Unleashing The Potential of Digital Assistants in Fintech

So, what’s the difference between Chatbots and Digital assistants?

There are disruptive technologies that have positively impacted fintech, but none of them has revolutionized the financial world quite like smart AI, chatbots, and voice-enabled digital assistants. In making key financial decisions, the presence of a digital assistant through conversational AI enhances customer intimacy while optimizing costs & revenue to a large extent. Digital assistants help FinTech companies to collect and process a large volume of information about customers’ needs, requirements, past transaction history, etc. They offer extremely personalised information about customers. With the detailed set of data, FinTech companies can easily amplify and automate operational performance. Functions like analytics, billing, collections, renewals, upselling, and cross-selling of services are automated and organised in such a way that the personnel can rely on the digital assistants completely. While both chatbots and digital assistants help in performing tasks as instructed and answering questions, chatbots are limited to making a conversation, making recommendations, and checking on statuses. Digital assistants use AI to understand customers’ speech and text and have the ability to understand complex questions and even localized slang. Digital Assistants can also advise the right service or product to the consumer based on the customer’s emotional sentiment.

Which digital assistant do I need?

Adopting a digital assistant won’t solve all of your company’s problems or reduce expenditures. A crucial factor to take into account is redefining organizational process trouble spots, using a step-by-step analysis process, knowing what you need from your digital assistants, and tailoring them to meet those demands are the key points to consider. The best digital assistant for you will depend on your needs and the scorecard, which you should create. A custom-designed digital assistant might be the solution in many cases.

Increase the ROI:

Digital Assistants bring a great ROI to any organization by cutting costs and time while providing great customer satisfaction. They also help in Sales, marketing-offering new products and promoting new services, lead generation, and an overall reduction in the company costs and increase in ROI. Here is a brief comparison:

Wrapping up

Digital assistant technology is opening-up an overwhelming world of innovation, optimization, and opportunity. If you are lost in translating how this technology shift could open new opportunities and transform their business model, let us TALK!