How Chatbots Can Improve Customer Experience In Financial Organizations

Improving customer service and restoring public trust are two grave concerns the finance industry faces today.

Ease of access to information is a major challenge in the finance sector. With hoards of data associated with each customer, it becomes difficult for call centers to attend every customer’s queries immediately. This makes it difficult for financial institutions to retain and attract customers. Quite evidently, improving customer services and restoring public trust are two grave concerns that face the finance sector currently.

As on today, conversational interfaces, a.k.a. chatbots are being increasingly relied on for top-notch customer experience. Through chatbots, companies are able to provide instant two-way conversations at scale. This is in contrast to mobile apps that require individual downloading and new learning and often results in app-fatigue.

Chatbots can easily address the frequently asked questions like:

  • Which mutual fund do I invest in?
  • What is my payoff?
  • How do I enroll for paperless statements?

Where does chatbot fit in the Finance Industry?

There are multitudes of simple queries that each customer has. The huge amount of questions make it impossible for the customer support team to attend to all the customers’ queries whenever they arise. This leads to increased turn-around time and impatient customers.

The unavailability of answers at the required time results in hampered customer experience. This hinders customer satisfaction and experience and is hurtful for your brand.

With chatbots, your business can address customer queries round the clock. A chatbot can take care of the generic queries thus taking away much of the workload from customer support teams. This way your customer support teams can focus on solving more complex problems of your customers that require human input.

Chatbots can also suggest various schemes relating to mutual funds, stocks, pension funds, insurances and more. Using user-authentication, chatbots can also provide information like their outstanding balance on a particular loan, documents required to invest in a particular fund, amount to be received on maturity, etc.

Using human handover, chatbots can even summon a human advisor in the conversation if the need arises. You can take the reigns from the chatbot when the customer asks for something your bot is not trained for.

A chatbot can generate more leads for you by interacting with your website visitors and at the same time capturing their information for you to get back to. The responses by your customers can be easily recorded in your database.

Here’s a glimpse of the conversation with a finance chatbot:

  • Hi there! Welcome to TopCorp Finances. What can I help you with?
  • I’m looking for the best mutual funds to invest in.
  • You are at the right place. What type of investments are you looking for?
  • I am looking for long term investment.
  • In order to offer you the best financial advice, I need a couple of details from you! Let’s start with your name.
  • My name is Sam Smith.
  • And what is your investment aim?
  • Retirement Planning
  • According to my calculations, it’d be best if you invest in either the Vanguard Fund Grow or the Franklin Frontline Equity. To go ahead with any one of these, you can either proceed online or get advising from one of our agents.
  • I’d like to get advising from an agent, please.
  • That’s great! Can I have your email and contact number so that our agent can get in touch with you?
  • Sure! You can reach me on +1–541–754–3010 and my email id is
  • Thank you, Sam. One of our agents will get in touch with you shortly to guide you during the financial journey.
  • Thanks!
  • Glad to assist you. Have a great day ahead!

Benefits of a Finance Chatbot:

1. Available 24*7

A chatbot is available round the clock for customers. This makes your brand accessible to the customers at their convenience.

“We think that you should just be able to message a business in the same way that you message a friend. You should get a quick response.
And it shouldn’t take your full attention like a phone call would.
And you shouldn’t have to install a new app.”
- Mark Zuckerberg, 2016

2. Multi-lingual

Chatbot can converse in the language that your customers speak in, furthering personalized experience for your customers and helping your business scale new markets.

3. Channel Agnostic

Not only your website, various other channels like your mobile application, Facebook Messenger, WhatsApp, Slack, Kik, etc. can support chatbots.

4. Increased efficiency

The overall and most important benefit of using chatbots is increased efficiency. Chatbots result in reduced turnaround time by providing quicker responses and working outside operational hours. Chatbots do not require coffee breaks too!

5. Personalized Experience

Chatbots provide the customer exactly what they are looking for by probing the visitor with a series of questions and offering relevant information in an interactive and user-friendly manner. This personalized experience makes your customer feel valued for and contributes to customer loyalty.

6. Better Time Management

With chatbots in place, you and your team will focus on a filtered, narrower and pre-qualified lead base. Chatbots interact with each potential lead in a personalized manner and save the collected information to a database.

You can access the database and have information about what the customer is looking for, prior to making that first consultation call. This way, you’re only concerned with closing the deal and not spending time prospecting or answering generic FAQs.

7. Direct Database entry

Chatbots can be easily connected with your database to feed the responses collected from the customers directly into your database or CRM, without needing your assistance.

8. Conversational Interface

Chatbots provide a conversational approach to businesses which makes them more approachable. According to a recent study, 53% of survey responders said that they are more likely to use a business if they offered customer service over chat.

It isn’t as easy as it seems to create a truly beneficial chatbot. It is important to design the chatbot such that it provides value to both the business and its customers. We, at WotNot, work with leading organizations from the finance space to develop valuable and scalable chatbots that work as personal assistants and solve varied customer problems instantly.

We also have a predefined Finance template where you can experience the chatbot for FREE. Take a minute and feel how you can access all the benefits listed above here.

Experience the bot before making a decision.