Chatbots in Fintech: Benefits and Best Use Cases for 2024

The article was updated on April 03, 2024

In 2024, chatbots are no longer an innovation but rather a must-have for businesses that count on interaction with customers, including financial institutions. AI-driven chatbots can simulate human conversations, solve clients’ issues in a matter of seconds, and undertake routine tasks, allowing human staff to carry out more complicated and important matters.

By 2024, online and mobile banking will most likely serve over 2.5 billion active users. Smart financial assistants can transform this huge customer-related aspect of your business. It makes fintech chatbots not only a powerful tool but an essential part of your team. Besides that, it’s a promising market branch that is expected to reach almost $7 billion by 2030.

Let’s take a look at how chatbots are driving fintech in 2024, the benefits of chatbots in banking and other fintech niches, and how to create a fintech chatbot for an effective financial business.

Definition of chatbots and their role in fintech

A fintech chatbot is an innovative alternative to live communication with human agents, which allowed companies in the banking and financial sectors to save over $7.3 billion in operational costs by 2023. With the help of text messaging, voice commands, or buttons, users can hold human-like conversations with a chatbot and even get useful assistance for financial services.

From payments and transfers to account management and loan applications, an AI-powered virtual assistant facilitates seamless client-bank interactions. At the same time, the 24/7 availability of the financial chatbot eliminates long queues, saves clients’ time, and helps them perform financial operations from anywhere without compromising their security.

Nevertheless, the digital transformation of the financial services industry is still ongoing. The number of people who used fintech services rose from 2.5 billion in 2020 to 5.3 billion in 2024, and is predicted to rise to 6.8 billion by 2028.

Accordingly, the demand for cutting-edge technologies like AI fintech chatbots continues to grow, making them a must-have feature for every financial institution in the near future.

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Benefits of chatbots in fintech

We all know how great chatbots work in e-commerce, travel, or healthcare. Generally, smart virtual assistants ensure great customer engagement and cost-efficient client-oriented services.

But what exactly can AI chatbots do for a finance business?

Automate routine tasks

One of the primary goals of AI-driven chatbots is to provide human-like user support. It means that financial bots can communicate with your clients, introduce your service to them, answer their questions, receive complaints, and give personalized advice.

While machines can take over all these monotonous tasks, they let your human employees work on substantial issues and general service improvement.

Bring customer experience to a new level

Bots don’t get tired or irritated, they don’t need to take breaks or sleep. When dealing with payments, investments, or serious money concerns, finance assistants play a vital role.

Polite and supportive any time, a fintech chatbot will respond to a client’s query in a moment and keep replies brief and to the point. Not to mention that round-the-clock availability will expand your audience to other time zones.

Strengthen security aspects

In 2024, a carefully designed chatbot is a more secure communication channel than a phone call or an email. Diverse authentication systems, including fingerprint or face recognition, provide a high user data protection level.

Encrypted chats also ensure there will be no accidental data leak. AI-driven chatbots can also use complex algorithms to timely detect and block shady individuals and prevent frauds.

Make financial procedures stress-free

Dealing with financial operations may sometimes be nerve racking, no matter the scale. Chatbots can turn this user pain point into a seamless process.

It’s not only about managing transactions and complicated procedures right from your couch; your clients will highly appreciate your automated assistants’ clear instructions and concise explanations.

Augment your marketing strategy

Banks and other financial institutions rely in large part on marketing methods when trying to broaden and strengthen client engagement, product promotion, and services offered.

AI technology allows finance chatbots to analyze user behavior and make no-lose offers. If you put enough effort into this aspect, your bots will bring value to the clients by giving them useful insights and promoting the right services unobtrusively.

When developed wisely, AI in fintech can enhance the productivity of your team, and even surpass human staff in some aspects. In any finance-related issue, customers seek conciseness, precision, and responsiveness. Financial chatbots exceed their expectations in full.


Chatbot use cases for the fintech industry

How can chatbots be used in fintech? The range of tasks they fulfill is quite diverse, and bots can become a harmonious part of the customer support, security, or even marketing team.

We’ve prepared a quick overview of the most common implementation practices, backed up with use cases for chatbots in banking and other financial branches.

24/7 customer support

The phrase “Time is money” obtains literal meaning when it comes to managing your finances. Clients require instant reaction, no matter the time of the day. People choose to involve chatbots in banking primarily because of their ability to provide such services without human assistance.

With that said, AI-driven chatbots save financial and staff resources and also support the healthy lifestyle of a company’s employees.


Basically, the overwhelming majority of chatbots in any industry have the day-and-night availability function. Among chatbots in banking, TD Clari is a typical representative of a smart financial assistant who can resolve the most common queries around the clock, with no pauses or days-off.

Digital payments

Chatbots in finance aim to simplify core financial operations, particularly payments. Money transfers may be complicated and stressful if the platform is not well thought-out.

However, bots can guide users through the procedure, and if you link PayPal or any other payment system account, it will make transfers straightforward and sure-fire.


One of the largest Hong Kong banks, Hang Seng Bank, simplifies payment services with the help of the Haro chatbot. The digital assistant guarantees smooth and fast financial operations 24/7, from currency exchange to different kinds of money transfers.

Finance management

Money management is a complex process that can turn into chaos if you don’t have a systematic approach to it. Chatbots in finance and accounting offer tools that help track and analyze various aspects of your financial life, from income and expenses history to bill payment plans.


Users of the Bank of America app are lucky to have Erica, their AI assistant. The chatbot can perform various tasks to help its users keep their finances under control.

Erica shows balances and past transactions across all bank accounts, provides scheduled bill pay reminders, monitors monthly spendings weekly, provides alerts when duplicate charges are detected, etc.


Financial bots can become an actionable tool for both experienced investors and those who’re taking their first steps in the field. Smart financial assistants advise users in creating portfolios, choosing the right methods, and offering efficient investment solutions.


MyEva was designed as an intelligent chatbot that helps clients reach a state of financial well-being. It can evaluate its user’s money situation and guide customers to their financial goals. Besides spendings management and savings buildup, the chatbot offers investment assistance.

Automated fraud detection

Fraud causes great harm to the bank’s clients and their data, and undermines the reputation of the financial institution. A great part of scam cases happen due to human errors, and it becomes increasingly hard to keep an eye on transaction security manually.

On top of that, fraudulent methods become more and more sophisticated with every passing year. That’s why chatbots in the financial industry also work on scam warning and prevention.


Eno, the Capital One banking chatbot, was designed with a huge emphasis on card protection. The bot identifies suspicious transactions and informs its users about them.

Among the range of other security tricks, Eno knows how to protect user data from online shopping fraud by creating virtual card numbers for each merchant.


A fintech chatbot can complete your marketing strategy by becoming an active promoter. It monitors the behavior and activity of each customer faster and more efficiently than human employees. Based on these analytics, the bot uses a tailored approach to promote personalized offers, thus boosting client engagement and generating more income for the company.


Ally is a digital finance service company and has its own chatbot which can be contacted via text or voice. Among typical financial chatbot functions, the Ally bot has the talent to provide bank clients with useful tips. It analyzes a user’s transactions and activity and offers relevant advice and help based on the results of analysis.

Insurance & loans

Designing an effective finance bot solves the problem of burdening paperwork and long-running verification procedures, like during insurance or loan applications. The same process can and should be undergone faster and just as safe.

With a chatbot, your client can get a loan or solve an insurance issue by answering a couple of questions and sending the required documents online.


Lemonade is an insurance company that has developed a chatbot that embodies all the benefits of using AI technology in handling insurance claims. It can process claims in a matter of seconds, and on your part, you need just to respond to several questions in the app.

The diversity of chatbot abilities allows you to design a smart assistant that fits perfectly into your business concept. Read on to learn the basics of fintech chatbot development.


How to make a fintech chatbot

1. Define the chatbot’s purpose

The aim of your smart chatbot determines its tone, core functionality, and even design. You can define the purpose by taking a closer look at your company:

  • Which services does it deliver?
  • What should be explained?
  • What is the financial education level of my audience?
  • What concerns may they face?

Use this image as a guiding sketch for your ideal chatbot.

2. Choose a proper platform

Do you want to see your bot as a website add-on or a standalone mobile app? Or maybe you’d like to use Facebook Messenger, Instagram, WhatsApp, Telegram, or any other social media?

Use the knowledge about your target client to choose the right platform. For instance, the younger generation feels comfortable using their social media accounts, while older people may not have them at all.

3. Provide a human-like experience

Modern AI-based chatbots are barely distinguishable from real “human” assistants with their natural and simple language. They can go even further and outperform human communication skills.

Chatbots in fintech should respond not only in a friendly but also extremely concise way so that clients have no questions left after the session.

4. Test and improve your chatbot

Just like any other project, your chatbot should prove its viability in a test. Moreover, strive to make it work flawlessly and assess the bot from the users’ perspective. You can fix malfunctions manually and also leverage machine learning potential to make your chatbot evolve autonomously.

5. Prioritize security

What are the best chatbots for banks? The ones that give no chance for malicious users to crack the system and steal your clients’ money or sensitive data. Make protection a priority by adding several security levels from advanced authentication methods to bank-level encryption.

6. Gather user feedback and work further

There is always a scope for improvement, and the best way to find it is to ask your users. Encourage them to rate the bot’s work in a chat, through an email, or with any other method.

Don’t be afraid of negative feedback, just take it into account and go on to provide a first-rate user experience.


In the not so distant past, chatbots and their potential were just beginning to emerge, but nowadays their functions are comparable to full-fledged websites and advanced applications. With the help of bots, financial companies can execute almost any scenario, optimize user experience, and encourage clients to use fintech services.

This and much more have become today’s reality thanks to the brand-new trends and innovations of chatbots, and have become the “gold standard” for many financial institutions.

AI-powered personalization

Modern financial businesses have dramatically shifted their focus to enhance customer experience and personalization. It’s no longer enough to treat clients like numbers. That’s why AI-powered fintech chatbots, in addition to answering user questions, are also capable of sentiment analysis and deep examination of transaction history.

As a result, it has become possible to predict future customer actions and offer the necessary services and financial products in advance. This not only improves customers’ satisfaction but also enhances their interaction with financial services institutions, which results in significant financial benefits for these companies.

Voice-activated assistants

Voice technology still remains mainstream among other fintech chatbots trends. In the coming years, voice-enabled assistants will transform our understanding of fintech support, forcing more and more financial companies to follow this innovation.

Today, about 69% of consumers state they would like to use voice authentication for banking transactions, and the percentage continues to grow. That is mainly because hands-free conversational banking takes less time, increases engagement, and provides reliable information thanks to groundbreaking NLP technology.

Multilingual support

Given the growing demand for the use of bots, financial services companies continue to implement online assistants outside their local regions, reaching global levels. This, in turn, sparks the need to help international clients interact with finance chatbots in their own language.

It is not surprising that the size of the Language translation NLP market is projected to reach $5.92 billion in 2024. Multi-lingual support breaks language barriers and helps reach a new potential with unserved or underserved customers who speak only one language.

Integration with social media platforms

The fast-evolving banking landscape requires fresh customer touchpoints. The average person uses about six social media platforms daily, that’s why a chatbot integrated only with WhatsApp is no longer an option.

The future of chatbots in banking predicts an increased demand for integration with several social media platforms. This will not only provide around-the-clock support but also increase brand presence and accessibility, making it easier for customers to connect with their financial institution.

Enhanced security features

Cybersecurity threats remain as one of the most common fintech business risks. With every new security protocol and measure comes a new cybersecurity threat to any system, and a chatbot is not an exception.

Financial institutions are expected to start investing in bots with multi-factor authentication, biometric identification, and tokenization. Session timeouts and automatic logouts to prevent unauthorized access to accounts are also becoming increasingly popular.

Conversational banking experiences

Conversational banking through mobile messaging has bypassed transactional interactions and is already reshaping the financial services industry. Chatbots in the banking industry have become more advanced and can now engage users in human-like conversations.

Moreover, such bots may easily provide personalized financial advice, reply to complex queries, and guide customers through financial decisions in real-time.

Robo-advisory services

Robo advisors are becoming a new game changer in banking. Compared to the first prototype, Betterment, modern bots can use passive indexing strategies to help people manage money. At present, they are not able to replace human advisors. However, bot algorithms are improving every day, reducing the risks of potential financial losses to achieve better returns.

For example, LLM called BloombergGPT continues to train on a massive amount of financial data. In turn, this forms a new demand for creating smart financial assistants with advanced capabilities in financial planning and advice.

Emotional intelligence and empathy

If earlier AI fintech bots provided their answers based on keywords, now they can really understand human emotions and adjust the results accordingly. For instance, if users express frustration, the emotionally intelligent chatbot can demonstrate empathy by providing the most appropriate response with valuable emotional support.

This overall helps find new points of contact with consumers, increasing their loyalty to the brand. Furthermore, bots with emotional intelligence can better understand users’ queries so they can customize results based on their needs.


Wrapping up

Fintech and chatbots are not a surprising combination anymore. It’s a fantastically productive tandem that can revolutionize your company in many facets. Your chatbot can become your single and best client manager, faultless financial consultant, initial digital security guard, or tactical marketing player.

Whatever role you entrust your chatbot, a qualified virtual assistant will satisfy your clients and go beyond their expectations. If you want to build a finance chatbot app, finding a reliable and experienced technology provider is a must.

Having worked with some of the leading financial companies, including Western Union, we at Eastern Peak have the relevant experience and required skills to help you implement your ideas. Contact us now  for a free consultation.

Frequently Asked Questions

How are chatbots used in finance?

Finance chatbots can undertake various duties depending on the niche of your financial institution or business. AI-powered bots can fulfill routine customer support tasks, mediate financial operations, provide personalized finance consultations, and efficiently promote your products and services.

What are the benefits of chatbots in banking?

Thoughtfully implemented AI in banking can improve the performance of your institution and partially replace human staff in several aspects, from routine customer support to marketing and promotion. Chatbots help bank clients solve their finance-related issues fast and securely.

How many banks use chatbots?

According to Cornerstone Advisors’ research for 2024, 20% of banks have already invested in or deployed financial chatbots in their regular work routine.

On the other hand, about 13% of financial institutions state that they are planning to invest in and implement this technology, while the other 42% have only discussed this idea with their board or executive team.

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