Qodeify, the leading IT company in Texas has provided multiple solutions for the industry of Fintech. Our latest contribution to the vital industry is an AI chatbot. Go through to get vigilant about why you want a chatbot in Fintech in the first place.
Chatbots are robots that copy human interactions through a conversational interface. They use Natural Language Processing (NLP) and AI technology to copy human interactions smoothly.
Unlike in the past now chatbots are available in various channels and they are tailored to various sectors according to their specific necessities, like the financial sector.
How to use ChatBots in the FinTech Industry
By using ChatBots in FinTech banks and the financial sector can reap the benefits faster and quicker than ever before.
We all have to admit that digital technology has eliminated many inconveniences for the customers. It is a key success point for the banks to generate a positive first impression in the minds of their customers.
So, they thought to allow customers to make transactions directly via messaging platforms. This is where chatbots come and save the day.
By using chatbots you can see the transferred amount, recent transactions, and the balance in your account on your mobile itself. It eliminates the hassle of going to an ATM or a bank.
- Customer Support
Chatbots in FinTech could be used for customer support. Human employees are way too slow when looking up information and answering questions and 24/7 support is a tough ask. But chatbots are way faster and available at any time.
Customer support chatbots can help with frequent questions and they even can redirect the user to a human just in case they aren’t able to answer certain questions.
Payments is another application for chatbots. A chatbot can create invoices and assist customers with various kinds of payments and transfers.
A user can create “pay for orders” by using a PayPal account even without human intervention.
- Finance Management
By using chatbots, customers can check their balance and transaction history, track payments and get statistics. This reduces the workload of a financial manager.
Fintech chatbots could also help users to earn and invest. Chatbots can assist in creating and maintaining a portfolio.
- Automated Fraud Detection
When doing online money transactions security is a must. If you neglect this essential step it could lead to potential breaches that have the ability to jeopardize the financial assets of users.
A chatbot uses specific methods to detect fraud. Chatbox asks some questions from the current users and thereby they detect suspicious activity and also filter and evaluate the responses.
If you are interested in a chatbot or your business, we are always at your service. Contact us here for a reliable and secure chatbot customized as per your needs.