Best Finance Chatbot for Banking & Personal Financial Advice

There are so many different chatbot providers out there. They all say how great their features are and seem to be all bells and whistles…

But are they the best choice if you work in the financial industry?

We asked ourselves the same question.

And It took about 30 hours to find the answer and the best finance chatbots out there. Since you have better things to do than spend tens of hours browsing the web looking for bots, we’re bringing our findings to you.

Let’s go through the top financial chatbots with their pros, cons, and pricing compared.

Okay—some basics for the start.

Are finance chatbots and financial bots the same thing?

First things first—what are fintech chatbots?

Finance chatbots are bots used by the financial services industry. They communicate with clients providing 24/7 support 365 days a year. They can answer commonly asked questions, check the customer’s account balance, and offer financial advice amongst other functionalities. Financial chatbots can also handle multiple requests coming from a variety of channels, at the same time.

So, what are financial bots?

Finance bots are computer programs that can automate some of the finance tasks via coded commands. Users can set these bots to send them notifications. Financial bots can send credit card payments’ reminders, transaction notifications, and other reminders that the user needs.

In simple words: finance chatbots can answer questions and make account analysis. Whereas, financial bots perform coded tasks, such as sending set reminders and notifications.

Now—

What can you use finance chatbots for?

Use cases for chatbots in finance

You can use finance chatbots for your customer service, client support, account analysis, and even for detecting suspicious activities. These are just a few examples of hundreds of tasks that chatbots can help you with.

Here are five of the most common use cases for chatbots in finance industries:

You can set your chatbot to give financial advice to your clients. But only for the common questions and things that you can control. Whenever the questions go beyond that, the chatbot will send your client to one of your representatives for their expertise and to avoid mistakes. Chatbots can answer questions related to the customer’s account, their bills, and most of the commonly asked questions.

An example of this use case is Buffet, Talkbank’s bot is named after Warren Buffett.

You might be wondering how personal finance chatbots could help you get your spending under control? Simple! By tracking your costs and notifying your client of any spendings.

You can now track your expenses and see reports of them without having to contact the bank each time you need this information. Chatbots in financial services help users create expense reports, submit any missing expenses, and add transactions to their reports. This helps the users with tracking their spendings more accurately and saves your agents some time.

This helps your finance institution be transparent and for your clients to stay on top of their finances. In fact, most banking consumers (61%) interact weekly with their bank on digital channels. And finance chatbots can help you transform the banking experience for the users. Bots can also simplify the financial operations and deliver great value to your clients by performing activities, such as balance checks and funds transfers.

An example of how this finance bot looks:

image shows how account analysis finance bot looks like

Balance notifications and bill reminders

Your clients will never miss out on their payments or go over their budget again. This is because finance bots will send them reminders for bills and notifications for the balance. The users can also use this feature to set credit card payment reminders and build their score easier. Bots in finance help to improve spending habits for your customers and some awkward conversations about missing payments for your reps.

Suspicious activities alerts

One of the biggest concerns in the financial services industry is the data privacy. But finance chatbots can help you and your clients with that. You can set bots to flag up any suspicious activity and stop the damage before it happens. They monitor the customer’s account and identify any warning signs of fraudulent activity. If bots identify a problem, they alert the bank as well as the client of the suspicious activity.

An example of this is:

These are the top five most common use cases for finance chatbots. Other usages for them include automating customer onboarding, generating quote, providing customer service, and offering educational material to your clients.

By using a chatbot, you can easily generate quotes for busy traders who want to quickly get an estimate for a financial investment

But do these use cases even work? What financial benefits can they bring for your business?

Here are five of the biggest chatbot benefits related to finances.

Financial benefits of chatbots

Chatbots have many benefits, starting from saving time, through improving lead generation, to improving customer satisfaction. In the long run, all of these also bring financial benefits to your business. But, what are some of the chatbot benefits that are directly related to finances?

Some of the most common benefits of financial services chatbots include:

Chatbot pricing varies depending on the service provider and what you need them to do. If you just want to provide an omnichannel customer experience, the cost will be quite low. However, when you need the bot to perform complicated transactions or decrease the human error in money transfers, then the price will increase.

That being said, messaging clients via financial chatbots can help your business slash customer service costs. This is because the organizations can use bots for fast resolution of issues without the need for support agents’ involvement. And a bonus with chatbots is that they don’t take any days off or get sick.

Improved proactive engagement

Your financial industry can benefit from implementing chatbots that upsell and cross-sell your financial products based on previous transaction history. Finance chatbots also break down bank updates and financial advice to clients as they browse through the bank’s website.

What’s more, chatbots for banks and financial services offer engagement and build strong relationships with customers. In fact, over 43% of customers in the USA use chatbots when dealing with their banking problems instead of going to a branch.

Better customer feedback collection

Some clients are hesitant when it comes to giving feedback to their bank due to privacy concerns or feeling that it won’t make a difference anyway. The fact that feedback collection is not a part of the transaction process makes it even more difficult.

Therefore, chatbots with feedback gathering capabilities help to convince customers to provide their honest opinion. This works because people prefer a conversational approach when it comes to giving feedback rather than filling up a questionnaire. A bot can also convince the client that the bank will protect their information to lower concerns related to privacy issues.

Chatbot efficiency in banking boils down to their speed and capacity. Because financial chatbots can handle hundreds of transactions and inquiries at any given time. In comparison, a human agent can only concentrate on one request at a time. While bots take over the simple service queries, they take some weight off your agents’ shoulders. And the best part is, you won’t lose on customer satisfaction as bots can deliver personalized service to your customers. And, research shows that the average satisfaction of chatbots is over 87%.

No wonder chatbots are used more and more in the banking industry nowadays. In fact, the global market for chatbots in banking, financial services, and insurance was valued at about $586 million in 2019. And it is expected to reach $7 billion by 2030.

Read more:

Financial chatbots

We won’t pretend like there are hundreds of options for finance chatbots out there. There aren’t. Not many chatbot platforms focus on the finance industry. So, which chatbot providers are suitable for the financial sector? We gathered the top nine options for you.

Here is a comparison table of the top finance chatbots: