Having to phone a call centre to get information about quotes and services is a time-consuming exercise that many customers are finding cumbersome and inconvenient. That’s why a South African company came up with an innovative solution that incorporates artificial intelligence, to make it easier for customers to get information from financial service providers.
FinChatBot, the brainchild of French-born Antoine Paillusseau, has already gained traction in South Africa and expanded to France, with the possibility that the technology could be used in other countries in Africa as well. The principle is one that will be popular among a hyper-connected society that prefers convenience and ease of use from a technological point of view.
FinChatBot is a chatbot created specifically for the financial industry. The company is linked to AlphaCode, Rand Merchant Investment Holdings’ fintech investment arm. It uses a chatbot on messaging platforms like Facebook to make it easier for clients and potential clients to receive information via their preferred channel of communication any time of the night or day.
According to Paillusseau, the company was started after taking into consideration the way that people prefer to find information and communicate with service providers. People are increasingly using mobile devices to gain access to social media platforms and the internet, and are using these devices to get information about products or service offerings that they might be interested in.
AI and machine learning allow FinChatBot to have life-like text-based online conversations with current and potential clients, increasing the reach and lead generation for financial service providers.
The head of AlphaCode, Dominique Collet, told IOL: “Chatbots are a real opportunity for the financial services industry. FinChatBot has identified this opportunity to help banks and insurers address customer engagement in a digital, cost-friendly way.”
Although FinChatBot is currently only used for service providers in the financial industry, there is potential to expand into different industries as well.
In an interview with Ventureburn in 2017, Paillusseau echoed this sentiment. “We’ve already got a lot of feedback from other industries such as travel, advertising or a wider range of clients. We don’t want to focus on this now because we feel that we still want to become the experts in the financial industry.”