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In the past few years, the financial services industry has seen drastic change and competition as most financial services and FinTech companies have deployed chatbots in various business line support systems. Particularly, startups are shaking up the industry by combining chatbots to deliver abrupt and insightful information to their clients.

In a recent Oracle report, 80 percent of companies will be leveraging chatbots by 2020. However, with this fact, the use of chatbots in the financial services remains in a nascent phase. Because it is not easy for many companies to create a truly valuable chatbot that brings value to the customer and to the business.

Chatbots allow users to choose their preferred method of interaction, performing equally well through text or voice to deliver germane and timely answers on demand. Industry efforts currently focus on chatbots as stepping stones to more intricate and expensive service. As a result, bots offer consumers a self-service option if they need assistance with their accounts or have straightforward financial questions.

Chatbots as the Intelligent Banking Assistant

The financial services sector has lots of things to manage and regulate. And, evolving competition, increasing customer expectations and regulation impelled the industry to look back to their IT infrastructure and come with ground-breaking innovation. So, leveraging chatbots offer them to succeed in the highly-competitive landscape by understanding the market, developing a minimal viable product (MVP) and continues learning.

Since the customers’ expectations continue to grow, banking chatbots must deliver services that fulfill the clients’ needs, enhance their experience, increase interaction and create more engagement with the financial companies.

Delivering Value in the Financial Services Domain

Driven by different degrees of artificial intelligence and integration of rules, chatbots chat with people through apps like Telegram and Facebook Messenger. Moreover, mobile applications that have incorporated chatbots are also bringing a transformation in customer experience, offering 24/7 support. However, chatbots will outpace mobile apps in the next five years and bots will save businesses almost US$8 billion every year by 2022, according to the report.

Chatbots have emerged to the extent where they can recognise and comprehend the underlying intent of a human phrase. Thus, the more a chatbot interacts with human, the more its software learn from conversations and generate enhanced responses over time.

So, looking at the current benefits, it is stated that the financial chatbots in years to come will be more friendly, sympathetic, kind and bit humorous. It will also come with the integration of emotional intelligence as a companion to existing dispassionate data discussion. Similar to cloud computing implementations or Big Data analytics, building an emotionally connected, secure chatbot able to carry high-level financial conversations is not something banks should handle on their own. Furthermore, chatbots in financial services and banking solutions hold huge scope and address several business use cases.