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Chatbots ─ you can`t miss them nowadays. You can find them in all the major companies, and small businesses, as well ─ from freelancers to writers ─ they all have one.

If you have never used one, you will probably say, “Okay, what`s so great about it, as chatbots are just an answering service.”

That’s not entirely true, as they do a lot more and it’s not surprising that banks also use them.

Being so adaptable and helpful, I can`t ask if chatbots are Millennials next best friends? Probably, they are.

Chatbots do what they do best ─ they offer solutions to your questions and problems, and they are free, helpful and online 24/7.

Conversational Banking Where Chatbots Take Over

Yes, they have taken over.

Many major banks all over the world have implemented chatbots into their service. It was a big step for the financial sector to let this technology take over.

What chatbots in banking do is that they can give you real-time updates of the stock exchange by sending you push notifications, Facebook Messages or an SMS.

Also, you know when you are in a hurry, and you can`t spot an ATM because it is well hidden? Thankfully, chatbots can find and locate ATMs according to your current location and preference.

Chatbots Can Open You a Savings Account. . . No Problem

Maybe you didn`t know, but a banking chatbot can help you to open a savings account too. With just a few clicks, you can have that ready in a few minutes, without living your home or office to go to the bank.

Chatbots were mainly developed for customer support, so it wasn`t strange at all when banks added them to their customer service. When people call customer service at the bank, they are usually calling to check their account, open an account, change their address and to know their FICO score.

If you were waiting for service in any bank, you would have to wait for a few minutes (40 minutes) in line to get this information. On the other hand, chatbots can give you that in a few minutes.

One major bank in the US developed a chatbot that is giving financial advice to its clients. By reviewing your purchase history and cash flow, the chatbot is making a detailed analysis and giving you free financial advice. You have to respect that.

The Future of Chatbots and Business

Chatbots are really taking off; now you can use your cell phone and find your chatbot to send money. Many banks have this option, and more will be adding it, as it`s convenient for the user, and of course, for the bank.

Even though chatbots have many benefits of using them in the banking sector, we have to think about the most important one – fraud.

Your banking chatbot can send you a notification if something suspicious is happening to your account. Let`s say that you haven`t used your credit card in a while and after seeing activity to your account, the chatbot will send you a notification and ask for authorization or if it was you who was using the credit card.

Shortly, we will all have a personal banking chatbot.

Final Thoughts

Technology is moving forward, and so are we.

Chatbots are becoming a big part of our lives, as they are everywhere and helping us with everything. Having a chatbot that can give you financial advice, open an account and give the information you need is just the beginning.

We will see more of this coming soon.

To get started with building a chatbot for your business, visit us at ChattyPeople today. It’s free to build your bot, no coding is required, and we are there to help with each step.

Register today!


Posted by Maya S.