How Chatbot Can Help You In Your Saving Plans?

POSTED BY Ron Miller   |   IN Chatbots

Most individuals will aspire to save more money, a larger portion of people experience difficulty when it comes to setting a certain percentage of their income to savings. Actually, a survey done some years ago realized that more than half of Americans are not able to put aside at least a thousand dollars that may cater for unforeseen occurrences which include emergency expenses.

Nevertheless, this shouldn’t be a cause of alarm if at all your account balance may not be where you wish it would be. You can now access help from sources you couldn’t expect such as AI-powered bots that have been provisioned by your bank. If you made the decision to walk into a bank and request for assistance or advice on how to manage or even adjust on the spending habits you have in order to save, chances are you will receive blank stares. If you probably contact the customer care desk of your bank, you will be transferred perhaps from one department to another. Finally, they may offer you an opportunity to seek the assistance of a financial adviser who will help you in the process of building an investment portfolio.

With the large amount of data being collected by your bank, with the inclusion of payments, balances and transactions, you may probably think that your bank might be in a position to offer you customized and even better guidance when aiming for financial success. However, achieving your financial goals will actually require you to adjust your behavior when it comes to spending and saving. The current banking relationship has a gap that needs to be filled, as they have not incorporated the aspect of their clients spending habits.

Chatbots And The Bank

Here is where the AI-powered bots come in as a game changer. Instead of consulting a banker who recently took a quick glance at your name and your balances before you began a conversation. You are now in a position to access the help of a bot that can analyze your recent financial activities and propose practical steps, which you may need to take in order to realize your short-term and long-term goals with your finances.

Giving Advice

A bot can actually do a lot more, leave alone giving advice or showing you the right direction to follow. For instance, Chatbotalk provides virtual agent services that help most business people access vast data information on their client portfolio. Many people experience challenge when it comes to staying on course as falling back to old habits can be tempting and easy.

Advantages Of The Bot

As opposed to bankers, the bot is always available to render its services and monitor progress and spending. It may as well remind you to reduce on your spending the moment you start straying from your original plan. It pops up at the appropriate time, and gives you tips that will significantly help you in cutting down on your spending and boost your savings consequently. This may mean advising you whenever a large amount of deposit is received or probably before you decide to go on a spending spree.

However, the question is whether the bots are ready to step up to the task where a considerable amount of responsibility is expected of them? Most banking experts have made claims that the bots aren’t ready. Facebook unleashed that more than thirty thousand bots have been made since the opening of the messenger platform to other developers. As expected, there has been a rush in coming up with bots. For instance, there exists poorly designed bots, which may make you laugh at their lack of effectiveness and simplicity.

Chatbots are new in the financial services and will probably take a considerable amount of time to mature. The bots need to master a number of skills in the first day for them to be considered trustworthy and useful to customers. Silvia provides a system that is developed and ensures transactions get delivered securely and seamlessly, thus providing a good solution for you.

Conclusion

A bot will only be of assistance if at all it knows you, accessing your financial history and data will not be enough, there is need for it to analyze vast personal information in order to comprehend your financial behavior and come up with a recommendation that relies on your personal goals.

Author: Ron Miller

Ron Miller has made a name for himself in the tech media world as a writer and editor, relentlessly covering Chatbotalk, in addition to a broad range of startups in the fields of robotics, computer vision, AI, chatbots and more. He has lived in San Francisco for more than a decade, but will forever consider himself a proud New Yorker.