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Chatbots As Your Personal Financial Assistant

IndianMoney.com Research Team | Posted On Wednesday, August 22,2018, 06:18 PM

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Chatbots As Your Personal Financial Assistant

 

 

Chatbots are playing a big role in the financial services industry. Banks, Insurers, Mutual Funds are using chatbots to enhance customer experience and interactions. Chatbots can answer customer queries in seconds. They can function as assistants to life insurance agents, bank executives and mutual fund distributors.

What are chatbots? Chatbots are computer programs which can converse with human beings and learn from these interactions. They function using machine language and artificial intelligence. Chat with life insurers, mutual funds and banks and get queries resolved in seconds. Chatbots can advise you on financial products and help you choose financial products which match your needs.

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Chatbots As Your Personal Financial Assistant

There’s a big debate going on. Should chatbots do the work of human beings? The truth is you and most customers don’t care, whether queries are answered by a customer service executive or a chatbot. All you care is queries are answered. Chatbots are great when they improve the efficiency of human beings. They serve as virtual assistants to financial services agents and enhance the customer experience.

1. Chatbots in Mutual Funds

Investors in India are rushing to invest in mutual funds. SIP flows hit a record Rs 7,554 Crores in May 2018. For those who don’t know, Systematic Investment Plans popularly called SIPs, are a way of investing in mutual funds. You invest small sums of money regularly say once each day, week or quarter in a mutual fund scheme of your choice. This is an excellent method of investing in mutual funds. You don’t have to time the market. Just spend time in the market.

The next time you place a query to a mutual fund; don’t be surprised if a chatbot answers. You may have a question, How to start SIPs? How to stop systematic withdrawal plans? A chatbot can answer all these queries. You might have a query. I tried my best to start SIPs and failed. What to do? Guess what…A chatbot has all the answers….

Think of a mutual fund house. The sheer number of complaints and queries they get, can keep executives busy for hours. Mutual funds have found a novel way to solve this problem and reach out to a large number of customers….Chatbots….Chatbots can answer queries in an instant. The Mutual Fund Houses IDFC AMC, UTI MF, Quantum MF among others, use chatbots to reach customers and solve queries.

IDFC AMC has the chatbot Ask Bugs to solve customer queries. UTI Mutual Fund has a Chatbot available on Facebook Messenger to help existing and new investors.

SEE ALSOChatbots vs Voice Assistants: Everything You Need To Know

2. Chatbots In Banking

Chatbots in banks have gone beyond answering queries. Let’s say you want to block a debit or credit card. You don’t want to know the various methods of blocking credit cards and debit cards. Chatbots can actually help block the card.

Chatbots are functioning as super customer support executives in banks and mutual funds, as they can answer all queries within a narrow function. Chatbots in mutual funds give information on mutual fund managers and mutual fund schemes. You can make an additional purchase of mutual fund units, switch between mutual fund schemes and make redemptions, with the help of chatbots.

SEE ALSO: How Chatbots Power Financial Services?

3. Chatbots of banks and insurers

Banks: Axis Aha (Axis Bank), YES ROBOT (Yes Bank), SIA (SBI), EVA (HDFC Bank), iPAL (ICICI Bank), Keya (Kotak Mahindra Bank).

Insurers: REVA (Future Generali India Life Insurance), DISHA (Aditya Birla Sun Life Insurance), BOING (Bajaj Allianz General Insurance).

 

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