Top 8 Chatbot Use Cases & Applications in Finance 2023

This improves the efficiency of customer service and minimizes the occurrence of human errors while resolving customer queries faster. This is one of the best banking chatbots that offers automated accounting and finance processes. It also provides invoice processing and expense tracking with reporting, which can help improve money management for your clients.

• Think of it as your bank’s digital concierge, equipped to handle a gamut of banking tasks that most humans find cumbersome.Why reinvent the wheel when you can simply refine it?
• But automation doesn’t start and end with chat — especially for finserv companies, where processes might be more complex and customer expectations even higher (you’re dealing with their hard earned cash, after all).
• In this way, Jetlink’s conversational AI eliminates ‘false positive’ responses in 90% of cases.
• They are proving a great asset in reducing customer inconveniences and enhancing the experience with the financial systems.
• Check the user reviews to see if the customer support is responsive and knowledgeable, in case you need help setting up and building the bots.

AI chatbots can communicate in multiple languages, breaking down language barriers and providing a more inclusive customer experience. We’re not just in a digital age; we’re in a “remote everything” age where the click of a button or a simple voice command can do wonders. Forget about the days of 10-minute hold times; we’re down to resolving customer queries in a mere 4 minutes thanks to the magic of AI chatbots. According to a report by Gartner, by 2025, customer service organizations using chatbot technology will achieve a 30% reduction in operational costs.

Resources for financial services teams

Chatbots can transform the banking industry by providing a personalized customer experience while helping banks manage and process transactions more efficiently. AI conversational agents can handle up to 80% of routine customer support tasks, such as answering account balance inquiries or transaction history requests. Chatbots or virtual assistants simulate the activities of human agents in a call center by leveraging natural language processing and machine learning. Their algorithm is programmed to allow them to mimic a human conversation by asking questions and giving relevant recommendations and solutions.

Chatbots can easily answer questions related to currencies, exchange rates and stock prices. No longer do customers have to search through different pages on websites or apps. They can simply ask the banking chatbot a question about the markets in real time and get an accurate answer instantly. You can use this finance bot to recreate the face-to-face experience for your customers. It lets you give personalized recommendations for clients, offer buying guidance, and share reviews from your current customers.

Technical questions

The AI solution is tasked with providing day-to-day assistance to customers by helping them conclude transactions and paying bills. Through the chat, Erica can check payments, process transfers between accounts, block credit cards or send money to someone. Tidio is an all-in-one customer service platform that helps financial institutions generate more sales and improve customer support. It offers AI-powered chatbots that improve customer engagement in real-time and delight customers for higher satisfaction with your business.

Read more about https://www.metadialog.com/ here.