Recently there has been excitement around fintech and AI. AI is actually making so many waves around the world according to Kindgeek. It has revolutionized the way business is done. It places a lot of emphasis on the automation of activities. This overall leads to better services for companies. Because of its impact, more resources are being pumped into artificial intelligence.
AI stands out because, despite the declining economic state, this area is still growing. It will continue attracting different financial enterprises well into the future. One of the advantages of this solution is the custom AI assistants. These make working more convenient allowing a team to focus on improving customer experience. So let’s check whether a custom ChatGPT AI assistant is a good fit for fintech!
Why you may need one
Yes, financial companies are turning to AI. According to Statista, many companies see an increase in profits. Actually, in 2020, over a third of financial services companies globally noted a revenue boost of over 20% due to the implementation of IT WITHIN THEIR technologies.
Before many were hesitant about using this tool, this number alone is an indication of the effect this tech has. There are so many ways that this tool is important. Here are some reasons why many use a customized ChatGPT AI assistant to improve services.
As a bank, being able to offer support at all times is important. In the past, this has meant having people around the clock. Customers may have queries at any time. So while many have used FAQs to help clients it is not always adequate.
A custom AI assistant can work at all times without any interruptions. You won’t have to worry about fatigue or accuracy. This is maintained every time. Being able to assist clients at all times boosts loyalty.
Chatbots are convenient for when you need to provide 24/7 support. However, many people expect a human-like interaction even when chatting with bots. Here, a custom AI assistant can pick up things such as:
- Intent and context
- Emotions and human state
- Jokes and even irony
- Offering human responses
- Aiming to truly aid
These allow the bot to provide an appropriate response depending on the query and requirements. They can analyze these details and provide a personalized response just like a human assistant would. Additionally, AI assistants use ML to learn new things, concentrating on the context. This also helps to create room for continuous improvement. The responses also have an empathetic aspect and can learn from provided data, making it an indispensable tool for banks.
At the center of customer satisfaction is personalization. Everyone wants an approach that can handle their problems at a personal level. According to staff customers abandoned a cart if they felt the services were not personalized.
With a custom AI assistant personalization becomes possible. The chatbots can respond to requests based on what each user needs. So when you have bots that are offering answers specific to customers’ needs, it leaves room for success. It is the same as having humans only you cut on the expenses needed for labor.
Through automation, you can enjoy providing services without any interruptions. This allows you to perform many tasks in a shorter time. With an AI assistant, you not only accomplish tasks on the set deadline but also do this with efficiency. Automation of workflows ensures that this happens smoothly without any interruptions.
Assistants can also be a part of your team. They can assist staff to complete tasks on time. For instance, a team member can request information from an AI assistant. This will provide faster access to accurate data and thus effective decision-making, one of the reasons there has been a rise in the revenue for companies using Artificial Intelligence.
Customer support teams are usually faced with a lot of pressure. They should be able to respond to queries promptly and offer appropriate solutions. This requires them to be fast and accurate. It may not always be possible to achieve this feat, especially during peak hours.
A custom AI assistant can take away that burden. Bots can continue monitoring user activity to provide help at the right time. Also by using this tool, you will be allowing humans on your team to focus on more important tasks. This could lead to better services and an increase in the number of clients.
Maintaining security is more important now than before. Banks hold a lot of sensitive customer Data. Meeting up with the data regulations is important. Also, failure to provide security can not only result in lawsuits but also in customers’ confidence. Take the example of the cyberattack on ICBC that led the bank to pay a huge ransom. The attack impacted ICBC Financial Services’ ability to settle Treasury trades, prompting rerouting by market participants, including hedge funds and asset managers. This puts many fintech companies and their customers at risk of making losses.
AI is determined to provide high levels of security that each company needs. This is done through data encryption. This prevents hackers from manipulating data from users.
It is safe to say that AI is here to stay, more so in financial companies. As banks look for better solutions to improve their services, this area of new tech is offering the best results. Custom AI assistants are taking center stage as they can not only improve customer services but also employee efficiency. Keeping security at the center is important for fintech and that is what the solution provides. Also, as the services become more personalized, customers can place queries at any time and get timely humanlike responses.
These are very beneficial components of tech today. And financial companies should invest in it to stay up-to-date. Those that fail to invest in an individual ChatGPT AI assistant risk remaining behind. Getting started today can provide an advantage going into the next few years.