Skip to main content

Your guide to customer support chatbots in banking

Supercharge your customer journey with custom AI chatbots!

The shift from human support to chatbots in banking

Customer support can make or break a business; fintech is no exception. As people shift from traditional financial services to new-age solutions, the need for smooth and effective customer interactions has never been more crucial.

This is where a finance AI chatbot, or banking chatbot, comes in super handy. Waiting for hours to get an email response? Not anymore!

With customer support chatbots, you can provide virtual support around the clock. They're always there to assist your customers, no matter the situation.

These clever bots can understand everyday questions and give customers real-time answers with impressive accuracy. From basic account inquiries to handling financial transactions, a banking chatbot can handle it all, making customers’ lives easier with quick and convenient solutions at their fingertips.

In fact, studies show that companies that transitioned to chatbots have seen an overall increase in sales of at least 67%. This is proof that choosing this technology is no longer an option but a necessity.

In this article, you’ll find out why chatbots are a crucial tool for the success of your fintech company.

What is a fintech or banking chatbot?

A fintech or banking chatbot is an artificial intelligence (AI) system designed to simulate human-like conversations to assist users with financial services tasks through messaging platforms, mobile apps, or websites. A financial chatbot leverages natural language processing (NLP) and machine learning (ML) algorithms to understand and interpret user queries, providing responses and solutions related to various financial activities such as banking, investments, insurance, and personal finance management.

Customers often prefer fintech chatbots over live communications because of a finance chatbot’s instant responses, 24/7 availability, and consistent information delivery. Chatbots for banks offer privacy, multitasking abilities, and self-service options, catering to diverse customer preferences.

In addition, their personalization features, multilingual capabilities, and continuous learning contribute to better customer experiences and increased satisfaction.

Dark purple background mobile re

Looking for a no code AI chatbot solution? Build & deploy a custom ChatGPT powered AI chatbot in minutes.

Top 7 use cases of chatbots in banking

Top 7 use cases of chatbots in banking

By using advanced NLP technology, chatbots in banking and financial services are uniquely positioned to offer an array of use cases in customer support. Here are the top use cases of a finance AI chatbot in customer support.

1. Onboarding and account management

Chatbots can streamline the onboarding process for new customers by collecting necessary information, verifying identity, and setting up new accounts. They can also assist existing customers with account management tasks such as updating personal information, resetting passwords, and checking account statuses, making these processes more efficient and user-friendly.

2. Transaction assistance

Chatbots can guide users through the process of making various transactions such as transfers, payments, or investments. They can provide step-by-step assistance, help resolve errors, and even provide confirmation upon successful completion of transactions. This functionality enhances user experience by making financial operations smoother and less intimidating.

3. Instant customer service

Chatbots are capable of providing 24/7 customer support, answering common queries instantly without the need for human intervention. This is particularly useful in the fintech industry where customers expect quick and reliable responses to their questions about transactions, account balances, and other financial services.

4. Personalized financial advice

Leveraging AI, chatbots can analyze a user's financial history and behavior to offer personalized financial advice. This might include suggestions on saving, investing, or managing debt. Such personalized interaction not only helps customers make better financial decisions but also builds trust and loyalty towards the fintech service.

5. Feedback collection and customer insights

Fintech companies can use chatbots to collect feedback from customers about their services. This feedback can be invaluable for understanding customer needs, improving services, and developing new products. Additionally, the interaction data collected by chatbots can provide insights into customer behavior and preferences, aiding in more targeted and effective marketing strategies.

6. Multi-language support

Fintech companies often serve a global customer base. Chatbots can offer support in multiple languages, breaking down language barriers and making financial services more accessible to a wider audience.

For example, a neobank is a fintech company that operates on an online-only basis, often circumventing annoying bureaucratic processes. For such use cases, a multilingual fintech chatbot is a paramount tool to have. This removes the necessity to hire different human support with diverse language skills.

Multilingual customer support AI chatbot

7. Cross-selling and upselling

Through personalized interaction and by analyzing customer data, chatbots can identify opportunities for cross-selling and upselling relevant financial products and services. For example, if a chatbot notices that a customer frequently sends money abroad, it might suggest a financial product specifically designed for international transactions, such as a multi-currency account or an international payment service. This approach not only boosts sales but also enhances customer satisfaction by offering tailored solutions that meet individual needs.

6 benefits of customer support chatbots in banking

6 benefits of customer support chatbots in banking

Customer support chatbots in banking are like superheroes for the fintech industry, providing a plethora of advantages that make life easier for both companies and customers.

Here are some of the key benefits you need to know about:

1. Permanent availability of chatbots in banking

Customer support chatbots in banking aren’t humans and don’t need sleep, which means they are available 24/7 to assist customers with their queries and issues.

The round-the-clock availability of a finance AI chatbot is a game-changer for fintech companies, especially nowadays, when customers expect instant support.

The immediate and accurate support provided by a banking chatbot contributes to an enhanced user experience. Customers appreciate the convenience of getting quick answers to their questions and having their issues resolved efficiently. And we all know a positive user experience leads to increased customer satisfaction, brand loyalty, and word-of-mouth recommendations.

Imagine a scenario where a customer faces a problem with their prepaid travel card while traveling internationally late at night. In this case, calling customer support is not feasible due to time zone differences. A finance AI chatbot, on the other hand, is accessible and able to lend a hand.

2. Lightning-fast responses of chatbots in banking

Chatbots in banking are lightning-fast in processing and responding to customer inquiries. Unlike traditional support channels, where customers may have to wait on hold or wait for an email reply, chatbots deliver instant responses.

This quick turnaround time not only satisfies customers' need for immediate assistance but also helps fintech companies handle a high volume of queries efficiently. Although people still prefer human contact, a Userlike survey revealed that 68% of users love the fact that chatbots reply instantly.

A customer who has a question about a recent transaction on their mobile banking app would rather chat with a finance AI bot instead of waiting on hold to speak with a customer service agent. Within seconds, the banking chatbot can provide the customer with detailed information about the transaction and offer to investigate further if needed.

3. Accurate and consistent information

Chatbots in banking are trained to communicate accurate information consistently. They rely on data, algorithms, and machine learning to deliver reliable responses to customer queries. Unlike human agents, who sometimes make mistakes or provide different answers to the same question, chatbots maintain a high level of accuracy and consistency in their interactions.

Let’s say a customer contacts a fintech company's chatbot to inquire about the interest rate on a specific savings account. The chatbot will access the most up-to-date information from the company's database and share the current interest rate, along with any relevant details or conditions.

4. Personalization at scale

A finance AI chatbot can deliver personalized interactions to customers. These chatbots use historical customer data and preferences to tailor responses, making conversations more engaging and human-like. This personalization creates a sense of individualized attention, fostering stronger connections with customers.

If a returning customer contacts a company's fintech chatbot to inquire about investment options, the chatbot can recognize the customer's previous interactions and understand their risk tolerance. It will then provide investment recommendations aligned with the customer's preferences, ensuring a personalized and relevant experience.

5. Cost-effective support

Implementing and maintaining a chatbot is a cost-effective solution for fintech companies compared to hiring and training human agents. Once set up, chatbots work tirelessly without requiring additional salaries or benefits. This cost-efficiency allows fintech companies to allocate resources more effectively and invest in other areas of business growth.

6. Data insights and improvement

Beyond just providing support, chatbots in banking are excellent data gatherers: they collect valuable information from customer interactions, such as common queries, pain points, and user preferences.

If well configured, a finance AI chatbot can analyze customer inquiries over a few months and identify a recurring concern related to a specific feature on the platform. The company's development team can then use this data to improve the feature's functionality, addressing the customer pain point and enhancing the overall UX.

Best practices for implementing chatbots in banking

Implementing customer support chatbots in fintech requires careful planning and adherence to best practices to ensure a successful and seamless integration. Here are some of the steps you must complete to carry out the process properly.

  1. Define clear objectives: Begin by identifying the specific goals you want to achieve with your finance AI chatbot implementation. Whether it's reducing response times, handling transactional queries, or improving customer satisfaction, having clear objectives will streamline the entire process.

  2. Select the right chatbot platform: Choose a chatbot platform that aligns with your fintech company's needs and capabilities. Some platforms offer ready-to-use solutions, while others provide customizable options for a more tailored experience.

  3. Train the banking chatbot effectively: Ensure your chatbot is well-trained and equipped to handle various scenarios. Train it with real customer interactions and continuously update its knowledge base to improve its responses over time.

  4. Design a user-friendly interface. Create a chatbot interface that is intuitive and user-friendly. The chatbot should be easily accessible on your website or mobile app, and users should feel comfortable interacting with it.

  5. Focus on personalization: Leverage customer data to personalize interactions and responses. Customers appreciate tailored recommendations and solutions that cater to their individual needs.

Top 3 chatbots in banking you need to know

We have seen how chatbots in banking can help personalize the user experience, drive engagement, and increase user satisfaction. When building your own chatbot, Here are the top 3 platforms you can use to build a banking chatbot.


Sendbird offers one of the top customer support chatbots in banking

Sendbird provides a range of solutions for fintech. With Sendbird, you can build your own banking AI chatbot with no code in 5 simple steps. You can train your banking chatbot on your own data, leveraging neural search across your knowledge base spanning web content, files, wikis, and data from conversations, CRMs, databases, and more. You can also customize your chatbot UI, and refine your services, products, and business strategies with critical customer data from your AI chatbot conversations. 

The Sendbird dashboard enables you to comprehensively test the chatbot before production. You can also build and personalize an AI chatbot widget with a user-friendly web widget UI builder. Sendbird emphasizes the transformative impact of AI in the fintech industry, highlighting AI's role in automating processes, enhancing customer service, and detecting fraud. Sendbird's AI chatbots, powered by ChatGPT, provide a solution for integrating advanced chat functionalities into apps, enhancing user experience across the financial services sector​.

The power of Sendbird is customizability. With Sendbird, you have the power to customize your banking chatbot experience to your liking, ensuring your users get a consistent and high-quality interaction every time. Sendbird stands out in this space.

Why you should choose Sendbird:

  • Build a feature-rich, multilingual, customizable chatbot

  • Implement a variety of top banking use cases

  • Train your AI chatbot with your own data

  • Select the LLM you want to use - you are not limited to ChatGPT!

  • Customize the chatbot UI

  • Test thoroughly in production


TARS AI chatbot
Adapted from source.

TARS offers a range of chatbot solutions tailored for the fintech sector, focusing on enhancing customer satisfaction and improving lead generation processes. Their chatbots serve various functions, including helping customers navigate through financial services, providing information on specific offerings like company registrations, licenses, and assisting with customer queries on products such as credit cards. These bots are designed to make interactions more intuitive and efficient, directly contributing to increased sales leads and customer retention.


Haptik AI chatbot
Adapted from source.

Haptik's fintech chatbots are AI-powered virtual assistants designed to enhance customer experiences in the financial sector. These chatbots are built to provide round-the-clock assistance across various digital platforms, enabling seamless integrations with leading CRMs and live chat systems. They address the evolving expectations of financial service customers by offering quick resolutions, reducing wait times, and improving overall customer engagement.

One of the key strengths of Haptik's fintech chatbots is their ability to engage customers in meaningful conversations across popular apps like Instagram, WhatsApp, and Facebook. These interactions help in understanding customers' unique financial needs and preferences. The chatbots facilitate customer onboarding, account creation, purchases, payments, and more, driving end-to-end conversions. Additionally, they play a crucial role in educating customers about their financial health and investment strategies, recommending complementary financial products or services based on customer behavior and preferences​.

Build your own banking chatbot with Sendbird

As fintech continues to reshape financial services, efficient customer support is crucial for business success.

Chatbots play a key role in providing just that, mainly by streamlining interactions and connecting with customers. They understand preferences and offer personalized solutions, making customers feel valued. This ushers in an era of secure and customer-centric support, enhancing experiences beyond the norm.

As we have seen, Sendbird is the top platform on which to create your own banking chatbot. To create your own finance AI chatbot in 5 easy steps, sign up for a free trial or contact us to learn more! Happy chatbot building!

Ebook Grow background mobile

Take customer relationships to the next level.

Ready for the next level?