Chatbot technology in Finance: AI accomplishes Money Management Easier

Chatbots are remodelling finance strategies for the common person by enhancing accessibility and convenience of banking, investing, and financial planning. Here are the explicit applications of AI in financial services :

1. Personal Finance Management

• Detect and categorize the expenses, and formulate budgets according to the expenditure and income.

• Can set reminders for bill payments and savings target.

2. Banking Services

• Review account balances, transfer payment, and pay bills.

• 24/7 customer support without human intervention.

3. Investment Guidance

• Provide precise understanding of stock market, mutual funds, and market patterns.

• Provide robo-advisory services for automated investing.

4. Loan & Credit Assistance

• Help users to compare different loan options and calculate EMIs.

• Evaluate credit scores and provide guidance for improvement to enhance credit scores.

5. Fraud Detection & Alerts

• Informs users about suspicious transactions.

• Gives advice about different ways for securing accounts and reporting fraudulent activities.

6. Insurance Assistance

• Help users to understand and compare different policies and coverage.

• Provides necessary advice for processing claims and renewals.