How is conversational AI impacting the finance industry?

This article was originally published in the neurotech Africa blog.

The evolution of technology continues to spread across multiple industries, the finance industry can't be left behind when the list of industries experiencing immense transformation every now and then because is one of the important segments of the economy.

About Finance industry

The finance sector is wide and constitutes at least 20% of the global economy and the impact of this sector on economic growth is significant.

According to the finance and development department of the International Monetary Fund, financial services are the processes by which consumers or businesses acquire financial goods. For example, a payment system provider offers a financial service when it accepts and transfers funds between payers and recipients. This includes accounts settled through credit and debit cards, checks, and electronic funds transfers.

In developing countries, fin-tech firms are gaining prominence, aided by the rise of digital public goods and currencies. Migrating to online and mobile services will remain a priority for financial firms way to a cashless economy and financial services companies like banks, Tax, and accounting services and insurances will need to complete with emergent financial firms. Building internal services can be the best option for large companies but not all of them and every solution, speaking of small to medium microfinance the best way to migrate is by outsourcing to companies with the best talents to build solutions to meet the demand of the digital economy.

Conversational AI use cases in the Finance industry:

Conversational AI is one of the essential boosts in the Finance sector from sales, marketing, and customer services. Conversational AI solutions allow smooth customer services management both fast and efficiently, the essential advantage of this technology is to act as a listening channel and better understanding of your customers.

Collective way of understanding which product is performing better, how the customer views your services, what they don’t like what they like, feedback, and suggestions to work on. All of these pieces of information are the potential to improve your business by transforming services in a personalized way, and recommendations of new services or products will help customers to get better service according to what they utilize.

In fact, conversational AI solutions help businesses to reduce operational costs by improving the efficiency of their service, minimizing human error, and resolving customer queries quicker.

Benefits of conversational AI solution

What are the use cases of conversational AI in the finance industry?

• Manage payments and transactions:- On a regular, people have to clear bills, pay businesses, shop online, or perform any kind of online transaction. A conversation AI can help the user make and track these payments. Clearing payments can often be urgent and time-bound. More often than not, in such cases, switching platforms to complete transactions can be inconvenient. But with an omnichannel conversational AI, your customers can make payments right where they are, and avoid any delays!
• Leads generation:- Conversational AI solutions have no match when interaction comes to play. They can interact with customers for the first time and understand their needs and sentiments behind the conversation. This, very human interaction, can help banks acquire new customers and also get their personal details. These details are then transferred to the sales team for taking the conversation forward.
• Resolve common and repetitive inquiries:- Some repetitive activities are really boring, there are some questions that most of your users likely ask frequently such as "how do I restore unsuccessful transaction?", "What are the steps to follow to get a loan? ", "what is the status of my loan application?", etc Instead of customers going through a long list of frequently asked questions, a conversational AI solution can handle this with instant reply.
• Easy document collection and sharing:- Assume your customer wants to apply for a new loan but keeps getting sent back from the bank each time because of new inconsistencies in verification very annoying, right? Nobody can be happy with this situation neither your customer nor you. This is a pretty common scene to witness in a bank. This happens mostly because of a lack of knowledge and awareness on the customer’s front. However, form filling, document collection, and verification are common conversational AI use cases in banking and insurance.
• Locate nearest service providers:- This may include ATMs, agents, and branches. Assume you're new in the city and you need to find a certain bank branch or even an ATM instead of asking multiple people, a conversational AI solution with geolocation of all your businesses can help your customer easier to navigate to the nearest service provider.
• Feedback collections:- Customers would love to give feedback and reviews if their hard-earned money or other services is taken care of by the banks or insurance company. These reviews can be collected by the banking conversational AI, instead of using the long survey forms, banks can now integrate chatbots on their websites and apps for collecting feedback and reviews.
• Handling suspicious activities:- Security and data privacy concerns any business. But for banks and financial organizations, their reputation relies on it. conversation AI solutions can effectively monitor and recognize the warning signs of fraudulent activity and issue alerts directly to the customer and the bank.

Conversational AI solution by Neurotech

Neurotech we are an AI company that builds solutions for businesses currently we do develop conversational AI for business needs which are controlled by our internal engine goes by the name Sarufi. We offer custom solutions to fit various business needs.

Why it is useful?

Our conversational ai solutions can provide seamless customer support across multiple platforms, enabling you to offer a more personalized, contextual service to customers, and you can explore more from here.  Our solutions ****are developed in such a way that can understand the contextual meaning of the interaction or conversation with targeted audiences, Our custom chatbots can be deployed on social media platforms like Whatsapp, Facebook, Instagram, and Telegram. This depends on what our customers need.

Currently, our solutions can work in two languages only Swahili and English, it can help out your business with customer support, locate near service providers, save on labor costs and instead pay fewer support employees fair wages without being stretched to support a large staff, increase revenue and build opportunities with every customer interaction note that 😊.

Final thoughts

Businesses should consider focusing on business needs not on technology in fact the aim is to earn more and make sure things are moving in the right direction. Technology advancing at a rapid pace which sometimes may be confusing. Executives and business professionals may find that their decisions are lagging behind the rapidly growing technology like conversational AI, blockchain, data analysis, etc. This misunderstanding may lead to consuming non-actionable insights into your business operations and this can be stressful and overwhelming to your customers.

To avoid that mistake and overloading customers with unnecessary information, executives should get close to technology experts to clearly understand what can be solved based on their needs with only actionable insights, this will help to avoid unnecessary costs and expectations on something that can’t work on your business.

Get in touch with Neurotech’s team to discover how you can benefit from our conversational solutions to boost your business, we do consultations on best practices for using data insights to address your business needs.

Find the needs of your business, build solutions don’t implement something simply because ABC company has implemented it, and do something that is potential for your business growth.