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Discover 10 ways AI chatbots can transform your fintech business, from personalized advice to fraud prevention and 24/7 customer support.

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We all have heard of AI chatbots, haven’t we? In fact, most of us have come across AI chatbots that can automate customer support or help with basic inquiries. But did you know that these chatbots can do so much more? From enhancing security to providing customized financial advice, AI in finance is changing how fintech companies operate. Fintech companies are constantly seeking ways to stay ahead of the curve while offering exceptional customer experiences. That’s where AI chatbots come in. It is one of the most important technological advancements in recent years. 

At Sendbird, we specialize in creating custom AI chatbots and AI agents that help businesses in the fintech sector improve communication, enhance customer service, and streamline operations. But what exactly can AI in finance do for your business that you might not know yet? This article will explore 10 powerful features and benefits of AI chatbots for fintech companies. Some of which may surprise you!

1. AI customer support in fintech: Instant support – Anytime, anywhere!

According to Forbes, AI chatbots handle 70% of customer queries, providing 24/7 support and freeing up human agents for complex issues. The real power lies in the ability to provide support 24/7. Artificial Intelligence in finance can do that for any fintech organization. 

• AI chatbots for customer service can respond to inquiries at any time. It is crucial for global fintech businesses with customers across multiple time zones.
• Unlike traditional customer service, chatbots don’t need breaks, sleep, or holidays, meaning your customers always have someone to answer their questions.

In the fintech industry, customers need quick answers to financial queries. AI customer support can reduce wait times and improve customer satisfaction.

Source – Matellio

2. AI chatbots can offer personalized financial advice

AI chatbots can go beyond simple FAQs and offer tailored financial advice, which makes them an excellent tool for fintech businesses offering advisory services.

• Tailored investment suggestions: Artificial Intelligence in finance analyzes customer data and recommends personalized investment opportunities based on the user’s financial goals, risk tolerance, and behavior.
• Budgeting and saving tips: AI in banking can also help customers manage their finances by offering custom budgeting advice, savings tips, and real-time expense tracking.

With the help of an AI chatbot, fintech companies can offer high-quality, personalized advice. Feels like a financial advisor at your fingertips 24/7, doesn’t it? 

3. Customer service: Simple onboarding with Fintech AI 

One of the biggest challenges in the fintech space is to ensure a smooth onboarding process for new users. AI chatbots for fintech can simplify this process.

• Automated account creation: AI in banking can guide new users through onboarding, from creating accounts to verifying identity documents, reducing the manual workload.
• Instant verification: An AI chatbot can automate KYC (Know Your Customer) checks and help users through compliance procedures, saving time for both the customer and the business.

AI chatbots can automate these processes and ensure customers can get started quickly. This can also help fintech businesses remain compliant with regulatory requirements.

4. AI in fintech for fraud detection and prevention

Did you know? AI in financial services can reduce financial losses by detecting fraud patterns with 90% accuracy in real-time transactions [source – Forbes]. Fintech companies HAVE to ensure the highest level of security. AI chatbots in Fintech play a crucial role in fraud detection and preventing potential breaches.

• AI transaction monitoring: An AI chatbot for fintech can analyze user behavior and detect suspicious activities in real time, such as unusual transactions or login attempts.
• AI fraud alerts: If a chatbot notices something unusual, it can immediately notify the user, alerting them to potential fraud or unauthorized activity.

With advanced machine learning algorithms, AI in financial services can continuously learn and adapt, becoming more effective at preventing fraud over time. Sendbird’s AI chatbots can monitor transaction activities in real-time, detecting anomalies and flagging suspicious behavior, ensuring swift fraud prevention measures.

Learn how Maya integrated Sendbird’s AI customer service and in-app messaging to enhance security and customer communication.

5. AI chatbots in fintech automate complex financial tasks

Many people think that fintech AI chatbots are only useful for handling basic queries; However, these chatbots can also automate complex financial tasks that usually require human intervention.

• Loan processing: AI chatbots can manage loan applications, review credit scores, and process approvals all while interacting with customers to collect the necessary information.
• Account reconciliation: AI agents can also automate the reconciliation process by cross-checking transactions and account statements, ensuring everything aligns accurately.

From handling transactions to providing detailed financial information, AI chatbots simplify complex financial tasks, making them accessible and manageable for users. This level of automation helps reduce human error and speeds up business processes, thus, saving time and resources. 

Source – Tovie.ai

6. AI in finance: Banking assistants can enhance customer engagement 

AI sales assistants can gather and analyze vast amounts of data from customer interactions, which can be used to improve engagement. AI algorithms can analyze market trends and provide personalized investment advice, helping users achieve 15% higher returns [source: Forbes].

• Personalized communication: Fintech AI chatbots study customer preferences and past behaviors, send targeted messages, offer promotions, or notify users about relevant services.
• Predictive analytics: AI chatbots for banking can even predict future financial behaviors based on patterns, helping businesses offer tailored services to their customers at the right time.

With AI’s insights, your fintech business can offer users a more relevant and engaging experience, making them feel valued and understood. Sendbird’s custom AI chatbots provide personalized product recommendations and instant responses to customer inquiries, improving the shopping experience and bringing more sales conversions.

7. AI chatbots for fintech reduce operational costs and increase efficiency

Custom AIchatbots for fintech businesses can reduce operational costs by automating routine tasks, freeing human resources for more strategic initiatives. 75% of financial institutions have adopted AI technologies in their operations, with a focus on improving efficiency and customer satisfaction [source – Forbes].

• Handling repetitive tasks: Chatbots can answer frequently asked questions, process transactions, and provide account updates, without human intervention.
• Scalability: Whether you have a handful of customers or millions, AI chatbots can simultaneously handle large volumes of interactions.

This efficiency offered by AI in fintech helps businesses reduce staffing costs, scale operations without compromising service quality, and allocate resources to other high-priority areas.

Discover how Paytm used Sendbird chatbot to connect users quickly while keeping their focus on payments.

8. AI in financial services: Creating a seamless multi-channel experience

These days, your target customers expect to interact through multiple channels—from mobile apps to social media platforms. AI chatbots can be an excellent marketing tool. They are seamlessly integrated into various communication channels, ensuring that your fintech business is always accessible. AI marketing campaigns increase engagement by 50%, delivering personalized content to users [source—Forbes]. 

• Cross-platform compatibility: AI marketing chatbots can be integrated into mobile apps, websites, social media platforms (like Facebook Messenger), and even SMS services, providing a consistent experience across all channels.
• Unified communication: Connecting your AI chatbot to multiple communication channels allows customers to pick up where they left off on any platform, ensuring no information is lost in transition.

This multi-channel approach boosts customer satisfaction and loyalty by making it easy for users to interact with your business wherever they are. With AI-driven insights, Sendbird’s AI chatbots can tailor marketing messages to individual user preferences, increasing engagement and the effectiveness of promotional campaigns.

9. Conversational commerce: A crucial aspect in Fintech AI

Not every customer wants to speak with an agent. AI chatbots for customer service offer self-service solutions that give customers more control over their financial activities.

• Balance inquiries and transaction history: Customers can easily ask AI chatbots for their account balance, recent transactions, or detailed reports.
• Self-service FAQs: AI Chatbots in fintech can quickly direct users to the appropriate resources, FAQs, or solutions, helping customers resolve issues without waiting for a live agent.

AI in fintech guides customers with easy-to-use self-service options, empowering them to take charge of their financial needs whenever they choose.

Source – market.us 

10. AI customer support: AI in finance boosts customer retention

Customer retention is a key goal for any fintech business, and AI chatbots can play a major role in fostering long-term loyalty.

• Consistency in assistance: Chatbots are always available to assist customers. They can offer help whenever needed, even outside regular business hours.
• Personalized follow-ups: After solving an issue or providing a service, an AI chatbot can follow up with customers to ensure satisfaction, offer additional help, or share relevant information.

AI customer support builds trust with customers by offering consistent, personalized, and timely support, encouraging them to remain loyal to your business.

AI in Fintech: The key to smarter, faster financial services

Gone are the days when AI chatbots were used for basic support functionalities. These chatbots have come a long way in the fintech industry, offering personalized advice, automating complex tasks, enhancing security, and delivering efficient, 24/7 customer service. Conversational AI is becoming indispensable for fintech businesses.

At Sendbird, we understand the value of integrating AI chatbots into fintech platforms. Whether you want to streamline customer support, enhance security, or offer more personalized services, our custom AI chatbot solutions can help you stay ahead of the competition.

Leveraging the full potential of AI chatbots! Improve efficiency, reduce costs, and deliver a superior customer experience. So, why wait? Contact Sendbird and discover how AI chatbots can revolutionize your business today!

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