According to Gartner’s prediction by 2020, consumers will manage their 85% of the relationships with the enterprise without interacting with a human. implementation now. ChatBots are software programs that are present in our messaging apps to perform different tasks. Fintech companies have already started their path towards this trend. As Bots can be programmed for virtually anything, it would be possible for financial service organizations to build a financial advisor, broker, investment manager and virtually any other bot.
Chatbots/ Virtual Assistants are going to change the way we live radically. Banks and Fintech have ample opportunities in developing bots for reducing their costs as well as human errors. Chatbots can work for customer’s convenience, managing multiple accounts, directly checking their bank balance and expenses on particular things. Customers can do payments and automated transactions directly through a Chatbot without downloading any App. With the rising bars of customer expectations, there is a need for faster, highly personalized and safer solutions in finance management. A personal virtual assistant which is just one message away has the potential to be the most favored way of accessing data on personal finances and information on financial products.