What is a finance chatbot?

A finance chatbot is a chatbot for financial services such as banking or insurance that can automate some of the customer service tasks via coded commands.

Tovie AI + IBM Cloud
for Financial Services®

AI solutions to automate and streamline operations for better customer experiences and efficiency

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Achieve service excellence through digital transformation

43% of customers prefer chatbots over visiting a branch to complete tasks

87% of customers report having a positive customer experience with chatbots

In the financial services industry, operations and customer experiences are connected, opening up new dimensions of customer excellence.

Conversational interfaces are a proven tool for achieving customer-centricity and are well received by customers. A strong chatbot strategy can streamline processes and redefine customer engagement by providing easy access to facilities and delivering a more personalised and satisfying experience.

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IBM Cloud for Financial Services, speed innovation and address your security and compliance needs.

IBM Cloud for Financial Services is supported by an ecosystem of curated ISVs, fintechs and SaaS providers, to help make it easier and faster for financial institutions to onboard third-party applications and services and begin working with them on IBM Cloud.

The IBM Cloud for Financial Services is designed to help financial institutions:

Address your compliance requirements with an industry-built common controls platform.

Operate with choice and
agility through hybrid cloud deployment options.

Safeguard data with
industry-leading security capabilities.

Speed innovation with an ecosystem of ISVs, fintechs and SaaS providers.

Conversational AI use cases for financial services

Tovie AI’s voice and chatbot solutions are built to cater to the diverse needs of our enterprise-level clients in the banking and insurance industries

First-line support

With Tovie AI bots, your customers will always have a dedicated personal assistant taking care of their finance-related needs 24/7. The bots can answer common questions, educate customers about services, help compare plans and prices, assist with account setup, and guide customers through the onboarding process.

Debt collection

Clients who are in arrears may hesitate to openly discuss their debts with human agents. Talking to a virtual agent can make them feel less pressure and more willing to engage in discussions. Still, like humans, a debt collection bot is able to empathise with individual circumstances and use that context throughout the debt recovery lifecycle, leading to better recovery performance.

Upsell & cross-sell

Use conversational banking chatbot for promotional campaigns and increase business profits with no extra investment. Upgrade existing customers or offer them complementary products. Feed customer profile data to the bot so it can advise the most relevant option based on the user’s current plan, demographics, or request history.

Claim processing

An insurance chatbot can handle the entire claims and settlement process: from incident reporting to informing clients of the progress of their claims. This eliminates the need for policyholders to wait hours or days for claim validation and review, which can be a stressful experience.

Payment assistance

The bot can remind customers of upcoming payments and facilitate the payment process. With the help of a chatbot for banking, the customers can easily complete any financial transactions via text or voice in the messenger channels they favour.

Feedback collection

Your virtual banking assistant can be highly effective in collecting customer feedback, whether through a simple NPS survey or a detailed questionnaire. This is especially useful after the AI agent has handled a request or processed a claim, as it provides data to better train and improve its performance.

Tovie AI seamlessly connects to any CRM, communication channel or payment terminal

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Providing seamless and personalised customer experience

Conversational AI for banking and insurance creates more efficient, accurate, and satisfying interaction experiences at each stage of the customer journey

Speech and intent recognition
Engaging conversations
Multilingual support
Omnichannel communication

Acquire

Dedicated assistance

Provide your customers with the best possible options and advice, taking into account their profile data and communication history, no matter where that communication occurred.

Engage

Tailored offers

Customise marketing campaigns that resonate with users and create added value to your service. Promote at the right time through their preferred channels for better relevance and engagement.

Support

Instant response

Deliver 24/7 contextual support and quick problem resolution to ensure that your customers can always get the help they need, no matter the time of day.

Ascend

Easy banking

Make everyday banking simple for customers on the go. The virtual assistant helps users in a variety of banking activities such as balance inquiries, bill payments, and funds transfers.

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Discover IBM Cloud for Financial Services validated solutions by Tovie AI

Insurance Claims Bot

Enhance customer experience using an Insurance Claims Bot: Boost the rate of successful insurance claim processing at the first call

Debt Collections Bot

Automate all aspects of the default management process, reduce costs and deliver better debtor engagement with Debt Collections Bot

Banking Assistant

Use the power of Banking and Insurance Assistant to address any challenges in the financial services industry - from common to complex

Website navigation Bot

Provide proactive engagement with potential customers and lead capture at the websites with complex navigation

Compliant & Validated for Security with IBM

We are one of the first Conversational AI vendors to be validated by IBM Cloud for Financial Services. All our conversational solutions are now automatically compliant for FS organisations.

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Investing in AI chatbot banking is paying dividends

Leading fintech companies streamline their services with Tovie AI and see proven results

85%

Automation level

83%

Increase in claims settlement

52%

Increase in NPS score

32%

Increase in customer retention rate

Case Study

BNP Paribas Cardif increases NPS after introducing Cardi, a voice bot by Tovie AI

BNP Paribas Cardif, the global insurance leader operating in 33 countries, hired Tovie AI for its call centre automation.

The Cardif's call centre had to work 14 hours a day, with agents spending most of their time answering repetitive questions. The main challenge was to provide timely assistance to customers experiencing loss events who needed urgent attention. The company decided to launch a virtual agent to automate insurance claims reporting and lighten the workload of human agents. The Cardi bot:

Streamlined claim processing with FCR 83%
Increased customer loyalty
Saved $9m+ in operational costs over two years

What stands us apart?

Tovie Conversational AI ecosystem

We have our own complete stack of tools, which includes a powerful NLU engine, ASR and TTS technology. This enables us to work in total synergy while building bots with highly accurate performance, and to realise AI projects of all complexities.

No code development platform

The Tovie platform is designed with ease of use in mind, making it possible for anyone to create complex dialogue flows with minimal effort. A range of pre-built elements can be easily linked together to create a smooth dialogue script and design.

Scalable solutions

Rest assured that your Tovie-based solution will always meet your growing needs without any added hassle. You can start with a simple first-line support bot and then smoothly progress to a fully-fledged agent for complex tasks, such as processing insurance claims.

Secure deployment

Deploy your Tovie AI solutions on our cloud or on-premise. We support AWS, IBM FS and dedicated server deployments of your choice. With our architecture, you can be sure that your data is secure and access to it is controlled.

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Companies that succeeded with Tovie products

What are your biggest customer service challenges today?

Tovie AI helps enterprises to digitalise customer experiences and make services more robust. Contact us for a chat about how we can help you.

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FAQs

What is conversational AI in banking?

How AI can be used in banking?

One of the most common applications of AI in banking is the use of conversational IVRs and self-service chatbots for automating first-line support. This reduces the need for repetitive work, such as answering common questions and provides customers with quick and convenient access to banking services.

How to implement Generative AI in finance?

Banks are increasingly exploring the potential of Generative AI, such as ChatGPT-style solutions, for both customer-facing and internal applications. This technology allows employees to access information conversationally from various data sources, enhancing efficiency.

Language models may become the primary interface for organisational knowledge, fostering expertise scaling and productivity gains.

To embrace Generative AI for business, consider our GenAI consulting services. Our AI Readiness team can guide your financial organisation through the digital transformation journey, leveraging the benefits of this technology.

We assess AI use cases, conduct viability studies, and gather data for informed decision-making. Our streamlined application process includes model calibration, user-centric deployment, and a cloud-based pilot. Afterwards, we design a successful Generative AI adoption strategy, ensuring seamless integration into existing infrastructure for hassle-free utilisation. Contact our team to learn more.

What are the benefits of conversational AI in banking?

The primary benefits are improved employee productivity, reduced customer service costs, and streamlined operations, resulting in more satisfied customers. Everything mentioned can contribute to increased customer retention and revenue growth.

How to implement a banking AI chatbot?

You need to select a reliable AI-based chatbot service for financial industry that is designed to cater to the unique needs of financial institutions. It’s important to remember that due to customer data privacy regulations, the service provider must comply with the security standards in the financial sector such as through IBM Cloud validation. Tovie AI is the only conversational AI platform validated by IBM and fully eligible to be deployed in an enterprise setting.