7 Transformative Features of Banking and Finance Chatbots

April 6, 2022
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Content Writer
“Conversational AI is not the future, it is the present.”
-Shin Wee Chuang

With the rapid growth rate of the chatbot industry and the constant developments in its technology, it is estimated that chatbot usage in the banking industry will aid in operational costs by saving around $7.3 billion globally by 2023. Even though chatbots are favored by many companies today for economical reasons, there are many other benefits chatbots can offer. They are not only preferred for saving costs but also for many advanced level Technologies and customized uses they provide for different sectors. In today’s blog, we will be going over some of the most useful features banking and finance chatbots offer for companies.  

Benefits of Banking and Finance Chatbots

Enhanced Customer Service— Chatbots allow you to provide customer service 24/7, it comes quite useful for sectors, such as banking and finance, where problems can arise at any second. Via chatbots, companies can aid customers 24/7 with customized accounts, specifically tailored for the individuals, their accounts, and their needs.

Answer FAQs— As with almost all other chatbots, the very first thing a banking and finance chatbot does is to answer the frequently asked questions. While this service decreases costs spent on customer services, it helps customers instantly with their most common problems. Some of the frequently asked questions in banking and finance sector can be:  


“How can I learn my IBAN?”

“What are my daily transaction limits?”

“What can I do to increase my credit card limit?” and many more.

Provide Location-Based Answers— For companies that provide different services or offers based on location, the chatbots’ answers can also be adjusted according to the customers’ location. While it doesn’t have to receive location information for every question, it can shortly ask customers to share location for location-specific questions. For example, when a customer wants to learn where the closest ATM machine is, the chatbot can briefly ask the customer to share his location or write it down so the chatbot can show the locations of the closest ATM machines.

Transfer & Receive Money – Chatbots with advanced integrations can be used to submit and process different types of payments on several different channels, from WhatsApp to Instagram. This comes very handy when a company has too many monetary transactions during the day. Via this feature, customers can pay their bills, track their money transfers, and set up or cancel payments simply by talking to the company’s chatbot.  

Provide Data Security— As security is one of the most important issues when it comes to banking and finance, chatbot technology ensures security and data protection with advanced integrations and end-to-end encryption. Both you and your customers can rest assured as your chatbot ensures safety for you.  

Control Personal Accounts— While customers can handle their online transactions, they can also control their own accounts and personalize them via chatbots. They can easily check their transfer limits, card bonus points, and recurring payments via their client-specific accounts.  

Receive Feedback & Collect Data— Finally, you can receive feedback from your customers by asking for their opinion about your products or services or even your chatbot. As you can receive their feedback on these matters, chatbots can collect other important data to analyze customer behavior and adjust your services accordingly.

Final Marks

While these can be considered the most used features of banking and finance chatbots, we are barely scratching the surface here. There are many other solutions chatbots provide for special issues related to your pain points. If you would like to empower your business with the help of chatbots and learn more about the solutions and benefits offered by them, we invite you to check out our form by clicking here.

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