Why do we need a ChatBots in the finance field?

Why do we need a ChatBots in the finance field?

Chatbots are a hot topic, and many of them use new communication technologies in business. The finance sphere has not become an exception – all new bots are constantly appearing here. Today we will take a closer look at the solutions for resolving bank accounts and trading on the stock exchange.

How it works: examples of bank ChatBots

Bank holding Capital One of the most famous in the field of artificial intelligence recently launched an Eno chat bot, which supports neurolinguistic programming. Eno allows customers to correspond with the bank, pay bills and receive account information using a natural language.

Eno chat bot

The financial organization also launched the virtual assistant Alexa Skill for Amazon Echo and plans to launch the first similar product for Microsoft’s Cortana.

Mastercard chat bots
  • Mastercard develops chatbots for banks and companies together with Kasisto to combat fraud, improve operational efficiency and more efficient interaction with customers, partners, issues, and sellers.
  • American bank Wells Fargo also announced the development of its own smart bot for Facebook Messenger. The virtual assistant will process user messages and provide in response information about the balance of funds on their accounts, prompt the location of the nearest ATM, etc.
  • Financial media company Thomson Reuters says that it is working on introducing the functionality of chatbots into its Eikon communication platform.

Not only banks: bots for stock traders

The most common function of chat bots in the sphere of exchange trading at the moment is informational. Bots are used for prompt receipt of financial information. For example, the bot Letstock broadcasts on Facebook Messenger information about the current value of shares (“how much is Apple today”) and financial news.

  • Bot StockPro for Telegram allows you to get stock quotes, futures, mutual funds, track the situation with oil, gas and precious metals prices, and create special lists for tracking of several stocks and receive alerts about price movements.
  • There are also known attempts to implement chatbots to obtain information about stock prices on the exchange – for example, using the IBM Watson platform.
IBM Watson
  • In this case, there are separate attempts to create bots, with the help of which it is possible to conduct financial transactions. For example, the British financial company AJ Bell has developed its own bot to buy shares through the Facebook Messenger. It works like this: first, the user needs to connect his brokerage account – for this, the bot sends out a temporary password, after which it is possible to select an action and buy or sell it:
AJ Bell
  • In addition to obtaining stock prices and placing orders for purchase and sale, bots can solve other tasks. For example, the company Polly Portfolio specializes in issues of increasing financial literacy and helping novice investors. The organization launched the PollyChat bot for Facebook Messenger – it asks the user questions about its attitude to the current news and based on the answers creates a financial profile, which combines recommendations for financial transactions and the selection of tools for trading.
Polly Portfolio

Conclusion: lively communication in finance is too important

In spite of the “trending” nature of the topic of chat bots, practice shows that in the sphere of finance this tool solves a limited number of tasks. Most bots help users to learn new information – whether it’s the balance of funds in a bank account or stock quotes.

Even the smartest bots lack the capacity to understand human needs, especially those related to complex issues of financial decision making. Therefore, to expect that financial chatbots will become the best friend of investors and traders is not worth it, according to experts interviewed by New York Times.