Fintech to disrupt major banks

Fin-tech are Racing Ahead to Disrupt Major Banks

Now that major companies like Facebook, Google and Microsoft have invested in Artificial Technologies and Bots in their digital platforms, the road has been cleared for a revolution in traditional banking and financial transactions. The emerging Financial Technology industry aims to change society’s perspective of online transactions, by eliminating human error in procedures and providing a seamless fit into consumer’s lives.

Flamingo - one of the leaders in this field, are offering businesses the chance to increase their online sales conversion and customer retention rates. By using highly developed software encased with Artificial Intelligence Bots, Flamingo can provide consumers with immediate assistance during the sale of complex products – where consumers usually abandon their efforts for a range of reasons. Their recent report has indicated that poorly functioning shopping carts, concerns over security, complicated website navigation and lack of payment options are the main reasons consumers don’t follow through with online transactions. Flamingo found that the majority of consumers were likely to complete their purchases if immediate help was available – thus bringing Bots into the equation.

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Bots were designed to help consumers get tasks done in an automated way, through text-based commands that simulate human behaviour. The more a customer interacts with a Bot, the more useful this Bot becomes – it learns your behaviours and usual interactions thus making the purchasing process easier. One of the big trends emerging in the face of Bot technology is the reduction in App purchases, in favour of one seamless App that lets you do everything you need. Big companies are now betting on Bots following the success of Asia-based WeChat, where users can do anything from booking a doctor, ordering food, looking up the weather and chatting to their friends via the one platform. fin-tech

The major concern at this stage is ensuring that Bots fit seamlessly between platforms to ensure a smooth customer experience. With Facebook already having a base of 900 million active users, many companies are developing Artificial Intelligence to integrate into Facebook Messenger. Domino’s Pizza are already enabling Facebook users to order online through Messenger, and transport companies like Lyft and Uber are exploring ways to integrate their online ordering Bots with Facebook as well. These developments are popular with consumers as it decreases the need to open a variety of separate Apps when conducting online transactions. fin-tech

There will still be some need for experimentation and learning before Bot technology completely transforms the Financial Technology industry, with some demographics still preferring to interact with an actual human. Should your user experience with Bots prove to be unsatisfactory, companies are still likely to offer the option of human assistance. However with companies like Flamingo on the market we can be sure that enhanced customer experience, more cost effective operations and better online conversion rates are on the agenda to stay, and will only improve with today’s digital technology. fin-tech

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Brad Arsenault

Written by Brad Arsenault

Brad is the Head of Marketing at Fifth Quadrant. For over 16 years he's worked across digital marketing and content production. He actively publishes content on LinkedIn and Medium.

Topics: CX Fintech CX Articles & Insights

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