It is apparent how artificial intelligence and automation are reshaping different industries on the internet and are leading to an era of greater performance and productivity. As time passes by, they are getting faster, better, and cheaper to get along with the expectations of the modern world. These days, chatbots are not simply a chat automation software program but it can also perform various tasks that are really useful for e-commerce. With this, developers are now experimenting on making mobile monkey more useful. Several companies are already laying out their plans on creating an AI as financial advisers and investment managers. Moreover, there are now finance bots that can track your daily expenses and help people avoid spending unnecessarily.
Despite the past IT security issues, the mobile monkey was able to survive in the industry and was able to prove its importance for businesses. Moreover, it is now developed and created with better software offering more security and governance needed to support businesses. Also, they are now easier to utilize messaging platforms and websites. If you will estimate that cost of hiring a human live server, it is obvious that creating a bot will be a lot cheaper. As for the finance companies, they use the mobile monkey to do half of the workloads of their employees.
Why do you need Financial Bots?
It is now essential and practical for finance companies to get their own mobile monkey. As we know, these companies perform a variety of activities that are technical and extremely time-costly. It includes the gathering of basic data and making some complex decisions for their company. Due to this, bot developers found a way to make things easier to lessen the workloads of financial employees and increase performance through automation.
Moreover, almost a third of all the opportunities you can find in finance is possible with bots and its task-automation technology. Software bots such as the robotic process automation or RPA is one of the best IT system that most companies are now using. It is different than physical robots because it is more suitable for businesses and other tasks that need automation. Moreover, you can avoid more errors and casualties with bots. This is why it is the best tool that you can use for finance companies.
Mobile Monkey in Financial Business
There are still some critics saying that AI applications will still take a while until it can fully function and work independently without errors. However, it is still undeniable how mobile monkey is giving various benefits for its users and developers. It can handle interactions with humans well and even use these experiences for its machine learning. Utilizing it for every business such as in finance is only natural.
Here are some of its benefits for finance companies:
1. Better customer support
Obviously, the most common use of chatbots is for customer support on every type of business. This is not different from finance companies. As a matter of fact, there are already some large banking companies that are using a chatbot for customer engagement. This includes Bank of America, Royal Bank of Scotland, and even Capital one. Due to this, they are now able to answer more customer inquiries and even do some online transactions without the help of human servers. It also ensures that the customers will not encounter any problem contacting companies whenever and wherever they want rather than contacting a human live server. Moreover, a single system can access multiple conversations and transactions which is really ideal for finance companies. It is also cost-effective rather than hiring BPO agents for night shifts.
2. Gives better investment advice
Giving investment advice is a very difficult task especially because it involves money. Thus, one of the best ways modern businesses do is having AI do the work for them. The concept that “Robo Adviser” gives is that it will offer investment advice to any investors who seem to have an interest. As it can collect various information from its customers by running the internet and interacting with the customer, it can give them relevant investment offers. This way, you can time and effort contacting customers with this rather than sending numerous emails they do not care about. Mobile monkey is definitely useful in these aspects of finance management.
3. Provides better security
Scams and different kinds of fraud are now a norm in finance management. Because of the developments in technology, it is now really hard to detect fraudulent transactions. This is one of the reasons why most people avoid using online banking despite its usefulness. However, by using AI software such as mobile monkey, it is now easier to detect such anomalies in online transactions. Now, when you log into your online banking account, you will automatically receive a message from your bank confirming if it is really you. Bots are also able to check and study your patterns of spending activity. One it noticed that there are some alarming changes in your spending pattern, it will notify you and will ask for your confirmation.
4. Making payments
Companies are now doing some automation tricks for making payments online. One of the companies who are experimenting with using this is Paypal. They want to make paying bills and/or loans possible by mere chat messages. This will not only avoid multiple steps on paying bills but it is also easier and more convenient. Moreover, there is also a company that yearns to make paying bills convenient by voice recognition. Conversational banking is really useful especially if you are a busy person and prefers multi-tasking.
How you can implement it properly
Creating a mobile monkey bot is not as difficult as you think. However, you should take note that the finance sector is a sensitive and complicated industry. Thus, it is important that you follow certain rules and points in order to make it effective. You should make some considerations because it is totally different than the common marketing businesses that use bots to automate their services.
Make sure to only give the bot basic tasks.
Even if the bots can copy the behaviors and dialogue of humans, it is still imperfect and does not have the capability to think totally alike with real people. To avoid further errors and complications, you should only give your bots some basic tasks such as holding basic dialogues with your clients and answering frequently asked questions. If the user is asking for more in-depth and complicated negotiation, make sure to give them the option to talk with a live human server. Aside from this, you can lessen the workload of your employees by enabling your mobile monkey to collect data and gather customer’s information.
This strategy will surely allow your company to develop a governance model, a workforce-management plan, and a playbook. Moreover, your employees can simply focus on more complex and detailed cases and will improve their productivity.
Know when you need to release people or give them different tasks.
Remember that you created a bot to make things easier for your employees and to save time and efforts. Moreover, this is a great way to cut your cost dedicated for employing more people to do basic jobs. However, most people are having problems with this because they do not know how to manage employment now. Most employees are just taking advantage of the automation and gets their salaries without working much. This would really be unfair on the part of the employer.
To manage it properly, make sure that you know and have a decision whether you will release people or will just give them another job. Take note that dismissing them for reasons outside their misconducts means that you have to give them proper severance pay. This is why giving them other more complex and challenging jobs is an option too.
Discuss your plans about utilizing bots with employees.
You need your employees to always be comfortable to their workplace. To do this, it is important that they know your plans for the company especially if it is going to affect their jobs. If you are going to create a bot, make sure that you tell your employees about it. Also, discuss the necessary changes on their works. If you are planning to release some of your employees, make sure that you will tell them how you will evaluate those that will stay and will not. Moreover, you should make a proposal about creating opportunities for their redeployment. Remember that transparency builds the trust of your people.
Create a mobile monkey with Herobot
Bots are really important for companies in order to get along with the modern needs of the developing world. Despite it sounding really difficult, there are actually some websites that offer you an easier way to develop a mobile monkey. With this regard, Herobot is the best chatbot-making website that you can see online. You only need to drag and drop features on your bot to make it functional. Moreover, there is even a variety of templates that you could choose from. Make your finance company prosper with Herobot.