Role of conversational messaging in the Fintech industry

Financial technology or fintech is the program specifically designed for the financial industry to help them deliver superior customer support and service with the help of conversational messaging tools such as chatbots. Let us understand what these terms mean.

Conversational messaging is a new customer engagement paradigm that brings businesses and customers closer by enabling human-like conversations in commerce, marketing, and sales. This happens on messaging channels that customers are already comfortable with. Conversational messaging solves the problem of engaging meaningfully with customers in real-time with tools like chatbots. Chatbots are a form of artificial intelligence (AI) powered computer software programs. They assist in stimulating online chats via any platform they are embedded on, such as a website, messaging app, etc. They help customers with their queries by resolving them faster. Recent studies have shown that close to 85% of today’s consumers would like to get solutions via chatbots compared to visiting sites and scrolling for answers.

The need for conversational messaging

What are the challenges faced by financial services companies today? Let us break it down into some basic categories:

• The problem of acquisition:
  Website and app-based acquisition workflows are difficult for customers. There are a lesser number of customers going through financial institutions’ websites and looking for engagement.
• Inadequate support:
  The primary factor that a digital financial experience lacks compared to the trust-based physical experience is two-way conversations. Support and service requests are inadequately handled, resulting in dissatisfied customers.
• Ineffective engagement:
  Web and mobile app experiences have proven as inadequate replacements, especially when dealing with more complex queries around Fintech services. There is a high dependency on live agents, whose availability is highly dependent on various external factors.
• A dearth of security:
  Many inherent security threats exist, such as team member impersonation, ransomware, malware, phishing, whaling, and repurposing of information by hackers.
• Problem of customer retention:
  There is always the fear of competition and how they are fast adapting technology to their benefit. Competing brands are focusing on simplifying things for customers using messaging channels. This often leads to losing customers to competitors.

The Conversational Solutions

So how does the Gupshup solution benefit a financial service company in its three significant areas of functioning, i.e., commerce, marketing, and support? Let us understand with some use cases:

• EMI collection:
  Chatbots help collect loan EMI, send payment reminders, and remind default penalties through a conversational interface.
• KYC:
  A simple chat-based journey can simplify processes like collecting customers’ KYC details during the onboarding process.
• Lead generation:
  Chatbots also help collect loads of customer information such as contact details of prospects, etc., for a variety of financial instruments from loans to investments. This helps in generating leads with follow-up options.
• Finance for vehicles:
  Streamline the vehicle finance process from loan to insurance. Chatbots can prompt prospects who are looking for loan options by directing them to the available options.
• Automate general queries:
  Chatbots help reduce the overall load on your live agents with support bots. These bots help answer frequently asked generic questions and intelligently hand over in time to the agents in case of complex queries.
• Customer feedback capture:
  Chatbots can initiate surveys, capture NPS, record customer feedback, etc. This information can be recorded and passed on to live agents and CRM for further follow-ups.

The tools we use

We use advanced tools and leverage our bot-building platform for building world-class bots. Some of the AI-powered Self-serve Conversational Tools we deploy include the following:

• No-code AI tools
  Get pre-built, customizable bot templates. Launch a fully functional Fintech bot in minutes.
• Low-code AI tools
  Create your detailed and advanced conversational bot with a graphical editor and point-and-click tools.
• Yo-code AI Tools
  Get scripting tools for modeling dialog; or link with tools like Dialogflow and Rasa.
• Pre-trained Fintech-specific AI models
  Automate KYC, collections, branch locator, card finder, loan finder, payment options, etc., with pre-trained fintech-specific AI models.
• NLP-on-the-Fly
  Get our very own NLP API to process natural language queries, which requires no additional training to get started.

Get to know about our API tools: Single API for Messaging and Advanced API

Benefits of integrating the Gupshup solution

We have helped many financial institutions in creating a conversational messaging platform that they can trust. Our clientele includes leading financial service companies like BharatPe, CreditWise Capital, iCanPay, FlexiLoans, Acko, BimaPe, FidyPay, to name a few. Let us summarise some of the benefits of integrating the Gupshup solution for your institution:

• Integrate with your existing CMS, website/app, and IT infrastructure to give a holistic experience to your users.
• Do not worry about lockdowns and holidays. You can now provide services to your customers 24/7.
• Convert all the digital workflows on your website/app, such as account creation, to conversational workflows.
• Bring down the cost of engaging with customers by reducing staff involvement.
• With Advanced APIs, we give you pre-built, customizable sequences that you can plugin and use to accelerate the automation of key business workflows.
• Gain edge over your competitors in terms of technology and customer experience.
• Protect sensitive customer information such as transaction value and account balance with captcha, disappearing text, 3-factor authentication, and other security measures.
• Be fully secured in your dealings. We are an ISO 27001 certified and GDPR compliant company that supports the SSL encryption technique TLS 1.2 256 bit AES.

Make financial journeys smoother with Gupshup.

The Fintech industry is re-evaluating and restructuring itself to fit into the mold the way that today’s customers want. Chatbots enable Fintech companies to provide prompt customer services, resolve their queries, and onboard customers faster. This conversation-based shift ensures an improved customer service experience, leading to more customer satisfaction and building loyalty.

The Gupshup conversational system automates lots of business use cases of the Fintech industry. Gupshup provides Fintechs the ability to offer faster onboarding, support more secured transactions, manage and administrate day-to-day operations and provide seamless service support to customers.

Our messaging solutions include single API and advanced API. Interact and transact with your customers seamlessly across 30+ messaging channels using Gupshup’s single API for messaging. Across verticals, thousands of large and small businesses in emerging markets use our services to build conversational experiences across marketing, sales, and support. With Gupshup, several businesses have made conversations an integral part of their customer engagement success. Now, it’s your turn to make that change.