Role of chatbots in building personal wealth

By Swapnil
10 Min Read
Role of chatbots in building personal wealth 1


Chatbots are no longer the long gone annoying systems that offer the identical predefined answers, leaving you with the impression of a one-dimensional conversation.

Redefined by AI (Artificial Intelligence), they reach far beyond bots and act like quick digital assistants that engage and delight clients with a touch of a human-like interaction coupled with a personalized experience and a feeling of real-time experience.

It is not surprising that leading banks and financial services corporations worldwide are racing to maximize the output of AI-powered chatbot features for their wealth management.

According to The Financial Brand, AI can protect banking and wealth management more than USD 1 trillion by 2030. And the growth of bots is playing a crucial role here.

But a chatbot is not only about collecting money.

It is a useful technology solution that commercial service providers apply to offer exceptional client journeys with the help of fast responses, personalized service, 24/7 availability, meeting customers’ goals, and upgrading their wealth management.

We see an exploding number of chatbots around the globe. It is vital to present a bot solution in a crowded chatbot that brings the best out of the Human and AI worlds.

Let’s see which features can assist your chatbot in exceeding customer expectations, steering financial services to the next level.

Conversational UX

Conversational UX is a user experience that simulates a human conversation through simple language-based technology, such as chat, voice, and text.

The end goal is for the experience to seem like a natural chat between people, despite a bot being one of the parties. It should feel personal and add a sense of empathy.

The advantages of conversational UX are essential for financial services companies because it encourages client engagement and loyalty. Conversational UX makes clients feel that someone truly understands and appreciates them and reacts to their personal financial needs.

In other words, a well-created conversational UX is proficient in humanizing a bot. To succeed, a chatbot UX design strategy should allow functionalities, such as:

  • Managing complaints and queries from customers
  • Finding human assistance when the user requires more information
  • Measuring customer satisfaction to achieve further enhancements
  • Welcome message
  • Typing indicators
  • Avatars for devising a more friendly feeling

Omnichannel Experience

Your chatbot should be accessible across channels to engage clients wherever it is most suitable for them.

Today, the omnichannel feel is one of the most significant parts of any modern corporation – be it financial or retail. In the business industry, omnichannel capability guarantees banking without borders.

A self capable chatbot gives effortless interactions between your business and your clients, regardless of which channel they use.

For instance, your chatbot could be accessible via the following channels:

  • Skype
  • Facebook Messenger
  • Your website
  • Viber
  • Software Group’s Mobile Wallet or various other wallet solutions
  • Mobile banking apps, etc.
  • Clients need to be able to enjoy a related experience on all communication channels.

Personal Finance Assistance for wealth management

wealth management

Today’s banking clients demand comprehensive personal assistance, particularly when it comes to wealth management.

And chatbots, as interactive digital agents, are ideal for meeting these expectations.

From tracking daily expenses and checking accounts to giving investment advice, the latest chatbot should make you seem like you have a personal banker at your order anywhere and anytime.

The Business Wire writes that the global chatbot market is assumed to reach USD5.63 billion by 2023. This indicates an age of personal robot-advisors is beginning.

Here are some examples of personal finance chatbot features that assure a high-standard experience which is contextual, proactive, and personalized:

  • Account balance check
  • Spending analysis
  • Mini statement
  • Inline credit scores
  • Updates on fiscal health indicators
  • Product clarifications
  • ATM locator
  • Extracting information for bills and other services from third party systems

Lead Generation and Cross-Selling Activities

Let’s say somebody visits your website and is welcomed with a warm ‘Hello! Welcome to <your site>. How can we assist you today?’ Then the person is prompted to ask questions about your products and is encouraged in the right direction.

This type of engagement could end in the purchase of a new service or opening of a bank account.

A chatbot can be programmed to answer particular questions, to automate the primary interaction with prospects, to make appropriate product offers, and new chatbot selling tactics.

Your chatbot can accumulate marketing leads, unlock new upselling and cross-selling possibilities, and assist you in selling everything from life insurance services to credit cards and overdrafts.

Automated Loan Assistance

A chatbot can help clients navigate your website and assist them in applying for a new loan by filling specific and straightforward queries.

What’s more, an advanced financial chatbot can manage loan applications and automatically reply to loan inquiries. In this way, it offers loan origination seamless and user-friendly at a lowered service cost.

Also, as a digital companion, the bot can deliver clients monthly loan statements and payment notices.

Here is a list of chatbot characteristics for automated loan assistance:

  • Loan initiation
  • Loan inquiries
  • Integration with core banking regularities, loan application and loan management software
  • Payment reminders
  • Monthly statements

Data Privacy and Security

wealth management

Data privacy and security are the topmost priority for any business. However, when it comes to banks and commercial service providers, your whole status may depend on it.

Usually, chatbots in wealth management manage sensitive data, such as credit/debit card information, bank accounts, and others.

By giving a conversational experience across various channels, chatbots could be engaging targets for hacker exploitation.

Therefore, your chatbot’s design must have built-in safety measures from the onset, complying with safety requirements across varied communication and terrestrial channels.

Some of the most useful practices that ensure a secure chatbot solution are:

  • End-to-end encryption
  • Secure protocols such as HTTPS
  • Client authentication and user identity
  • Defence against malware or varied distributed denial of services (DDOS)

Bot Analytics & Reporting

Do you know how swiftly and how effectively your bot solves customer queries? You need to continuously analyze, measure, and refine your chatbot’s performance and plan to succeed.

Therefore, a chatbot should present an analytics dashboard, assisting you to monitor its course over time for vital statistics.

Analytics enables financial organizations to track and notify the chats’ efficiency, develop a deeper understanding of customers, and operate on data in real-time.

Fundamental chatbot metrics to monitor:

  • Total clients, active clients, new clients
  • Customer satisfaction ratings
  • Feedback submissions
  • Response time
  • The number of chat connections and chat duration
  • The number of unanswered chats
  • Chatbot fallback responses
  • Retention rate
  • The channels where users come from

Seamless CRM Integration 

wealth management

Integrations are a significant part of a successful chatbot marketing plan. Your chatbot should effortlessly combine with leading CRM systems and marketing apps, at best – code-free.

CRM integration allows consistent cross-channel client relationship management, helping you improve customer retention.

A chatbot platform that secures easy integration with your systems of record (ERP, CRM, etc.) enables instant access to accurate data at the right moment, saving time for employees and clients while creating gains that scale.

Rich Messaging 

Rich messaging is a collection of chatbot features that enable users to view interactive elements such as emoticons, images, cards, videos, buttons, etc.

And while this unavoidably increases the visual charm of your bot, rich media also make the bot pleasant and expressive and hold the user engaged.

Moreover, a chatbot portrays your brand and improves your digital marketing efforts. Every phase of the chat solution should assure a great user experience that stimulates pleasant emotions and attitudes towards handling the bot.

Multi-language Conversation

Your bot should be ready to engage your clients over any channel and device and in varied languages.

This characteristic makes your bot a lot more accessible and sophisticated and presents you with a definite competitive edge.

Having a bot available to chat with new clients in their native language enables you to reach a bigger audience, prevents customer frustration, and builds customer satisfaction.

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