The world of fintech has brought about a digital transformation in the financial services sector. Financial services firms that leverage new technologies and invest in innovation have been able to retain their customer base, as well as expand their customer base by appealing to millennials, Gen Z, and other tech-savvy consumers. With the use of artificial intelligence and chatbots, financial services firms are now looking at ways to make their interactions with customers more personal and frictionless. In this blog post, we’ll discuss why you should build a financial service chatbot and which tools you can use to get started building one.
Why build a Financial Service Chatbot?
Even though the term ‘chatbot’ is relatively new, the concept behind it isn’t. Financial services firms have been using call centre representatives and other customer-facing agents to provide customer service and sales assistance. Nowadays, financial services firms are looking to incorporate artificial intelligence and chatbots into their operations as a smarter alternative to live interactions with customers. As chatbots are automated computer programs, they can respond to inquiries 24/7 and provide consistent, error-free assistance to customers. Chatbots can also process large amounts of data and provide personalized assistance based on that data. Furthermore, the use of chatbots can help you reduce your customer service budget and improve your customer satisfaction rate.
Tools to build a Financial Service Chatbot
Now that we’ve established why you should build a financial service chatbot, it’s time to choose the right tools that can help you get started with the process. – Bot development platforms – If you’re looking for a tool that lets you build a bot from scratch, then you should choose a bot development platform. These platforms allow you to create conversational experiences powered by artificial intelligence. – Natural language processing and artificial intelligence libraries – If you’re looking for a tool that lets you plug in and build a bot without any coding, then you should choose a natural language processing and artificial intelligence library. These libraries are built-in features of bot development platforms that allow you to build smarter bots. – Artificial intelligence integration platforms – If you want a solution that allows you to connect live data to your bot, then you should choose an artificial intelligence integration platform. By choosing this solution, you’ll be able to plug in your existing data and connect it to your bot.
– Microsoft Bot Framework – This platform lets you build intelligent, enterprise-grade bots for a variety of channels, including SMS, Cortana, Office 365, and more. You can use this platform to build conversational user experiences that respond to spoken, typed, or visual user input and can be integrated with other applications. – Amazon Lex – If you’re looking for a solution that’s easy to use and works out of the box, then Amazon Lex is the platform for you. You can use this platform to build conversational interfaces that integrate with your existing application and use your existing Amazon Web Services account. – Dialogflow – If you want to build an intelligent bot that responds to voice and text, then Dialogflow is the right platform for you. You can use this platform to build chatbots for multiple channels, including Slack, Google Assistant, and Facebook Messenger. – IBM Cloud and Watson Conversation – If you’re looking for a solution that lets you build intelligent bots in your language, then IBM Cloud and Watson Conversation is the platform for you. You can use this platform to build a bot that can respond to multiple channels and connect to your existing data.
– Dialogflow – This tool lets you build conversational interfaces for your website or app with pre-built integrations for Google Assistant, Facebook Messenger, and a variety of other channels. – Bot Builder – If you’re looking for a solution that allows you to build a chatbot with no coding required, then Bot Builder is the right tool for you. This tool is designed for marketers and allows you to build chatbots with pre-built flows and prompt templates. – IBM Watson Conversation – If you want to build a custom AI model for your chatbot, then IBM Watson Conversation is the right tool for you. This tool lets you add your data to build a custom model and train it to respond to new data.
Chatbots have become an essential part of modern life and are expected to continue growing in popularity. As the use of chatbots grows, the need for companies to implement them also grows. We’ve discussed why you should build a financial service chatbot and have outlined the best tools that can help you get started with the process. Now it’s up to you to choose the right tool for your business and start building an intelligent bot that can help improve your customer service experience. See our posts on chatbot for issue resolution if you want to get more insight on the different chatbot use cases.