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Chatbots For Financial Processes

Financial processes are increasingly interconnected with chatbots and Artificial Intelligence. Not only due to the Sars Covid-19 pandemic but also more common communication conditions have allowed public and private companies to interface with user needs quickly. The automation of processes that can be obtained from chatbots makes this tool extremely versatile, guaranteeing companies careful management of their financial income and expenditure monitoring strategies.

Chatbots: What It Is

To understand the uses of a chatbot for financial processes, it is appropriate to define it. The term chatbot identifies software that can process and simulate human conversations, whether written or spoken, allowing the user to interact quickly with digital tools, finding very few differences from communicating with a real assistant. The chatbot can be rudimentary software, capable of performing only essential functions, or advanced and guarantee interaction with Artificial Intelligence. In the financial sphere, they are used for their versatility since they can be used 24 hours a day, seven days a week, and provide helpful information concisely, in compliance with the reference regulations.

Chatbots: Uses For Financial Processes

Restricting the use of the chatbot in the financial sector is interesting how this can be implemented in different conditions, mainly: onboarding, customer service, transactions, financial advice, sales, fraud, hiring and internal operations management.


Chatbots can be used to improve the onboarding process approach. This tool ensures the availability and uploading of the required financial documents directly from the reference platform, eliminating a real assistant. Added to this function is the ability to send the contract for review, reminding users to sign it on time. A chatbot can help in configuring and exploring a new account, automating all these processes usually bound to the canonical working hours. The onboarding operations are also completed by the information relating to the reviews of new customers after having interfaced with the bot and evaluating its capabilities and effectiveness.

Customer Care

One of the most common uses of the chatbot is to improve customer service. The most important work activities, such as medical or banking services, implement a chatbot system to guarantee their users concrete support. Among the characteristics of a chatbot is that it can be used 24 hours a day, offering users maximum availability anywhere in the world. The chatbot allows you to answer the most frequently asked questions and provide answers consistent with the topics of interest. By activating a chatbot, users can obtain the security of their data and chat without fear of losing sensitive data.


Among the most exciting uses of chatbots is the ability to make transfers between accounts and carry out financial transactions. By asking who should be the transaction recipient, the bot will ask for the IBAN code and forward the request to the bank. But in addition to the provision of everyday transactions, the chatbot can also initiate the operations of:

  1. Reporting a missing credit card or an unauthorized transaction.
  2. Changing an account password.
  3. Changing financial limits and requesting a private loan.

Financial Advice

The exponential growth of using chatbots within a context related to financial processes is given by the ability to provide financial advice. Plan monthly spending and recommended savings plans are two of the functions used by users; the financial advice also extends to the bank balance and tax and insurance advice. The most advanced bots can also be programmed to send notifications, reminding the user to perform a specific action, such as to top up credit or to have exceeded the maximum withdrawal limit.


Another use of chatbots for financial processes is cross-selling. Companies that manage the financial aspects of users in the best possible way can guarantee different services and products related to this area, such as loans, insurance, mortgages, asset management, investments and so on. Chatbots can assess consumers’ needs during written or spoken dialogue, offering promotions and solutions tailored to their needs.


The implementation of chatbots helps prevent fraud because they record conversations using the NLU language, determining fraudulent or suspicious behavior quickly so that the account owner is informed as soon as possible. Bot conversations can also identify the strategies used by bad actors and protect your business by preventing possible future attacks.


The most innovative companies also use chatbots for employee recruitment. Communication via chat allows potential employees to ask questions about the company mission and define internal regulations and procedures to follow. With the chatbot, it is also possible to obtain graphics, videos, photos and valuable material for orientation, facilitating approaching the work of the interested subject. Taking advantage of the most advanced chatbots, it is possible to modify and create company account passwords, managing recruitments promptly.

Internal Operations Management

Each company is burdened with several internal figures, such as financial advisors or bank personnel. This condition could put employees who do not have specific skills in an uncomfortable position. Chatbots can help employees obtain helpful information to understand internal policies and regulations, all the details of the company’s financial services and forecasts on the client’s financial condition.

Chatbots: The Implementation Of Artificial Intelligence

Technological evolution has radically transformed the use of chatbots. If, until a few years ago, this tool was the most straightforward answer to customer questions, setting considerable limits to the arguments, currently, a careless user may not notice the difference between a virtual assistant and a real one. This condition is due to the implementation of Artificial Intelligence within chatbot programming software. AI can adapt to user needs, evaluating information in real-time and adjusting responses as needed. An interaction of this type makes it possible to obtain greater effectiveness in the answers and predict future questions. Artificial Intelligence also improves aspects related to automation, as it can analyze, monitor and decide the most appropriate solutions to apply.

Chatbots: The Benefits For Companies

The application of chatbots for financial processes can guarantee various advantages, but which are the ones companies look for the most? In many cases, one is led to think that the simplest chatbots could be more functional to the needs of one’s company. In reality, even a not-too-advanced tool allows you to obtain concrete benefits.

Speeding Up Flows

Automating financial processes is now a standard both for companies and users who are constantly looking for smart services. Speeding up financial flows, whether linked to a simple bank balance check or more complex mortgage advice, makes the interaction process very simple and convenient. By 2022, automation via chatbots of 90% is expected, a percentage value that highlights how it has now become a standard for all companies that want to guarantee an effective and optimized service.

Customer Service

One of the most significant benefits of using chatbots is customer interaction. Developing quality customer support allows not only to solve the most common problems quickly but also to increase the reputation of the company itself. Solving a problem by simply chatting with a bot, reducing waiting times for a possible actual operator, makes the user experience much more comfortable.


There is no doubt that chatbots are the ideal solution for companies that want to manage financial processes throughout the day. Although you can also schedule chats with the bot at certain times, exploiting its use 24 hours a day guarantees many more advantages. The user can solve his doubts about himself at any time of the day, freeing himself from the canonical working hours.

Brand Reputation

The implementation of a chatbot system gives the company greater flexibility towards customers. This flexibility is a positive idea for ​​the reference company, significantly improving its brand reputation. Solving your problem quickly and using only chatbots leads users to direct and indirect advertising with other potential customers. In addition to retaining those who already have an account at your service, it can lead many others to subscribe to or try that brand.


A benefit to being considered in using chatbots is the cost of integrating them into your business system. Chatbots in finance generate much more profit than investment costs and can be scalable according to the needs of those who use this technology. When digital transformation is increasingly relevant, cutting costs is essential to optimize available resources.


If using chatbots for financial processes is an advantage for companies, understanding the quality of the company’s digital infrastructure is even more so. Implementing chatbots in a company with an inadequate infrastructure will complicate the approach.

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