AI chatbots in the finance industry are useful for diverse purposes. They are efficient, cost-effective, scalable, and user-friendly. Here, we’ll discuss the top finance AI chatbots and how to build one for your business.
The finance and banking industry has been embracing new technology to streamline various activities and offer personalized products and services to customers. Artificial intelligence is becoming a part of many banks and financial institutions to automate repetitive tasks, develop better financial products, and enhance customer experience through AI chatbots. Statistics show that the global AI in finance market is projected to reach $73.9 billion by 2033 at a CAGR of 19.5%.
A finance AI chatbot can be used for customer services, financial planning, advice, analytics, etc. It can help employees and customers in different ways. However, you must determine the purpose of using the AI chatbot to customize it and get greater returns.
In this blog, we’ll look at the top finance AI chatbots used by businesses and find out how you can create a robust and reliable chatbot that aligns with your requirements.
A finance chatbot is an artificial intelligence-powered virtual assistant software app. Typically, machine learning, natural language processing, deep learning, etc., are also used to create the chatbot. Some chatbots are built on large language models to offer advanced services. They are meant to understand input queries and provide a relevant and helpful output, or accept a command and follow the instructions.
Finance AI chatbots for customer service have become popular in recent times as they offer 24*7*365 services on behalf of the business. Customers also find it easier to interact with a chatbot that quickly answers their queries. You may already use a CRM and ask if you can integrate an AI chatbot with it to handle financial client queries.
Yes.
The best thing about AI chatbots is that they can be integrated with various third-party software and applications. By combining the finance AI chatbot with CRM, you can provide enhanced services to customers, reduce overhead costs, automate recurring tasks, and reduce the risk of fraud through predictive analytics and fraud detection.
You can use existing finance chatbots or get a new one built from scratch by partnering with an AI company offering tailored generative AI consulting services to clients from the finance and banking industry. The advantage of getting your own AI chatbot is that it will be customized to align with your business mission, goals, and objectives and fine-tuned your your data to give more accurate and reliable results. This leads to higher customer satisfaction and greater revenue.
The finance industry uses AI chatbots that are built to align with the industry standards as well as general powerful chatbots meant to provide support to businesses from various sectors. We’ll look at both options in this section.
AlphaChat is an AI chatbot for customer service. It is customized for finance and other industries based on clients’ specifications. As a conversational AI chatbot, it automates customer service by 65% and provides an average of 70% accuracy in answering their questions. AlphaChat can be integrated with various third-party software applications and scaled as required. The interface can be designed to be more interactive and engaging.
Kasisto (KAI) is a powerful finance AI chatbot for financial planning, personalizing experiences, predictive customer engagement, etc. The chatbot answers 90% of the questions and provides innovative customer experiences. KAI-GPT, developed by the company is among the leading LLMs built for the finance industry. It not only helps customers but also assists agents, employees, and others. Kasisto can be integrated with other tools in a few minutes.
Kore.ai is an AI chatbot and virtual assistant for streamlining workflow, providing customer service, and automating processes. It can be used for frontend (customer care) and backend (employees) requirements. Additionally, it has automated 75% of activities, while providing 95% accuracy and saving millions of dollars for financial institutions. Kore.ai would be a great choice for finance AI chatbots for financial advice, expense tracking, customer support, automated accounting, and more.
Haptik is a conversational AI chatbot offering services as a support agent, lead qualification agent, and booking agent. With multilingual support and the flexibility to choose the foundation model, the chatbot can be customized for the diverse requirements of banks and financial institutions. It provides omnichannel engagement through smart recommendations and greater accuracy. Haptik is used by over 500 leading enterprises as it provides end-to-end automation of customer journeys with the business.
Bing AI is a powerful generative AI chatbot developed by Microsoft. It is integrated with all other Microsoft solutions as well as third-party software. Though the chatbot is meant for general purposes, it can be used as a finance AI chatbot for small businesses and startups that cannot invest more money into building tailored solutions. From automation to customer engagement and data creation, Bing AI can do it all.
Many businesses want to know if they can get large language model consulting to build a finance-specific chatbot for their enterprise.
The answer is yes. You can get an LLM model built exclusively for your business, trained on your proprietary data for the best results. In fact, some banks and financial institutions are already using custom-built chatbots, while a few others have initiated the process.
The global FinTech market was $340.10 billion in 2024 and is expected to grow at a CAGR (compound annual growth rate) of 16.2% to reach $1,126.64 billion by 2032. This shows how quickly the finance industry is adopting new technologies.
Here’s how you can build finance AI chatbots for your enterprise:
Before you invest in AI chatbot solutions, it’s vital to know what you want from them. The chatbots have different uses and deliver better outcomes when they are trained for specific purposes. For example, the AI chatbot used for customer service would be different from the one used for predictive analytics or fraud detection, as their core purposes are unique. Make a list of activities you want the chatbot to fulfill.
Then, understand how the existing finance AI chatbots work. What do they solve? How can they help your business? What makes the chatbot a worthy addition to your IT infrastructure? Do you want something more? Instead of copying a competitor, put effort into initial research about your business needs and how chatbots can be effective. Include employees in the process and ask for their input.
Once the basic details are clear, it’s time to find a reputable large language model consulting company with experience in the finance industry. Share your requirements with them and create a strategy to build the AI chatbot that aligns with your specifications, goals, and budget. Get answers to your queries and sign the agreement when you are sure of the details.
A strategic plan is created to design and build the chatbot. This process is handled by the LLM service provider. The experts work on the finance AI chatbots for businesses, depending on your requirements. The chatbot is trained using large datasets and your proprietary data to ensure it gives reliable and meaningful outputs. The AI chatbot is tested in various environments until it is ready to be implemented in your institution.
The AI chatbot works better when it is integrated with the existing software in your business, like CRM, ERP, central database, etc. This is done to maintain seamless data flow within the systems and provide real-time information and insights to employees and customers. It also allows the finance AI chatbot to access customer data and provide personalized answers to their queries.
By hiring generative AI consulting services, financial institutions can get long-term maintenance and support services to build, deploy, and upgrade the finance AI chatbots for tailored financial services to diverse customers. The service provider will offer priority troubleshooting services to ensure the chatbot is functioning without glitches and is always active.
A finance AI chatbot can give your business a competitive edge and attract more customers to your financial offerings. The right AI chatbot seamlessly works with your systems and reduces the workload on the employees. It empowers employees and customers to make data-driven decisions in real-time. Hire tailored AI consulting services to build your finance chatbot and fine-tune it with business data to get high-quality output. Whether you are a startup, a growing business, or an established name in the banking and finance industry, an AI chatbot can accelerate success and increase your brand’s presence in the market.
AI Chatbot Solutions can redefine your business processes and revamp the existing systems by strengthening them with AI technologies. You can use LLMs to build diverse applications in any industry. A custom LLM-based chatbot is powerful, scalable, flexible, and efficient. Don’t just stop at automation. By partnering with LLM service providers, you can use large language models to achieve your goals and enhance overall performance.
Read the following links to learn more about large language development.
Yes, AI chatbots can aid in fraud detection and risk management within the finance industry. It recognizes patterns and sends alerts about potentially fraudulent transactions or activities. Triggers can be set up to detect anomalies. Predictive analytics helps in mitigating risk. The finance AI chatbot can prevent fraud, identify scams, and enhance customer experience.
You will need diverse financial data like customer records, documents about financial products and services, departmental data, etc., to train a finance chatbot. The more relevant and high-quality data you use, the better the outputs provided by the AI chatbot.
You should consider the following factors when choosing an AI chatbot solution:
Talk to the vendors about your requirements and compare the features of different finance AI chatbots before making a decision.
The answer depends on what you want and why you want to use an AI chatbot. If the use case is unique, it is recommended to opt for custom development through LLM companies. If there’s an existing AI chatbot that nicely fits your needs, you can get it personalized and integrated with your systems.
Fact checked by –
Akansha Rani ~ Content Creator & Copy Writer
