How Chatbots can Deliver Value in the Financial Services Domain?

A growing and wide range of intelligent chat bots are bringing a shift in how services are delivered, designed, and consumed. A chatbot is a service that holds intelligent conversations with humans to facilitate the completion of a particular task, including enabling product purchases and answering questions. Powered by varying degrees of AI and a combination of rules, these chatbots converse with people via apps like Telegram and Facebook Messenger. Mobile applications that have integrated chatbots are bringing a transformation in customer experience, significantly enhancing their experience and offering anytime support.

Start-ups such as Lemonade are leading its way by transforming how customers perceive insurance. Here, customers can freely talk to their chatbots and resolve claims for their home insurance policies in a few minutes. Payments companies and banks are experimenting not only with mobile apps but also with Facebook Messenger. With mobile apps, the bank has better control over the functions of chat bots in banking, but with Facebook Messenger, banks can contact their clients wherever they are. But in either case, the technology used is essentially the same. However, most of the chatbots are in a trial phase where they are trying out new areas to experiment. It has successfully moved into financial chatbots advising and motivating customers to act and asking them to adopt better things to invest in. Spending less time in thinking about their financial obligations to empowering people, chatbot financial services have really benefitted banks to make better financial decisions.