AI Chat in the Finance Sector: A Game Changer

AI Chat Transforms Finance via Personalization, Intelligence and Results
May 21, 2024

The financial services industry is aggressively adopting artificial intelligence (AI) to transform customer experience while optimizing costs. According to Accenture, AI investments across banking and insurance grew over 150% annually between 2018-2020.


A key focus area driving this surge is conversational AI chatbots that provide instant self-service options by automating common queries and transactions. Let's analyze implementations of AI chat technology powering the next wave of innovation across finance.


Benefits Driving Adoption of AI Chat in Finance

Before exploring use cases, understanding why conversational AI appeals to financial firms provides useful context:


24/7 Availability - Bots enable round the clock assistance for managing accounts, payments, investments aligned to digital lifestyles.


Faster Query Resolution - Instant self-service via chat cuts response times significantly compared to call centers involving hold times.


Improved Compliance - AI chatbots ensure secure, auditable records of all account transactions and interactions.


Higher Productivity - Handling routine customer requests like balance checks, statement generation frees staff to focus on complex issues and relationship building.


Enhanced Personalization - Analyzing past conversations and account data allows providing personalized product recommendations tailored to each client.


Lower Operational Costs - An Accenture study estimates that conversational AI can reduce finance operational costs by up to 25%.


Powered by these benefits, let's analyze real-world AI chatbot deployments transforming financial organizations.


Use Cases Demonstrating AI Chat Impact


Account Support

Valued at over $300 billion, JP Morgan Chase built its Contract Assistant to enable 24/7 self-service. Account holders can conduct transactions, check balances, make payments and manage problems digitally with the AI bot's assistance.


Financial Wellness

Startup Boost Thy Purse offers AI assistants that motivate users to save money. Individualized conversations recommend behaviors aligned to financial goals like building emergency funds, retirement planning and paying off debts.


Wealth Management

UBS built a robo advisor that provides investment portfolio advice to its clientele of high net worth individuals. The AI chatbot engages users on risk appetite, current allocations and retirement needs before suggesting optimized portfolios. It already manages over $2 billion in assets.


Mortgages Assistant

Bank of America's virtual mortgage assistant Erica has handled over 15 million client interactions. The AI bot advises home buyers on loans pre-approval, documents required, eligibility and guides them through the entire application process end-to-end.


Fraud Prevention

Mastercard's Decision Intelligence system leverages AI to predict fraud probability scores on debit/credit transactions. It analyzes past spending patterns and alerts consumers over chat when risky purchases are attempted to prevent fraudulent activity.


These examples highlight AI's game changing potential to elevate finance. Now let's explore how Just Think AI further accelerates this transformation for institutions.


Introducing Just Think AI for Finance

Just Think AI offers an enterprise-ready platform empowering finance teams across banking, insurance and fintechs to easily integrate conversational AI capabilities.


Code-Free Bot Building

Our no code tools allow subject matter experts to visually create AI assistants without engineering resources.


Seamless Data Integration

Inbuilt APIs easily connect bots to core systems like payments rails, CRM, document management for personalized service.


Omnichannel Deployment

Engage users via web, mobile and popular chat apps like WhatsApp for consistent experiences.


Robust Security

Authentication, encryption and infrastructure safeguards adhere to finance industry standards including SOC 2 compliance.


GDPR and CCPA Compliance

We enable building assistants to handle sensitive client information in a privacy-focused manner across regions.


Built in NLP

Understand natural language requests regardless of phrasing to resolve customer queries accurately.


Let's look at a few common prompt examples showcasing Just Think AI's capabilities to transform financial services.


Just Think AI Finance Use Cases


Account Support

Prompt: Can you help me check my last 3 transactions on my checking account and confirm if a check has cleared?


Response: Sure, after verifying your identity, I can pull up your checking account and confirm the last 3 transactions along with the status of any pending checks…


Mortgage Calculator

Prompt: We are considering buying a $650K home and have a 740 credit score. What mortgage rates and monthly payments can we expect?


Response: Based on a $650K purchase price and your 740 credit score, the interest rate you may qualify for is 5.2% on a 30 year fixed mortgage. This would translate to an estimated monthly payment of $3,800.


Fraud Alert System

Prompt: Why did my credit card get declined while booking a hotel for our upcoming vacation?


Response: Apologies for the inconvenience caused. Your purchase attempt was flagged as unusual spending compared to prior patterns and hence declined. Please confirm via OTP if you did initiate this hotel transaction for me to allow it.


The illustrative examples highlight Just Think AI's capabilities to enable next-gen banking and insurance experiences.


Frequently Asked Questions


Does your platform support real-time data access?

Yes, we provide API integration with core systems like payments data, customer profiles and product catalogs to power personalized, real-time recommendations.


What security safeguards do you offer?

Our platform leverages leading security controls - encryption, SOC 2 compliant infrastructure, role-based access etc. - required for financial services.


What compliance coverage is included?

Along with SOC 2, we also offer configurations to comply with regional data privacy regulations including GDPR for Europe, CCPA for California to enable global use cases.


Can I customize your NLP models?

Yes, while our NLP capabilities work great out-of-the-box, we allow customization based on your unique vocabulary for more accurate chatbot performance.


Do you support secure sensitive data access?

Just Think AI enables securely connecting authenticated banking sessions with chatbots to facilitate confidential account interactions post login.


AI chatbots represent a game changing opportunity for elevating client experience across finance while optimizing operations. Just Think AI specifically equips banking, insurance and financial services firms to integrate conversational AI easily across their digital properties.

With enterprise-grade security, built-in compliance, omnichannel support and powerful automation capabilities, we help leading institutions become AI-first and gain a competitive edge. Our no code tools allow teams to start automating complex workflows in weeks without intensive engineering effort. Backed by the latest advancements in NLP and machine learning, our platform is designed to scale elegantly as portfolio offerings and customer bases grow.


By strategically embracing our holistic solutions for building intelligent virtual assistants, forward-thinking financial organizations can deliver next-generation advisory and elevated customer support leading to winning business outcomes.

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