Fintechs go above and beyond to deliver a stellar customer experience to their customers. And AI chatbots have been an integral part of these fintechs’ hallmark of excelling in customer support and experience.
Conversational AI chatbots enable better and faster customer services, reduce companies’ strain for customer support, and help increase revenues.
AI Chatbots in the Fintech Industry
Advanced AI chatbots can offer several customer support solutions, from suggesting FAQs, assisting with onboarding to helping pay bills and suggest products.
But the question is, how are customers seeing this shift in support tech that is automatic primarily? As per Invesp stat, 40% of customers don’t care if the support they receive comes from a human or bot, as long as their queries are resolved.
Gone are the days when chatbot support used to be, well, like a bot, with robotic responses devoid of emotional essence and capacity to forecast human intent. At least not with conversational AI chatbot tech.
How Conversational AI Benefit both Customers and Fintechs
Conversational AI chatbots take over the often repetitive tasks and perform them with added intel and cognition. On the other hand, humans are free to focus on more intricate matters that could benefit from their attention.
Let’s see how conversational AI help both customer and fintech:
1. A Faster Way to Provide and Receive Services
Often customers do not have the time to call customer support and wait for a representative to answer a simple question. This is where a conversational AI chatbot steps in.
It benefits both sides by assisting the customer who is seeking an immediate answer to their question and the company because it can handle multiple queries simultaneously. This will improve productivity and help in ROI.
2. 24/7 Customer Support
A human needs sleep, rest, but a bot does not. Therefore, they can work 24/7 and provide support to the customers.
Companies can use hotline numbers, websites, mobile apps, etc., to provide services and answer the basic queries of the customers. Conversational AI chatbots can predict intent and offer the best solution at a given time. It can also help generate pins, block credit/debit cards, balance summaries, etc.
3. Online Financial Advice
Analyzing the financial traits of a person and providing financial advice based on it is not an easy task. However, artificial intelligence can accomplish the job in just a few seconds. This is why both businesses and customers prefer conversational AI chatbots for their data-driven results.
4. Online Payments
In this digital world, all kinds of transactions are done online.
For instance, conversational AI chatbots can offer online payments solutions from one of the many providers like RazorPay, Google Pay, Apple Pay, and more to the customers at the right time. Then customers can simply click on the link and complete the process.
5. Reduces Cost (One-Time Investment)
AI Chatbots are a one-time investment scheme for companies.
The companies do not need to spend more money on hiring new agents for customer service. This will lead to a higher profit margin for the companies.
6. New Marketing Strategy
Nowadays, Fintech companies are turning to AI Chatbots as a new marketing strategy. Through chatbots, a company can advertise and sell its products directly from the chat room using AI.
The AI also detects the user’s activities over the internet and accordingly suggests products to the user.
The Future is Today!
AI Chatbots are the future of fintech Industries. AI is considered the Fourth Industrial Revolution by experts. This is because AI has changed the interaction between the customer and the company.
The fintech industry is one of the few industries that must stay up-to-date to provide services faster and more efficiently to increase their revenue and customer count. That is why conversational AI Chatbots are a boon.
Insync delivers class-leading conversational AI solutions for your business and helps you scale ROI and reduce costs in customer support. Our technology is trusted by industry-leading names such as Verizon, Disney Yahoo, Berkshire Hathaway, and Stamps.com, among others.
No matter your tech stack, Insync can design, build, deploy, manage and optimize custom conversational AI solutions for your business.
Are you looking forward to setting up a conversational AI platform for your Fintech company? Check out Insync today.