Fintech are using AI

Fintech Are Using AI Technologies To Disrupt The Financial Sector

Research conducted by Fifth Quadrant on behalf of Australian AI bot technologist company Flamingo (ASX: CR8) has shown that out of 84 businesses in Australia and 528 consumers, 77% customers feel comfortable to very comfortable using chatbots and AI tools while 73% of the businesses surveyed felt that AI was relevant to their business and could benefit them in the long run.

What is AI?

AI or artificial intelligence is a computer program that drives the customer experience (CX) of customers when they are dealing with front end client executives or virtual assistants using an artificially designed interface. Since, most of today’s interactions are digital in nature, it is very important for companies to adopt AI technologies that can not only offer an integrated Omni-channel communication ecosystem but also provide directions that would guide them through the various stages of the sales funnel to purchase or conversion. AI aims to improve the rate of conversion and is helpful for consumers as well as businesses.

Chatbots are an extension of conventional UI and assist the consumer to make a decision or guide them through the process of performing an action. It can assist them and answer their queries. Use of AI has also led to greater personalization of the customer experience and hence has improved the quality of transactions leading to a better omni-channel experience.

Use of AI in the financial sector

Fintechs have started to create intelligent disruptive technologies that is metamorphosing and revolutionizing the banking and financial sector. Financial and insurance products are often complex and require thorough product knowledge. Thus industry wide digital penetration has been low thus far. Whereas the rate of abandonment when seeking information online has been high as sites generally provided no clear guidelines for prospective customers to follow. Companies like Flamingo are transforming the sector and increasing reach by providing a cost effective and smart solution for the industry. 

Today, a number of AI, virtual assistants and chatbots are also leading the expansion of digital payments and other transactions in the region. Insurance underwriting is also a sector which has seen a large penetration of AI bots. The learning curve is gentle both for the employees as well as for the customers and hence the quality of experience at each touchpoint has improved immensely. Money management and investment guidance is another area that is using AI extensively. 

The future of AI Technologies & Customer Experience 

A survey in Australia has showed that almost 85% customers feel that a reliable and immediate online guidance would increase their chances of completing a transaction online. This is even truer in the field of financial services and transactions where security plays a key role. As the security apparatus and overall feel of the products improve, more businesses and consumers will be inclined to use AI virtual assistants. For the Fintech and financial services industry enhancing the omni-channel experience and overall customer experience will surely continue to reign supreme on the road to 2020 and beyond.

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Brad Arsenault

Written by Brad Arsenault

Brad is the Head of Marketing at Fifth Quadrant. For over 15 years he's worked across digital marketing and content production. He actively publishes content on LinkedIn and Medium.

Topics: CX AI Chatbot

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