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AI Chatbots in FinTech: From Capital Management To Financial Advisory

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Artur Serdiuk
Junior Marketing Manager

A big fan of sports and marketing data.

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It is long past the time when we had to go to a brick-and-mortar bank or other financial institution to perform any business transaction. Payments, credits, insurance, access to financial data – all of this can now be processed in a matter of seconds and accessed online from anywhere in the world. Thanks to chatbots, we can buy tickets to any country or pay for utilities through popular messengers. In most banks and finance companies that leverage the power of AI, robo-advisors and voice assistants can walk us through the whole process, help place an order or inquiry, track down your transaction as well as calculate and verify your creditworthiness, etc.

According to research by Gartner, by 2020, 85% of all supplier dialogues with customers will be held without live contact. So the trend towards the increased introduction of chatting technologies in the financial sector is quite natural.

Let’s see how Ai chatbots affect different areas of the finance and banking industry.

Capital management

Investment management used to be a complicated, multi-level process that required at least personal communication with a financial services provider or a bank. But new technologies have changed this area significantly. Let’s take Cleo, an AI pal that looks after your money, as an example. This chatbot connects your bank cards to your messenger of choice through which you can pay bills, transfer money, and perform other instantaneous transactions. What is more, Cleo can help us plan budget, save money, and track every single spending.

Financial advisory

If we look at the United States, the popularity of virtual assistants in the financial sector grows every month: according to the official estimates, more than 100,000 chatbots have already been created. Among them are unique bots called financial robo-advisors: examples are Plum and FinChatBot. The main goal of such chatbots is financial consulting. They instantly connect to the client’s financial transactions database, review statistics and analyze the cash flow on the customer account, and then prepare a unique value proposition that will help you save a certain amount of money, or urgently replenish the savings account.

Another example is Letstock that is based on Facebook Messenger. You can use it to find out the current stock value by asking a question in writing or verbally such as “What is the current value of Apple, Inc.?” It also allows for tracking cryptocurrency prices and using other investor tools to foster informed decision making.

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The rapid evolution of semantic and progressive web technologies such as machine/deep learning (ML/DL) and natural language processing (NLP) allow for adding a layer of a recommendation model that empowers financial advisory based on the transactions that occur between the human user and the algorithm.

An example of this AI-driven FinTech application is a virtual assistant Ella by Sun Life that allows users to stay on top of their insurance plans. The assistant sends users data-based reminders such as “Your wellness benefits are about to expire” or “Your child will be off benefits soon.”

Payments and money transfer

Eno by Capital One is a bot that allows customers to correspond with the bank and pay their bills instantly, as well as receive information about their currency balance. In addition, by using this bot, you can go shopping without your credit cards. Eno creates unique virtual card numbers for each merchant site right from your browser.

“Chatbots will be responsible for cost savings of over $8 billion per annum by 2022, up from $20 million in 2017.“ Juniper

Eno offers an unprecedented money protection feature: each time the bot spots suspicious or unusual activity such as duplicate charges or generous tips, it gives you a heads up through automated alerts and makes you aware of the possible fraud.

Messengers such as WhatsApp, Viber, Facebook or Telegram have now become a full-fledged platform for processing money payments and financial transfers. For instance, a conversational AI platform Kasisto has launched a unique product for the banking and finance industry – sensor-based chatting technologies. Bots and virtual consultants from Kasisto can now be used by financiers and analysts from all over the world. This trend is facilitated by a multinational language platform, excellent technical functionality, and a relatively simple user interface.

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