Chatbots as part of seamless payments concept

Cash flows in the online sales segment are increasing year over year, in 2021 the projected figure will reach almost $4.9 trillion. Seamless financial services help banks compete for customers in the realities of the online marketplace by enabling one-click payments. The option of easy payments is becoming as basic to business as great service or quality merchandise. In this new blog, let’s look at how chatbots help improve the customer experience with banking systems.

The essence of seamless payments is to make instant payments without entering the user’s card data. This method significantly speeds up sales and makes it technically possible to transmit a dynamic code rather than cardholder information. Today’s shoppers are not willing to enter card data every time, so Google Pay and Apple Pay solutions improve the user experience and increase payment conversion. From the bank customer’s perspective, it looks like “selecting an item”, pressing the “pay” button, and the money is debited from the account.

With the development of IT technologies, chatbots have become the solution to many problems of the fintech sphere and banks in particular. Their main merits include reducing the number of users in physical queues and enabling secure payment and transfer transactions regardless of their location. The simplest example: a chatbot can pick up the information a customer needs or contact a bank employee to clarify an issue.

Automatic round-the-clock answers to customer questions are a significant advantage for the banks that use them because the ability to always stay in touch means being useful. Providing technical and other prompts by robots is becoming more and more relevant every day. Banking questions are often solved using standard templates, which means it can happen without human involvement and much faster. In addition, the chatbot is capable of handling several thousand requests from users at the same time. For example, in matters of security, account management, and transaction control.

The scope of application of chatbots in fintech for solving customer problems is quite wide. AI-based chatbots that can not only provide information but also analyze and predict user behavior to provide further hints are already being used. For example, helping users with financial planning. The functionality of chatbots even makes it possible to perform various banking transactions without human involvement, from regular payments to the issuance of virtual cards.

Financial management is also on the list of useful features of chatbots. Clients can quickly find out their account balance or transaction history, monitor their spending, and always have their budget information at their fingertips and control it. In addition, chatbots can provide investment tips, help assemble portfolios, and provide management advice.

Binance, the largest blockchain ecosystem, provides customers with solutions to issues in an online chat with an AI-powered bot. The robot offers solutions from those already prescribed earlier or waits for a question in the chat window. For a detailed consultation, users are asked to describe the issue in detail and attach screenshots. UK-based Revolut offers chatbot help in its Revolut Business app similarly. The chatbot can advise on choosing a solution from ready-made hints, show the necessary section from the knowledge base, or contact an operator for an alternative solution to the problem.

The future of financial technology depends on the speed, quality, and availability of services. These conditions are easily met by chatbots, the development of which is rapidly accelerating due to the introduction of AI technologies. The implementation of chatbots on different, user-friendly platforms allows banks to be always in touch and provide services around the clock. In turn, the data collected by chatbots provides the opportunity for companies to have a better understanding of customer interests. This approach is a challenge for all market players: to be customer-centric and take the lead in attracting new customers.