Fintech Chatbots: A Massive Opportunity for Fintech Companies in 2022

Backed by nearly a decade of experience working with larger financial institutions like TD Bank and JPMorgan Chase, we’re revolutionizing the way that banks and credit unions of all sizes create more engaging banking experiences. Kabbage is one of the largest AI FinTech companies that is engaged in lending. It’s headquarter is located in Atlanta, USA, and this service provides small enterprises and ordinary consumers with loans that are made online. All applications for loans are performed using website, and the final decision regarding approval is made very fast. Services uses automated lending web platform and it uses machine learning and Big Data analysis to create models of credit risks and analyze portfolio. Available on the bank’s website, mobile app and SMS, Capital One’s digital assistant Eno uses sophisticated natural language processing to understand 2,200 different ways someone might ask for their balance.

The percentage of mid-size financial institutions implementing chatbots has grown from 4% to 13% in a year. It also predicted that roughly 1 in 3 banks and credit unions would decide to get a chatbot in 2021. Thoughtfully implemented AI in banking can improve the performance of your institution and partially replace human staff in several aspects, AI Chatbot for FinTech from routine customer support to marketing and promotion. Chatbots help bank clients solve their finance-related issues fast and securely. Example – MyEva was designed as an intelligent chatbot that helps clients reach a state of financial well-being. It can evaluate its user’s money situation and guide customers to their financial goals.

​​Fintech Companies Using AI

As a result of its acquisition of Finn, Glia said it will maintain and expand the Finn AI Canadian office to establish a “conversational AI Centre of Excellence,” in line with Glia’s global expansion strategy. Additionally, Finn AI’s management team will assume leadership positions within Glia to further develop AI automation and virtual assistant solutions for Glia’s platform. Glia provides companies with a platform that is designed to deliver an in-person customer experience online.

Ceba is one of the only banking chatbots to have human escalation and directs customers to other channels based on their specific need. As evidenced from the above discussion, AI chatbots in this context can do so much more than simply offer round-the-clock customer support. So, you can rest assured that a custom chatbot app development project for your business will pay off well. Now, all you need to do is get started on looking for a skilled development services provider.

AI and ML in the Fintech Market: Market Scenario

According to Markets&Markets research, the global AI in FinTech market will grow to 7,305 million by 2025 in comparison to 1,337 million in 2017. Today we start using AI in our financial operations and sometimes even don’t pay attention to it. Apart from some new hardware and software created to enhance a financial field, artificial intelligence makes it’s contribution to the development of FinTech and solution of main challenges in this field.

It provides a personalized user experience to users, helping them tackle issues with their specific accounts. A potential customer converts to a real one at the far end of this sales funnel. Nonetheless, the key to assuring that the potential target keeps moving forward in the journey is to provide a seamless user experience.

What Are The Top Use Cases For Chatbots In Banking?

Commercial ones are usually provided as a service and are limited in customization. Open-source OCR can be integrated into your product and adapted to your business needs. California-based Next Insurance has unveiled its new insurance chatbot that will enable personal trainers to quote and buy insurance via Facebook Messenger. Incumbent banks today are facing increasing pressure to remain competitive. The pressure is coming mostly from tech-savvy entrants that lure in consumers with user-friendly, cheaper products. Among the most essential applications for chatbots is chasing correct prospects online to stimulate new economic opportunities.

OCR, with deep learning, scans the ID image and automatically takes a picture of the ID, as well as extracts the necessary data. The data is then automatically added to the database without requiring the time of a human manager. Manual processing – Customer onboarding usually involves a lot of time-consuming manual processes, increasing the chance of error. Chatbots still have risks attached to them, but they are outweighed by their benefits.

Fintech chatbots simplify complex topics and workflows

Service provided by a fintech chatbot is immediate, contextual, and well-designed for each use case. Fintechs are successfully automating processes that, until now, were too complex to be handled by a bot. They are designing experiences that eliminate paperwork, hold times, and friction in their customer service models.

Businesses should leverage AI testing from an independent Next-gen QA and software testing service provider for high-quality chatbots. AI-based chatbots are trained using ML to understand diverse user queries. AI chatbots continuously learn from user interactions and maintain a constant learning curve. AI chatbots can detect user intent, language, and provide recommendations to the users.

Servion: FIs Must Bank on Latest AI for Customer Service

The key challenges of the banking industry are strict identity protection and multi-level authentication procedures. The top reasons for the field being so conservative are tight regulations and licensing. Bots have evolved from a simple digital tool to a digital assistant that can perform complex operations. Now, they are available in various channels and are tailored to various sectors according to their specific needs, such as the financial sector for example.

• Kabbage is one of the largest AI FinTech companies that is engaged in lending.
• For fintechs, the decision to use a chatbot involves a careful assessment of the customer journey.
• They host human-like conversations, typically matching and often exceeding live agent performance — and KAI makes it possible in real-time, any time, across all your channels.
• Chatbots in finance aim to simplify core financial operations, particularly payments.
• Compared to AI chatbots, Rule-based chatbots are easier to program as they are based on a true-false algorithm that enables the bots to understand the user queries and provide the relevant answers.
• Pursuing relevant prospects digitally to promote new business opportunities is one of the most important use cases for chatbots.

When dealing with payments, investments, or serious money concerns, finance assistants play a vital role. Automated reminders help doctors to free up staff as per the schedule and ensure a reduction in no-show appointments too. Chatbots are another kind of automation that improve the CX or patient experience by answering patients’ questions, providing them with additional information, and booking appointments. People communicate digitally in their personal lives and expect the same from businesses.

We all know how great chatbots work in e-commerce, travel, or healthcare. Generally, smart virtual assistants ensure great customer engagement and cost-efficient client-oriented services. However, AI being a high-end technology, it is essential to test the chatbots to ensure their reliability and security.