Chatbots In FinTech

1. CHATBOTS IN FINTECH Just couple of decades ago, around 1990’s, there used to be a time when we had to stand in bank queues to get any kind of transaction done in our bank account. Even for updating the passbook, we had to stand in long queue. However, with the evolution of technology over these years we have seen a significant revolution in the way FinTech companies operate, example Internet has digitized everything, mobile banking has reshaped the entire banking experience by making everything handy. Internet of Things App Development and Artificial Intelligence based chatbots was one such revolution in the banking industry which transformed the way banks work and deliver services by meeting customer expectations and increasing the profitability. Let’s Understand What Artificial Intelligence (AI) Chatbots Are: Chatbot is an acronym for Chat Robots which have evolved from a simple digital tool into an impeccable digital assistant performing complex operation. The driving technology behind Chatbots is Natural Language Processing and AI which helps chatbots to replicate human interactions. Though chatbots are used in various industries these days and we covered the same in one of our earlier article Artificial Intelligence Chatbots Are Changing The Way You Do Business, in our today’s article we have confined their usage only to Fintech companies. Let’s look at how Chatbots are helping Fintech companies:

2. Managing Banking Apps As mentioned above, mobile banking has busted the bank queues and has empowered customers to perform banking transactions in just few taps, from across the world at anytime of the day/week. To manage this and to ensure the smooth and consistent customer experience, FinTech companies hiring Mobile App Development Company and they are developing mobile apps and bots to show the amount transferred, the recent bank transactions, and balance available on your fingertips just by using your mobile. Competitive Advantage Small and Medium Fintech companies can technically and operationally compete with the bigger companies by reducing their recurring cost with the use of chatbot. Personal Financial Advice Yes, you read it right, Chatbots can help you with personal financial advice. Sometimes it may happen that due to emotional ground we take wrong decisions. Chatbots, our digital assistant, by tracking our transactions and spending pattern, can help us in smarter cash management by doing cash management, timely payments, timely portfolio update etc. and saving money.

3. Automated Fraud Prevention Chatbots monitor the banking activity of each customer and incase of any transaction an auto generated message is instantly sent to the customer advising with the steps to follow incase of a fraudulent transaction. Up-Selling As chatbots have all the information related to customer’s transaction, portfolio, and spending habits, it can easily offer the customize banking service to the customer. Reduced Operational Expenses Every year financial institutions spend millions of dollars on their operational processes executed by humans. Instead, having a chatbot is a better alternative as it can work round the clock with same level of efficiency and accuracy. CONCLUSION: With the increasing technology advancement and intense competition, fintech companies are rapidly innovating and have adopted chatbots and Blockchain Development Services to meet the customers demand. This has helped companies in multiple ways like increased and consistent customer satisfaction, round the clock support, profitability etc. So far, we have just seen the initial penetration of Chatbots and believe there is a lot more to explore, which would eventually get unfolded with time.

4. Author Bio: Nimish Gupta is the Director (PMO) at Pixel Values Technolabs, a top-rated Mobile App Development Company in India. Nimish has over 13 years of experience in the Information Technology & Telecommunication industry. He has done lots of projects for the Government of India. He is very determined to ensure that solutions presented to the clients adopt the right technology and are scalable to adapt to new platform requirements of the ever-growing Information Technology industry. Contact Information: Call us at 0712-6611379 OR 9822367795 Skype: Pixel_values Website: www.pixelvalues.com