher sales and revenue.
Investment Advice
Wealthfront, a digital investment platform, has implemented an AI-powered chatbot called Self-Driving Money to provide personalized investment advice to its customers. The chatbot uses machine learning algorithms to understand customer goals and preferences and recommends investment strategies accordingly. By providing personalized investment advice, Wealthfront has been able to attract more customers and increase sales revenue.
The Future of AI Chatbots in Finance
As you can see, AI-powered chatbots are already making a big impact in the financial industry—and this is only the beginning. In the years to come, we can expect to see even more innovative uses for chatbot technology as financial institutions continue to explore its potential. So far, the future looks bright for chatbots in finance—and we can’t wait to see what comes next! Create a chatbot now with ChatbotBuilder and don’t miss out on the technology. Visit us at chatbotbuilder.net!
