The Future of Artificial Intelligence in FinTech: AI Voicebot

Conversational Artificial Intelligence in FinTech – AI Voicebots 

FinTech, the technological branch of the financial industry, is leading a spectacular revolution. At the center of these changes is the customer, who now plays a key role. According to a report by Plaid, the average user utilizes 3-4 FinTech applications, highlighting the growing acceptance and trust in financial technologies. This sector is decisively moving towards improving user-oriented metrics such as accessibility, convenience and satisfaction. Moreover, thanks to advanced FinTech solutions, companies can better meet their customers’ needs by offering modern, secure and convenient financial services, primarily through artificial intelligence and AI voicebots. 

So many benefits, and just one artificial intelligence in banking and finance 

9 out of 10 customers want a seamless, omnichannel communication system in customer service centers and hotlines, with greater use of chats and phone calls. However, banks still prefer to use old communication channels. Why is it worth changing this? Because voicebots offer: 

• Service Availability: Conversational assistants operate 24/7, meaning customers can get help and conduct transactions at any time of the day or night. This increases the availability of financial services and improves customer satisfaction, positively impacting company revenue growth. 
• Process Scaling: Voicebots can handle many operations simultaneously, quickly helping companies during peak traffic or sudden spikes in demand for services. 
• Speed and Efficiency: This technology can quickly process and respond to customer inquiries, reducing wait times and increasing overall customer service efficiency. Voice is the fastest form of communication. 
• Reducing Operational Costs: AI voicebots can quickly take over inquiries and help companies ease the stress associated with live human interactions, which require significantly more financial resources for recruitment, onboarding and training. If one chatbot on the Klarna platform replaces the work of 700 employees, how much more valuable is a voice assistant.
• Easy Redirections to Agents: If an inquiry is too complex for the bot to handle, it quickly redirects it to an agent who immediately resolves the issue. 

Trends in FinTech related to voicebots 

AI voicebots are becoming increasingly popular in the FinTech industry, bringing various innovations and improvements. Here are some key trends associated with this technology: 

Customer Service Automation

• Voicebots are increasingly used to automate customer service, reducing the burden on employees and improving efficiency. With advanced natural language processing (NLP) technologies, voicebots can respond to routine customer inquiries, helping them manage accounts, perform transactions and resolve issues without human intervention. An example is Plaid, which uses voicebots to automate over two billion transactions annually.

Personalization of Financial Services

• Using advanced AI algorithms, voicebots can analyze customer data and provide personalized financial recommendations. They can help users create budgets, plan investments and manage debt, tailoring their advice to each customer’s individual needs and financial goals. 

Enhancing Security and Authentication

• In response to growing cyber threats, voicebots are equipped with advanced biometric authentication technologies, such as voice recognition. This increases security, allowing for more secure login and transaction authorization. 

Support for Real-Time Payments

• Voicebots play a key role in facilitating real-time payments by integrating with systems like FedNow. This allows users to make instant transfers, manage payments and track transactions by voice, increasing convenience and speed of financial operations. 

Integration with Open Banking and Embedded Finance Platforms

• Voicebots are increasingly integrated with open banking and embedded finance platforms, enabling seamless data exchange and access to integrated financial services. This allows users to take advantage of advanced financial functions directly through the voice interface, increasing the convenience and accessibility of services. Interestingly, in 2021 the market for embedded finance reached a value of $83.32 billion, with forecasts predicting an increase to $588.49 billion by 2030. 

Why choose AI voicebots from EasyCall? 

Imagine your financial company can operate more efficiently while providing exceptional customer service around the clock. EasyCall’s AI voicebots are a solution that will prove useful not only in the banking and financial sector but also in any other industry where there is a need to meet customer expectations and enhance the customer experience. 

Choose EasyCall AI voicebots to fully leverage the potential of modern technologies not only in FinTech. Contact our expert today and discover how our solutions can revolutionize your company, bringing benefits to you and your customers.