inTech is a rapidly growing industry. Thanks to the popularity of smartphones, most people prefer completing their financial transactions through mobile devices. Hence, the FinTech market is booming more and more. One technology that can easily multiply the growth of the global FinTech market is an AI Chatbot. In fact, by 2025, AI in fintech will help this market to reach $35.4 billion.
In this article, we’ll explain to you why conversational AI is absolutely necessary for the global FinTech industry. Let’s get started then!
1. AI Chatbot can be the Digital Assistant
By adding a conversational AI to your FinTech app, you can offer your customers a digital assistant/adviser. An AI chatbot can track down the users’ spending/investment records to offer them effective insights into their finances. An AI chatbot can remind the due dates of bill payment, send transaction alerts, resolve balance inquiries and so much more. The presence of a digital assistant through conversational AI can improve your customers’ experiences to a large extent. With an AI chatbot in the picture, your customers will get active assistance in making critical financial decisions. That’s a lot.
2. Lead Generation like Never before
Cold emailing is slowly becoming obsolete. We’re living in the era of automation. AI chatbots are integrated with different apps and websites. They can easily help your brand with important insights regarding customers’ spending history, their choices, requirements, etc. Based on this information, FinTech companies can easily identify which customers are looking for loans, searching for investment schemes, or any other financial aspects. In fact, FinTech companies have already observed a record increase of 600% in lead generation with the inclusion of conversational AI.
3. Conversational AI offers some great insights
With AI chatbots, an organization can collect all kinds of information relevant to users and prospects. Like any other industry, the future of the global FinTech industry is also dependent on data. Conversational AI helps enterprises to collect and process a large volume of information regarding customers’ needs, requirements, past transaction history, etc. Hence, an AI chatbot can offer some game-changing insights to move ahead in your business. With this detailed set of data, FinTech companies can easily drive sales and appointments to their business venture. With AI chatbots, complex decision making becomes simple like ever.
4. AI Chatbots can cross-sell like Pro
AI chatbots have been designed in such a way that they grasp customers’ behavioral patterns easily. By making efficient use of conversational AI, one can easily cross-sell their products and services. This is applicable for FinTech companies as well. Conversational AI understands the requirements of your prospects and suggests financial products that can fulfill those needs. Hence, with an AI chatbot by your side, boosting sales will never be a problem.
5. Provide 24/7 Live Support at their fingertip
With an AI Chatbot in place, you can offer your users 24/7 live support. Whatever concerns your users raise at any time of the day, it becomes easier for you to resolve them. AI chatbots resolve up to 80% of the common customer queries regarding financial transactions, refund issues, balance inquiry, etc. Also, with the integration between conversational AI and WhatsApp for Business, you can offer chat support to users from WhatsApp as well. There is no need to visit websites every time to resolve queries. An AI chatbot can sort out queries within seconds.
Before wrapping up, we want to suggest to you an AI chatbot that manages FinTech operations efficiently. We’re talking about Konverse. This AI chatbot can complete financial transactions at 2X speed and with utmost personalization. With Konverse’s FinTech Chatbot, you can offer your users a financial assistant that automates financial queries, assists with financial transactions, and sends timely reminders of payments, EMIs, etc.
For a better idea of AI chatbots and their applications in the FinTech industry, keep an eye on our blog section.