All of us have an insight that gives us or at least make us imagine a future that is considered to be impossible currently. This is what was thought when the automated chatbots were being planned to be installed on our devices. In fact, we are now living in an era and already blessed with chatbots that control half of our life! Be it Siri or our very own Google Voice Assistant, they got our back for making our lives faster and simpler.
With the hype on chatbots coming preinstalled in most of the apps and devices, it gets more important for chatbots to be supported in the financial industry as well. There are people working on it and it is almost processed with many features that could be surprisingly efficient for this industry.
Well, obviously a human being cannot work as fast and efficiently as a machine could. Therefore, it is not hard to believe that chatbots got a capability to rule over us in the next few years. The capability of chatbots makes it even more reliable for the financial industry that needs the most managing instructions as compared to any other industry. Even on a small scale, chatbots can help every individual and assist them with the funds in a much better way that any human could!
Chatbots to our rescue! Their pivotal role in managing finances!
Chatbots got many features that could be of help to us in near future or maybe tomorrow! Let’s have a brief look at the features and capabilities that chatbots have over humans.
Organising personal finances
We always work too hard to make our funds to be used wisely and to be spent on the right thing at the right time. Many banks have provided chatbots to get all the information about the accounts in one place. These features include the money spent, time left to pay off the loan and keeping a track of all the assets in real time.
It would be quite feasible for the users if they had a chatbot at every end to make the users get cleared about all the queries immediately.
Regulating expenses and keeping us alert
They are many banks which provide an app to keep a track on all the expenses incurred by a user and in turn, keeps them aware about it too. A user can have an access to all this information by just making an account on the app of the concerned bank and log in from their account with all the details to be able to see all the transactions. The position to access the details one can also easily ask the bot to provide the information.
Tracking of business activities and expenses incurred
Every business has a certain amount of expense to be incurred. It could either be loan or taxes that needed to be paid on a regular/monthly basis. It is not necessary to have a different account to handle this kind of transactions. One can handle all these transactions by making a different space and portions for the business expenses. This information could also be reached by asking a chatbot to show a certain type of information.
Carrying out daily online transactions
In our too much-digitalized era, there are plenty of online transactions that we make daily. It could be restaurant bills, electricity bills, shopping at outlets and buying stuff from the grocery stores. Now, to handle so many transactions we got a chatbot always at our back! You can just directly ask the chatbot to send money to someone without making the transaction on your own.
Why are chatbots helpful for integrating activities?
Chatbots are more than what it seems. Once the function of a chatbot is attached properly with the app, customers and users can get a 24-hour assistance without waiting for a human assistant to clear their query.
A chatbot has a better understanding of the query that would be asked by the user or the customer. So, it would be easier for the customer to have desired help and reply from the chatbot as compared to a human assistant.
More to the story!
Just by adding a feature of chatbot in the app is not at all going to help the customer and the financial systems and business to grow. There are a need and steps that require consistent consideration on keeping the customer’s experience to the highest level.
First and the foremost step to be taken into consideration are to stay aware of the trends in the market and to understand both, the challenges and threats using chatbots in the business.
Secondly, objectives that are decided are needed to be verified and are to be tested on the regular basis to make the system of chatbot secure and feasible to be used by the users.
Last but not least, it is important to stay stick to the plan and be continuous in the cycle of the above steps being followed!
Over to you…
Chatbots have various features and could be used to assist customers in various industries. Ultimately it is the customers that are needed to be satisfied with utmost and quality experience. We would love to know your thoughts about bots at your services. Also, you may drop your queries!
Mehta is a Content Lead at SoluLab, a leading
Enterprise Blockchain, Enterprise Mobile Applications and Web development
company, started by ex-vice president of Goldman Sachs and
ex-principal software architect of Citrix. SoluLab Inc provides full spectrum,
360-degree services to enterprises, startups and entrepreneurs helping turn
their dreams into awesome software products.