Browse Category by Fintech
Chatbots, Fintech, WhatsApp Business API, WhatsApp Commerce

Build A WhatsApp Chatbot For Fintech

With the evolution of AI and its implementation across various domains, chatbots have emerged as one of the most important tools to improve the user experience for businesses across the globe, including fintech. Like every other major sector of the economy, fintech is an area that is a big beneficiary of the boons of AI. A study conducted by Deloitte emphasised the importance of digitisation in the fintech sector as the industry continues to grow and embrace mobile-centric customer experiences.

A chatbot is a conversational computer program designed to interact with humans with several  input and output methods, like text, voice, touch, and gesture. Chatbots online have become a very common and in-demand function for websites, portals, and platforms in 2021.

So, how do chatbots work, and how can it boost conversational fintech capabilities? Let us understand all this and more.

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Fintech, Messaging API, Messaging Apps, WhatsApp Business API

Creating Frictionless No-app Journey For Fintech Companies

In the ever-changing and ever-evolving landscape of the digital world that we inhabit now, especially since the advent of COVID-19, most of our purchases, transactions, and other exchanges happen online or via a smartphone. Hence, it is crucial for an upcoming or even an established FinTech company to understand the changing consumer needs and behavior. As of today, India remains at the cusp of the FinTech revolution. In the average 20,000 startups mushrooming, 10,000 plus are only FinTech related. These changes have actually revolutionized the FinTech ecosystem.

The transition or transformation of financial processes from physical to digital media, and onto web and mobile apps has been fast. But within digital media itself, there is another transformation taking place. Beyond the era of the websites and apps, there is an emerging era of conversations and messaging. FinTech also is moving in this direction of going beyond the app and is sort of living in the messaging ecosystem.

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Conversational Messaging, Fintech

Role of conversational messaging in the Fintech industry

Financial technology or fintech is the program specifically designed for the financial industry to help them deliver superior customer support and service with the help of conversational messaging tools such as chatbots. Let us understand what these terms mean.

Conversational messaging is a new customer engagement paradigm that brings businesses and customers closer by enabling human-like conversations in commerce, marketing, and sales. This happens on messaging channels that customers are already comfortable with. Conversational messaging solves the problem of engaging meaningfully with customers in real-time with tools like chatbots. Chatbots are a form of artificial intelligence (AI) powered computer software programs. They assist in stimulating online chats via any platform they are embedded on, such as a website, messaging app, etc. They help customers with their queries by resolving them faster. Recent studies have shown that close to 85% of today’s consumers would like to get solutions via chatbots compared to visiting sites and scrolling for answers.

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Conversational AI, Fintech

Conversational AI is transforming the Fintech industry

The fintech industry has seen a drastic decrease in leads due to various reasons such as less employee productivity, an increase in online frauds, and obsolete cold-emailing. However, artificial intelligence (AI) has helped fintech businesses eliminate these issues at some level. But, still, something is lacking, and that’s the direct relationship between the consumers and the business with strong customer service.

With the boom of AI chatbots, this issue was majorly taken care of. However, not everybody has still understood how it could help the fintech industry.

Let’s see how AI chatbots have proved to become one of the most conventional ideas to boost the financial market.

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