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6 Min read

How Chatbots Are Reshaping CX in Financial Institutions

June 22, 2020

Hardik Makadia

CEO, WotNot

Table of Contents

Among other things, customer retention is one of the biggest challenges facing the finance industry today. Surpassing competition and exceeding customer expectations is no easy feat to achieve.

In matters of money, people want to have as much information as they can. And manually calling up the support team for basic information and transactions make things difficult for both the customer and your support team. Long wait times and lack of communication contribute to driving away the customer. Ease of access to information is one of the defining factors for people to choose your finance services.

Financial institutions are increasingly implementing ways to improve their customer experience to retain more customers in this competitive market. And what better way to do so, in a cost-effective way than financial services chatbot.

Through chatbots in finance, companies are able to provide instant two-way conversations at scale. This is in contrast to mobile apps that require individual downloading and a new learning and often result in app-fatigue. Using finance chatbot, your customers can easily access information about their finances and your services by interacting with your finance chatbots. 

Chatbots can easily address the frequently asked questions like:

  • Which mutual fund do I invest in?

  • What is my payoff?

  • How do I enroll for paperless statements?

Where does chatbot fit in the finance industry?

There are multitudes of simple queries that each customer has. The huge amount of questions make it impossible for the customer support team to attend to all the customers’ queries whenever they arise. This leads to increased turn-around time and impatient customers.

The unavailability of answers at the required time results in hampered customer experience. This hinders customer satisfaction and experience and is harmful for your brand.

A chatbot can take care of the generic queries thus taking away much of the workload from customer support teams.Chatbots can also suggest various schemes relating to mutual funds, stocks, pension funds, insurances and more.

Using user-authentication, chatbots can also provide information like their outstanding balance on a particular loan, documents required to invest in a particular fund, amount to be received on maturity, etc.

Using human handover, chatbots can even summon a human advisor in the conversation if the need arises. You can take the reins from the chatbot when the customer asks for something your bot is not trained for.

Here’s a glimpse of the conversation with a finance chatbot:

  • Bot

    : Hi there! Welcome to TopCorp Finances. What can I help you with?

  • Human

    : I’m looking for the best mutual funds to invest in.

  • Bot

    : You are at the right place. What type of investments are you looking for?

  • Human

    : I am looking for long term investment.

  • Bot

    : In order to offer you the best financial advice, I need a couple of details from you! Let’s start with your name.

  • Human

    : My name is Sam Smith.

  • Bot

    : And what is your investment aim?

  • Human

    : Retirement Planning

  • Bot

    : According to my calculations, it’d be best if you invest in either the Vanguard Fund Grow or the Franklin Frontline Equity. To go ahead with anyone of these, you can either proceed online or get advising from one of our agents.

  • Human

    : I’d like to get advising from an agent, please.

  • Bot

    : That’s great! Can I have your email and contact number so that our agent can get in touch with you?

  • Human

    : Sure! You can reach me on +1–541–754–3010 and my email id is

  • Bot

    : Thank you, Sam. One of our agents will get in touch with you shortly to guide you during the financial journey.

  • Human

    : Thanks!

  • Bot

    : Glad to assist you. Have a great day ahead!


Benefits of a Finance Chatbot:

  1. Available 24*7

    “We think that you should just be able to message a business in the same way that you message a friend. You should get a quick response. And it shouldn’t take your full attention like a phone call would. And you shouldn’t have to install a new app.” – Mark Zuckerberg

    A chatbot in finance responds to customer queries round the clock. A chatbot neither takes coffee breaks nor does it work in shifts. With a finance chatbot, your company can be available to your prospective customers throughout the day.

  2. Multi-lingual

    Chatbots in finance can interact with your customers in the language they are comfortable in, furthering personalized experience for your customers. This enables your business scale new markets.

  3. Channel Agnostic

    Chatbots can be deployed across multiple channels to maximise your brand reach. You can deploy your finance chatbot on different channels like website, app, WhatsApp, Facebook Messenger, and SMS.

  4. Increased efficiency

    The overall and most important benefit of using chatbots is increased efficiency. Chatbots result in reduced turnaround time by providing quicker responses and working outside operational hours. Chatbots do not require coffee breaks too!

  5. Personalized Experience

    Chatbots in finance provide the customer exactly what they are looking for by probing the visitor with a series of questions and offering relevant information in an interactive and user-friendly manner. This personalized experience makes your customer feel valued for and contributes to customer loyalty.

  6. Better Time Management

    With finance chatbots in place, you and your team will focus on a filtered, narrower and pre-qualified lead base. Chatbots interact with each potential lead in a personalized manner and save the collected information to a database.

    You can access the database and have information about what the customer is looking for, prior to making that first consultation call. This way, you’re only concerned with closing the deal and not spending time prospecting or answering generic FAQs.

  7. Direct Database entry

    Chatbots in finance can be easily connected with your database to feed the responses collected from the customers directly into your database or CRM, without needing your assistance.

  8. Conversational Interface

    Chatbots provide a conversational approach to businesses which makes them more approachable. According to a recent study, 53% of survey respondents said that they are more likely to use a business if they offered customer service over chat.

It isn’t as easy as it seems to create a truly beneficial chatbot. It is important to design the chatbot such that it provides value to both the business and its customers. We, at WotNot, work with leading organizations from the finance space to develop valuable and scalable chatbots that work as personal assistants and solve varied customer problems instantly.


Hardik Makadia

CEO, WotNot

His leadership, pioneering vision, and relentless drive to innovate and disrupt has made WotNot a major player in the industry.