How Chatbots and AI Can Help You and Your Business

In case you did not notice, the bots are not coming. They have already arrived.

Chatbots are software programs present in messaging apps to carry out various tasks. But how about a bot that tracks daily expenses and stops unnecessary spending? Well, fintech companies are already walking the path in this regard. Bots can be programmed for almost anything. It is now possible for financial services to build a broker, financial advisor, investment manager, and almost any other bot they can think of.

But how can the entire gamut of chatbots and artificial intelligence help your business? Let’s find out.

Financial advisory

Chatbots can be programmed to work as financial advisors. Finance bots can be a personal financial guide, lending advice on anything, right from investments to buying a property. It could be the first step to organize your life. A finance bot turns complex financial terms into a layman’s language that saves your time. You can use this time on other pressing issues that demand your attention.

More automation, more efficiency

A chatbot may not be able to run your entire business, but it can manage some of your menial albeit important tasks. These may include answering FAQ requests, filling common forms, compiling data for customers and similar tasks. Most of these are repetitive, which means you can program a chatbot to handle them, with low risk, in return for precious time.

Contribution to real sales

A chatbot can increase online sales. While they can’t replace a sales team, they can help by being the first contact point. An automated conversation, tailored for a new visitor, can also be created using a chatbot system.

Chatbots in fintech is still new. But they will eventually run on AI, which can collect data required for a particular set of products for a customer, and curate that for a repeat purchase.

Expense management

Financial expense management bots can help identify, save and reduce extra spending in your day-to-day business activities. They can help manage overhead expenses, check bank balances, and set up a spending alert. AI-powered chatbots are known to have saved millions for small businesses and independent professionals.

AI in banking

Conversational banking and messaging are already beginning to emerge as an easy way to access your finances. Bots are fed with hundreds of questions asked by a bank’s customers during their banking experience. You can now manage money, track expenses, and analyze spending across multiple accounts. Some AI-powered bots are programmed to answer predefined customer questions: What are the number of shares I own, what are my top holdings, what is the net value of my assets, and others. A banking bot can handle tasks like money transfer, customer alert, deposit checking, and general inquiries.

One of the most futuristic bots is Claire from Clear. It uses AI to offer personalized and custom-made banking solutions to millennial-led businesses. Claire learns and knows everything about a business and can communicate the same through natural language queries. It offers tailor-made insights and passive notifications into the spending habits of your business/businesses.

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