More and more financial institutions are using artificial intelligence (AI) to manage your money.
While it’s understandable how some of you may feel iffy about that sentence, the truth is, AI has made leaps and bounds in supporting banks and other financial institutions in functions like credit scoring, coming up with investment strategies and even fraud detection.
AI tools like robo-advisors provide automated, algorithmic investment services with minimal human supervision. A McKinsey report on AI in banking suggests that AI technologies can enhance bank revenues by enabling greater service personalisation for customers.
And as we’re heading into 2025, one big part of AI will continue to see growth in the finance industry – the AI chatbot.
Why AI Chatbots Makes (Money) Sense
AI chatbots are seeing heavy use in almost every industry, and the finance sector is no exception. By leveraging the natural language processing (NLP) and machine learning (ML) capabilities of AI chatbots, institutions can streamline banking functions and services, enhancing both operational efficiency and customer satisfaction. Here are some ways:
1. Address customer inquiries swiftly and accurately, providing information on accounts, transactions, bill payments, diverse payment methods, and financial education.
2. Assist with expense tracking, generating reports, and offering financial management advice, including savings tips and real-time alerts for balance changes and new offers.
3. Facilitate personal finance management by providing insights into spending behaviors, enabling expense monitoring, budget creation, and informed financial decision-making.
4. Offer timely reminders and notifications to help users maintain financial control and curb excessive spending by alerting them to approaching spending limits in specific categories.
5. Streamline bill payments through automated settlements, eliminating manual transactions and seamlessly integrating with various payment modes like credit cards, debit cards, and bank transfers.
6. Serve as informative resources for financial planning, assisting in creating personalized budget structures aligned with user income, expenses, and financial goals.
These are just some examples. But ultimately, the end result is that customers enjoy a 24/7 personalised service, leading to greater satisfaction, and companies enjoy tools that streamline their business efficiency.
AI Chatbots in Action
To gain a deeper understanding of the potential benefits, let’s delve into a few specific use cases.
Citi Bot SG from Citi
Existing on Facebook Messenger, Citi Bot SG provides 24/7 customer support for basic banking needs like checking balances and transaction history. It uses user feedback to improve its responses and minimize the need for human assistance.
Clari from TD Bank
This 24/7 in-app chatbot delivers instant answers to common banking questions, assists with tasks like transfers and bill payments, and helps you understand your spending habits by categorizing your transactions.
OCBC GPT from OCBC
OCBC Bank is the first Singaporean bank to roll out a generative AI chatbot to all 30,000 of its global employees. This chatbot, named “OCBC GPT,” is designed to assist employees with tasks like writing, research, and ideation. One of its key features include prioritising data security by keeping employee information within the bank. A successful pilot program with 1,000 employees showed a 50% increase in task completion speed.
AI Chatbots and the Future of Finance
AI chatbots are transforming the financial services industry by providing a range of benefits for both businesses and customers. They can handle customer inquiries, offer personalised financial advice, detect fraud, and streamline operations. For financial institutions, this translates to improved customer experience, increased efficiency, and enhanced data analysis. Customers benefit from 24/7 accessibility, personalised support, and improved security. While challenges like security, privacy, and regulatory compliance exist, the role of chatbots in finance is likely to expand as AI technology continues to evolve.
Be Right on the Money With Your Customer Service
Intercom is a customer service platform that taps on the power of AI to help businesses connect with their customers across various channels. And as Intercom’s Gold Partner, I Concept is excited to introduce you to their suite of AI-powered solutions. Intercom’s Fin chatbot, is among one of the standout AI chatbots for websites and other platforms, and its powerful tools can revolutionise your support operations and strengthen customer relationships. Boost your AI marketing and enjoy personalised engagement, efficient support, proactive assistance, and data-driven insights with Intercom’s AI-powered platform.
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