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Benefits Of A Chatbot For The Finance Industry

Chatbot FIntech
Table of Contents

What is a chatbot?

A Chatbot is a Customer Experience Tool. When integrated into a website, it enhances customer experience and makes a brand stand out increasing customer reliability. It does so by answering general FAQs and helps conduct various kinds of industry-related inquiries.

The current range of AI Chatbots, like one by Locobuzz, is powered by Artificial Intelligence. This means that Social Media Chatbots are no longer just tools that answer customer queries through predesigned replies. AI Chatbots work like virtual assistants, recreating the experience of human interaction by using Social Listening abilities and tracking functions.

Chatbot for finance: functions

A Chatbot for Finance Industry is a CX Tool that performs several functions like data inquiry, payment information, providing financial advice, and more to help solve user queries and increase brand reliability. Some of these functions are listed below.

Provides financial advice

Answering queries about investments and various plans that your brand has to offer.

Resolves queries better than faq option

With a chatbot, your users can find answers to all of their queries in one place, without getting redirected to ten different pages. They can enquire about basic functions offered by your brand, from loan options, EMI schemes, interest rate calculators to even minor queries like withdrawals and deposits

Makes users feel heard & helps retain customers

Unlike FAQ pages, an AI Chatbot, designed to be integrated as a Chatbot for Finance Industry, gives users an enhanced experience and makes them feel heard. They know their queries will be answered even if they don’t find solutions in prewritten FAQs.

Some brands used for Social Media Management Tools, like Locobuzz, have Chatbot integration available in multiple languages. This adds to the customer experience and the reputation of your brand.

Alongside these major functions, there are also some day-to-day financial checks made by the customers in which a Chatbot for Finance Industry can be very helpful. These can be defined as the following:

  • Statements for Everyday Transactions
  • Monthly E-Statements for Bank Account Passbook
  • Checking your Credit Score
  • Checking your Account/Mobile Wallet Balance
  • Finding reference ID numbers for Transactions made
  • Producing documented receipts for online payments
  • Locating your nearest ATMs and Bank Branches
  • EMI and Interest Rate Enquiries

Chatbot for finance: benefits

Enhances brand management

Using a Chatbot for Finance Industry helps you enhance your Social Media Management and Brand Management experience, by minimizing your manual efforts to answer potential customers and clients every time they reach out to you.

Increases reliability. Builds trust. Prevents fraud.

When customers get answers to everything they want to know about your brand, through the official brand site and page, with access to the integrated Chatbot, it prevents them from going to other websites to search for this information. Not only that, but it also takes your brand up a notch by making it stand high on the reliability level, helping your customers in the prevention of any kind of fraud. This helps reinforce customers’ trust in your brand.

Increase in sales growth

There is a high Importance of Social Media Chatbots in how it increases your sales growth. Financial reliability is key to growth in the Finance Industry. The more your customers trust you, the more people they will refer to your brand.

Enhances customer experience

A Chatbot for Finance Industry is a one-stop solution for every customer that engages with your brand. If you can help your customers feel heard, you can make this customer base into a more permanent one. An AI Chatbot does just that for you.

Builds an omnichannel experience

As a brand, managing tens of different social media platforms can get pretty hectic. When choosing a Chatbot for the Finance Industry one must make sure that it has the feature of providing an Omnichannel Experience for both your brand and your customers.

Locobuzz is the top Social Media Management Tool providing a Chatbot for the Finance Industry with an Omnichannel Experience. You can have the same workflow as the AI Chatbot that you integrate with your overall social media accounts and services.

You can integrate these Chatbots into all your platforms like:

  • Your official Brand Webpage
  • Mobile Banking App
  • Mobile Banking/Internet Banking Website
  • Social Media Platforms like Facebook Messenger, Viber, Skype
  • Your Brand’s Mobile Wallet App and Website

One-stop solution for your brand

There are many different CX Tools in the market that offer a Chatbot for the Finance Industry feature. Choosing brands can be difficult as there is no predefined parameter on which to base or judge this choice. To make this easy, it is advisable to select from among the Top Social Listening Tools available out there.

When we say Social Media Management Tools like Locobuzz can be your one-stop solution for Brand Management in the Finance Industry, we look at it with an overall view of tools that help you manage your brand as a whole.

Using a Social Media Management or a Social Listening Tool for an integrated AI Chatbot for Finance Industry helps you integrate features like hashtag tracking, sentiment analysis, user traffic and engagement with your brand, and more on your social media and brand platforms. This way, you wouldn’t have to invest your money in different CX Tools and UX Tools, and you can reap all of those benefits from just one place—a Social Listening Tool!

The real estate industry utilizes chatbots a lot more frequently than any other market– the capacity for this local business to address client questions around the clock in a prompt style is crucial when it comes to making a sale, or leasing a unit.

AI is specifically practical in business finance as it can better predict and assess loan risks. For companies looking to increase their value, AI technologies such as machine learning can help improve loan underwriting and reduce financial risk.

AI is changing the quality of products and services the banking industry offers. Not only has it provided better methods to handle data and improve customer experience, but it has also simplified, sped up, and redefined traditional processes to make them more efficient.

26% of customer service companies are currently using AI chatbots.

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Explore how Locobuzz CX Suite, a truly Unified CXM can help increase your customer's lifetime value, effortlessly.

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