5 Best Ai Automation Tools Redefining The Experience Of Fintech Customers

Don’t you think that Fintech owners should start taking advantage of fast-forwarding AI automation tools for optimizing the experience of customers? Find out why and which automation tools to consider post-COVID to redefine your customer experience. 

As you can see, COVID-19 has disrupted the operation of finance and accounting firms along with others. With no internal teams available to work together for safety reasons—and no certainty of them coming back to work soon—the RPA has grown so much in demand. Customers want fast, effective solutions to be able to invest more in less time. From money lending decisions to payments risk assessment and cyber risk management, conversational AI technology is here to support your business every time with better clarity. 

AI Automation - A Trend Predominant in 2021 & Beyond 

2021 will be a promising year for the AI automation sector. Gartner predicts that the use of AI and RPA (Robotic Process Automation) technologies in businesses will be greater than before. According to Gartner RPA Software Forecasts, revenue will go up to 19.5 percent in the year 2021 and have double-digit growth until 2024. According to the leading USA robotic and cognitive automation company, Deloitte, automation took to the center stage for business continuity and resilience during COVID-19. It is likely to become a lifeline for businesses soon. 

What’s more: concerning expert analysts, it is anticipated that AI automation will save $1 trillion on Fintech operations. Traditional financial organizations should look ahead to a 22% cost saving in operational expenses with the implementation of an AI help desk, which proves customer’s ease of use (Source: Autonomous). 

It’s no more a secret that around 2.5 MN employees in the US financial investment and insurance sector have been affected by Artificial Intelligence technology. So, credit unions and investment providers are going to be some of the big beneficiaries of AI automation applications. 

AI-Driven Automation - A Boon for Fintechs in Real 

Fintech businesses need an AI automation tool to streamline customer service uninterruptedly. It will provide you with an automation framework to integrate with, listen, understand and react/respond like the human-assisted business system. 

An automation tool partially takes on the characteristics of human intelligence Artificial Intelligence but serves beyond the human range to improve the experience of your customers. Moreover, it is capable of processing an unlimited amount of data and information while boosting the experience of Fintech customers to an unequaled level with advanced computational abilities. 

A quick check on AI in the international Fintech market will be enough to reveal its huge growth potential. According to Business Wire, the global market share of AI in Fintech is projected to jump to $22.6 billion by the end of 2025 from $6.67 billion in 2019. The market growth is predicted to keep up with a 23.37% CAGR over the 5 years (2020-2025). 

As of now, you are not the only one to seek the opportunity in AI automation tools to improve the customer experience. North America already features among the regions where Fintech owners have adopted AI automation massively for reasons better known to you: data processing and decision making. Leading 

Fintech players like GBG in America have enabled ML-based fraud detection capabilities along with AI to monitor transactions and payment activities effectively in 2020. Similarly, Predator offers deep learning and projecting analytics throughout the customer risk management lifecycle. 

Fintrail survey in 2019-2020, goes further in saying that nearly 33 percent of FinTechs covered in the survey presently use AI automation solutions programmed in-house. Many choose custom-built over ready-to-buy solutions because they fear their requirements are not getting served by one-for-all solutions. With this high-tech and high-touch expectation, one question that immediately comes to mind is - are you ready to compromise your support quality or shift to AI help desk automation for a better customer journey? 

Automation Requirements for Fintechs & Banks -Never the Same 

Fintech businesses often operate with a serverless and startup model that values both time and growth rates. They have different integration and automation requirements from that of traditional banks. Please refer to the below criteria when it comes to assessing AI automation tools for microservices, databases, and SaaS application management. 

• Agile and quick to deploy a platform
  
  
• Adaptability
  
  
• A comprehensive solution to both automate and integrate
  
  
• Cloud-based intelligent automation
  
  
• Aligns business vision with automation
  
  
• Immediate and event-triggering data operations
  
  
• Coordinate internal operations across SaaS applications
  
  

The importance of AI automation for Fintechs: 

AI automation tools help Fintechs in managing condition-based and repeated tasks, freeing the time of human agents for complex activities. They work fast 24/7 with perfect accuracy. 

1. Minimize fraud with alerts 

2. Decrease in-house operating expenses 

3. Adds to operational competence 

a) Rules out manual error 

b) Faster credit and loan lending processes 

c) Process extensive data immediately

5 Best AI Automation Tools for a Redefined Fintech Customer Experience 

AI automation might have gained momentum recently, but companies offering intelligent automation solutions have been more difficult to explore. This is because many of them claim to have the same product or features for your business. However, neither all RPA nor AI automation chatbots are always the same. To help your Fintech create a great customer experience, here is a handy list of 5 AI automation tools for your reference.

1. IBM Watson - Watson is an AI tool built with analytical capability by IMB, offering a wide range of automation products and services for use in Fintech environments. It automates the process of self-diagnostics and taking actions to resolve the problem from its root.

2. Salesforce Einstein - Einstein is another fabulous AI platform by Salesforce meant for streamlining manual processes in the financial sector with automated workflows and intelligence. It is capable to automate time-taking multiuser tasks and increasing the pace of work.

3. Microsoft Cortana - This is an AI-based virtual assistant from Microsoft communicating over voice commands and helping financial organizations develop personalized analytical solutions with ease. Cortana can search, set up meeting schedules and remind employees over voice, automating workflows like never before.

4. Samsung Nexfinance - This is an integrated framework using the latest AI automation technology to optimize digital finance benefits. Nexfinance, makes it easier to automate financial services such as insurance payments, identity and finance management, and intelligent Virtual Assistance for the business.

5. Intel Neural Compute Stick - This is a powerful yet effective performance automated tool for AI in the Fintech industry. From deploying AI in Fintech applications offline to automating and optimizing business workflows, Intel’s Movidius Neural Compute Stick will be useful in all.

Of course, the above list of AI automation tools is never final. There are many more rewarding options still available for Fintech owners in the market. Rezolve.ai may fit into your automation needs in case you don’t see much scope in all the above-mentioned ones. We provide a fully-featured advanced AI help desk automation platform to facilitate the nonstop resolution of financial tasks. To automatically push pre-configured notifications, and schedule events or meetings, try our feature-rich AI ticket automation tool here.

Conclusion 

The AI help desk automation solutions will raise the operational standard of Fintechs in 2021 by decreasing the chances of human error, increasing personalization of credit lending, insurance payment, and not forgetting the customer experience. So, take a pick of AI automation tools based on your specific needs!!

Are you considering an AI chatbot or RPA solution off this list? Contact us for an expert consultation!

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