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How did chatbots help the financial sector significantly in the pandemic?

September 16, 2020

6 min read

The opinions of the employees of You are personal.


  • This year alone, the demand for digital financial services across Latin America grew 35% and the number of contactless transactions in the region increased 40%.
  • The development of Artificial Intelligence has been critical to improving chatbots in the financial sector as they allow them to perform much more specific functions and in less time.
How did chatbots help the financial sector significantly in the pandemic?
How did chatbots help the financial sector significantly in the pandemic?

The changes brought about by the pandemic in terms of mobility and the ability to socialize meant that banks had to adapt to the new health regulations, so digital services were the salvation for both banks and account holders.

This year alone, demand for digital financial services grew 35% across Latin America, and contactless transactions rose 40% in the region where 13 million Latin Americans paid online for the first time report Realizing the digital promise COVID-19 is catalyzing and accelerating transformation.

With this in mind, it should not be overlooked that behind these numbers the big drivers of digital banking were chatbots. Since last year, Mexico has been introducing the use of transactional or high-precision chatbots which, in addition to interacting with the customer and answering questions, also have access to the bank’s systems and databases so that they can make transactional inquiries and provide assistance Purchases information on bank statements and even advise the customer on which financial service best suits their needs.

“Chatbots not only fulfill customer service functions. There are already chatbots in Mexico that are intelligent virtual assistants. It’s like talking to a financial advisor on the phone or sitting at a bank window without leaving home, ”said Gustavo Parés, CEO of NDS Cognitive Labs, a Mexican company specializing in artificial intelligence (AI).

The development of Artificial Intelligence has been critical to improving chatbots in the financial sector as they allow them to perform much more specific functions and in less time. “Banking is a sector that is constantly competing to use technology to improve its operations and the user experience. Those who are at the forefront as the most digital bank will undoubtedly be able to attract and retain more customers and the pandemic projections show that the demand for contactless services and financial assistance will continue to grow, ”added Parés .

Photo: Depositphostos.com

According to forecasts by financial specialists, it is expected that 85% of transactions will be processed by chatbots this year. According to NDS Cognitive Labs, some of the many benefits of this technology include:

Financial advisor

It provides accurate information to the customer instantly, this improves the user experience as it resolves their doubts in an agile and pleasant way. Chatbots are able to provide high quality service without interruptions due to high user demands and without time limits. They are efficient financial advisors who serve large numbers of users when they need it, without long queues at the bank or waiting calls. This was crucial during the pandemic as the “traditional” operation of banks is not entirely feasible given the new normal.

It works as a filter before people visit it

Some chatbots assist customers in advance before referring them to a human finance agent. This frees employees from routine questions and makes them more efficient as they only focus on the most complex or specialized tasks. Chatbots collect all the necessary information from the customer and make the work of the consultants easier, reducing operating costs and manpower. The databases also allow the bank to know its customers, what their main doubts are, which services are most in demand, and even which errors or a greater number of errors are.

Marketing and customer acquisition

Chatbots that act as virtual agents have the ability to interact with the client and to know which service might interest them or which is the ideal one based on their requirements. In the same way, they work to attract new potential customers. In other words, someone who enters a bank’s portal and needs a credit card but doesn’t know which one to choose is enough for him to enter the chat and the digital assistant to advise him and thus make a decision more easily.

These advantages have undoubtedly led banks to pay more attention to their digital services. Only COVID caused 31% of financial institutions to further improve their online services by investing in technology to perform remote operations, while 64% of them said the virus was infected, according to a survey by Latin American banking software maker Latania.

Bank call center collapse

For many financial service users, especially those under 40, experience is rolled into one call center It wasn’t the best, so it’s no wonder a chatbot is your preferred choice.

The foregoing suggests that by 2022, 90% of bank-customer interactions will be via chatbots, according to the Chatbot Reporter 2019 study; However, the pandemic could fuel that forecast.

This panorama, added to the user’s preference for chatbots, can be moved Call center globally, and although this will take a few more years, the first signs of this transformation are increasingly latent. Some specialists predict that by the next year 85% of the Call center globally, they could be replaced by chatbots.

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