Chatbots for financial processes

Scritto da Andrea La Rovere
il 04/03/2023

Financial processes are increasingly interconnected with chatbots and Artificial Intelligence. Not only because of the Sars Covid-19 pandemic, but also more common communication conditions have given public and private companies a way to interface quickly with user needs.

The process automation that can be achieved by chatbots makes this tool extremely versatile, ensuring that companies manage their financial income and expenditure tracking strategies wisely.

Chatbot: what it is

In order for the uses of a chatbot for financial processes to be understood, a definition should be given. The term chatbot is used to identify that software that has the ability to process and simulate human conversations, whether written or spoken, allowing users to interact quickly with digital tools, experiencing very little difference from communicating with a real assistant.

The chatbot can be rudimentary software, capable of performing only basic functions, or it can be advanced and provide interaction with Artificial Intelligence.

In the financial field, they are used because of their versatility, as they can be used 24/7, as well as provide useful information in a very short time, complying with relevant regulations.

Chatbots: uses for financial processes

Circumscribing the use of chatbot in the financial sector, it is interesting how it can be implemented in different conditions, mainly: onboarding, customer service, transactions, financial advice, sales, fraud, recruitment and internal operations management.


Chatbots can be used to improve the approach to onboarding procedures. This tool makes it possible to ensure that the required financial documents are available and uploaded directly from the reference platform, eliminating a real assistant. Added to this function is the ability to send the contract for review, reminding users to sign it on time.

A chatbot can help with the setup and exploration of a new account, automating all these processes usually bound to canonical business hours. Also complementing the onboarding operations is the information inherent in the reviews of new customers after interfacing with the bot, evaluating its capabilities and effectiveness.

Customer Service

One of the most common uses of the chatbot is in improving customer service. Major work activities, such as medical or banking services, implement a chatbot system to ensure their users receive concrete support.

Among the features of a chatbot is that it can be used around the clock, offering users maximum availability anywhere in the world. The chatbot makes it possible to answer frequently asked questions and provide answers that are consistent with the topics of interest.

By activating a chatbot, users will be able to achieve security of their personal information and chat without fear of losing sensitive data.


Among the most interesting uses of chatbots is the ability to make transfers between accounts and perform financial transactions. By asking the question of who should be the recipient of the transaction, the bot will ask for the IBAN code and forward the request to the bank.

But in addition to the arrangement of common transactions, the following can also be initialized through the chatbot: reporting a missing credit card or unauthorized transaction, changing an account password, changing financial limits, and applying for a private loan.

Financial counseling

The exponential growth in the use of chatbots within a financial process-related context is in the ability to provide financial advice.

Planning monthly spending and recommended savings plans are two of the functions particularly used by users; in addition, financial advice also extends to bank balances and tax and insurance suggestions.

More advanced bots can also be programmed to send notification messages, capable of reminding the user to take a certain action, such as topping up credit or exceeding the maximum withdrawal limit.


Further use of chatbots for financial processes is cross-selling. Companies that deal with managing the financial aspects of users in the best possible way can provide different services and products related to this area, such as loans, insurance, mortgages, asset management, investments and so on.

Chatbots can assess consumers’ needs, during written or spoken dialogue, offering promotions and solutions indicated for their needs.


The implementation of chatbots makes it possible to prevent fraud because they record conversations by making use of NLU language, determining fraudulent or suspicious behavior in no time, so that the account owner is informed as quickly as possible.

Bot conversations can also be used to identify strategies used by malicious attackers and protect one’s business by preventing possible future attacks.


The most innovative companies are also using chatbots for employee recruitment. Chat communication allows potential employees to ask questions regarding the company’s mission, defining internal regulations and process to be followed.

The chatbot can also be used to obtain charts, videos, photos and useful orientation material, facilitating the process of bringing the person concerned closer to work.

Taking advantage of more advanced chatbots can also change and create company account passwords, managing recruitment in a timely manner.

Internal operations management

Every company has the burden of interfacing with multiple internal figures, such as financial advisors or banking staff, such a condition could put employees who lack specific skills in an uncomfortable position. Chatbots can help employees get useful information to understand internal policies and regulations, all the details of the company’s financial services, and predictions about customer financial conditions.

Chatbots: the implementation of artificial intelligence

Technological evolution has radically transformed the use of chatbots. While until a few years ago this tool was the easiest answer to customer questions, placing considerable limits on arguments, currently a careless user might not notice the difference between a virtual assistant and a real one.

This condition is due to the implementation of Artificial Intelligence within chatbot programming software. AI has the ability to adapt to user needs, evaluating information in real time and adapting responses as needed.

Such an interaction allows for more effective responses and predicts what future questions may be. Artificial Intelligence also improves aspects of automation, as it can analyze, monitor and decide which solutions are most appropriate to apply.

Chatbots: the benefits for businesses

The application of chatbots for financial processes can provide several benefits, but which ones are companies most looking for? In many cases, one is inclined to think that the simplest chatbots are poorly suited to the needs of one’s business. In fact, even a tool that is not too advanced can achieve real benefits.

Speeding up flows

Automation of financial processes is now a standard for both businesses and users who are continually looking for smart services. Speeding up financial flows, whether these are related to simple bank balance verification or more complex mortgage counseling, makes the interaction process very simple and convenient.

By 2022, automation through chatbots is expected to be 90 percent, a percentage value that highlights how it has now become a standard for all companies that want to ensure effective and optimized service.

Customer Care

Among the most significant benefits of using chatbots is interaction with one’s customers. Developing quality customer service allows not only to solve common problems quickly, but also to increase the reputation of the company itself. Solving a problem by simply chatting with a bot, reducing the time spent waiting for a possible real operator, makes the user experience much more comfortable.


There is no doubt that chatbots are the ideal solution of companies that want to manage financial processes throughout the day. As much as you can also schedule chats with the bot at certain times, leveraging it around the clock provides many more benefits. Users can resolve their concerns at any time of the day, freeing themselves from canonical working hours.

Brand Reputation

Implementing a system with chatbots offers the company greater flexibility to customers. Such flexibility results in a positive view of the target company, greatly enhancing its brand reputation.

Solving one’s problem quickly and using only chatbots induces users to advertise directly and indirectly with other potential customers. In addition to retaining those who already have an account to their service, it can induce many others to subscribe or try that brand.


Benefit not to be underestimated in using chatbots is the cost of integrating them into one’s business system. Chatbots in finance generate far more returns than investment costs and can be scalable to the needs of those using the technology. In an environment where digital transformation is increasingly relevant, cutting costs is critical to optimizing available resources.


If employing chatbots for financial processes is objectively a benefit for companies, it is even more so to understand what the quality of the company’s digital infrastructure is. Thinking about implementing chatbots in a company with a bad infrastructure will make the approach very complex.

It is no coincidence that more and more companies are applying the calculation of a digital test to understand the level of digitization of their industry company and corresponding needs, defining its potential and limitations. Fill out the digital test now!

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