As the banks keep looking for innovative ways to improve customer services, AI continues taking center stage. Artificial Intelligence has been a tremendous tool for fintech. One of the most prominent trends in 2023 has been chatbots. These have gained popularity, especially since they are associated with improved efficiency.
While there are chatbots that anyone can use, customization is the future. It allows banks and other financial institutions to better provide services. A custom AI assistant that could be also powered by Chat GPT is the next big thing for the niche. Let’s check and understand what this tool is all about and how it can improve financial services!
How does it work?
Chatbots have gained a lot of popularity over the past few years. Actually, the market is expected to reach 6.83 billion US dollars by 2030 according to the NMSC reports. Compared with 2019, the global chatbot market in financial services was valued at $586 million U.S. dollars but with a substantial growth, the market is reaching new heights every year. This is more than double its current value. Unlike regular chatbots, AI-powered assistants can go beyond basic questions.
AI assistants provide detailed responses with a personal touch. They are essentially similar to human assistants. These bots can provide quick responses, thereby allowing customers to have appropriate solutions on time.
Personalization
Assistants enhanced by Chat GPT use a large amount of data to provide personalized responses. Personalization of services has been shown to increase profits by 5-15%. So it should always be a priority for financial institutions. The models are not only fed with data but are also able to learn new things through ML.
This enables the assistants to pick up things such as emotions that make them more empathic. This makes interaction more interesting for customers. They are not limited to what questions to ask. Also because of the vast access to data, it is easy for AI assistants to provide accurate answers.
Accurate data
Different types of assistants are available. Most can be integrated with other software. Connection with API also allows you to access data in real-time. As the bots are working to help customers, they will respond with the most accurate real-time data.
An AI assistant is not limited to sending messages or answering customer queries. They can also:
- Set up appointments
- Offer advise
- Arrange meetings
- Access data and more
Because of this, you can also add them into employee software. In doing so, it creates more efficiency. You can enhance your support, improve services and make analysis of accurate data.
Choosing an AI assistant
There are many options for fintech AI-powered assistants. Making the right pick can have a huge influence on the results. Here are some things to consider before making a choice. The assistant you use should be able to provide all of the following.
Case analysis
The needs of various fintech companies may vary. So you need to understand first why your company needs a custom AI assistant. The providing company should be able to perform an analysis to determine what would work best for you. This is a great way of ensuring that you get the services that your company needs.
Training
Equipping your team with adequate training enhances results. This allows your team to gain the necessary skills to work with AI assistants. Things that employees may need to learn include:
- Case uses
- Writing prompts
- Predict trends
- Enhance security
- Risk management
This will speed up the process of incorporating this value tool into your company. This is a continuous process. So employees will have to continue learning to keep up with any new changes in software.
Integration
After analyzing your unique business needs, you can integrate an AI assistant with your current tech stack. Customization allows you to maintain a smooth workflow with the new addition. This also ensures that you maintain communication without any disruptions that integrations may face.
In this way, you avoid jumping from one solution to another as everything works seamlessly together. The assistant can even take over the role of other software therefore allowing you to cut on expenses.
Monitoring
Once it has been integrated with other software, all you have to do is monitor performance. Because AI assistants powered by ChatGPT can continue learning, you can always update. This allows you to keep track of the latest changes and thus maximize performance.
Monitoring is also a great way to determine if the custom AI assistant is working well for a company. If it’s not, then some changes may be required to enhance performance. This ensures you get the best quality when working with an individual AI assistant.
Use cases
The costs of AI assistants vary from different companies, requirements and needs. Also, the size of your company whether it is a huge organization or a startup will affect the overall costs. That is because it is directly related to how many customers you deal with daily and including other parameters.
There are so many ways that fintech companies can use a custom AI assistant. Here are some potential uses:
- Extension of support team and staff support
- Providing a user-friendly customer experience
- Maintaining consistency across the board
- Boosting personalized customer services
- Management of accounts with accurate commands
Final thoughts
AI-powered assistants, especially the ones powered with ChatGPT are a great addition to the tech stack of any fintech company. These provide a better way for companies to improve customer service. They allow you to offer personalized services, ensuring that customers are attended to at any time. With 24/7 support, all queries are resolved without delay.
Additionally, customers don’t have to feel like they are interacting with a chatbot. That is because AI tries to emulate human assistants. Users will get specific responses. As there is automation of many services, employees can focus on other important tasks thus increasing productivity. So it is safe to say that this is a trend here to stay. Investing in a custom AI assistant offers many advantages for fintech. Not only does it lead to efficiency but is also a cost-effective solution.
