Why Fin-Techs are Choosing AI Chatbots for Customer Support Automation

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Today’s economy has forced individuals worldwide to consider how they handle and keep track of their money. Consumer fin-tech companies have capitalized on this renewed focus on personal finance and, consequently, many have seen spikes in customer sign-ups and support calls during this period. The leading consumer fin-techs in payments, lending, and banking are stretching and innovating to provide best-in-class customer experiences and consistent omni-channel accessibility. However, significant, rapid growth can strain even the best of customer support teams.  The result?   Longer phone queues and handle times and upset customers.

AI-powered customer support automation and chatbots have become a critical competitive advantage to those fin-tech companies are earlier adopters. Next-gen chatbot and automation platforms allow for scaling your business rapidly while keeping costs in check and providing top-notch support to users. There are a several reasons why a fast-growing consumer fin-tech company and their customers benefit from a tool like Solvvy’s customer support chatbot and automation platform.

 

Address Complex Questions Any Time

Fin-tech’s core advantage over classic brick-and-mortar financial models is the availability and convenience offered by the internet. Your customers are able to access your service 24/7/365. It follows that you need to be able to support their needs at any time of day or night to maintain their loyalty.  Achieving this service level with live support agents is unrealistic and expensive, especially when an unforeseen issues lead to spikes in tickets and support calls from customers.

Solvvy’s complete customer support automation platform and chatbot is a user-friendly way for customers to get fast, specific answers without needing to engage one of your agents. Users solve their own problems without creating tickets, sending you an email, or hopping on the phone. By utilizing artificial intelligence, machine learning, and natural language processing, Solvvy handles complex questions from clients – regardless of phrasing, spelling, and other challenges – and provides fast, accurate responses.

With health-related lockdowns and economic instability emerging quickly in March of 2020, fast-growing fin-tech startup Stash saw an increase in new IRA account creations of nearly 60%. How did Stash ensure they were prepared to address the needs of their rapidly growing customer base? They partnered with Solvvy and deployed its next-gen chatbot to support their users. By using an intelligent chatbot, Stash was able to maintain a 50% self-service rate and support the needs of a rapidly growing client base effectively and efficiently.

 

Simplifying Common Processes and Educating Customers

Chatbots are not merely sounding boards for customer problems. They are a great way to proactively facilitate users to complete common processes, navigate your platform, or receive  guidance that was once only accomplished through human interaction.  While the fin-tech technology revolution has increased availability of information and services, there are now many more users who require more hand-holding in order to utilize your online and mobile services correctly!  Solvvy’s technology does not stop at troubleshooting issues, but can be leveraged to surface content to educate your user base in a conversational manner.  The same goes for common financial tasks like checking account balances, processing payments, or completing transfers.  With Solvvy’s Workflows, you can connect directly via API to back-end functionality (including authentication) and let users complete tasks immediately.   These improvements to customer experience drive ease of use, product adoption, and increased customer retention.

 

 

Ensuring the Security of Client Data

With breaches happening with terrifying regularity and consumers rightfully skeptical each time they are asked to provide personal information, protecting your customers’ data is crucial. Solvvy’s technology doesn’t require access to your customers’ personally identifiable information (PII)  to provide immediate answers to user questions. Solvvy doesn’t store any user information and redacts all PII using state-of-the-art technology before storing anything in our platform. Fin-tech enterprises face some of the most stringent regulations regarding data privacy. With Solvvy achieving Service Organization Control (SOC) 2 Type 1 compliance, you can trust that your customers’ information is safeguarded and protections are compliant with the strictest regulation.

Customer Analytics Fill Knowledge Gaps & Identify New Opportunity

You use analytics across your business to inform the way you operate. Customer support analytics provide a holistic view of your customer experience. A feature like Solvvy Insights provides statistics like self-service percentage, number of instant resolutions, and support cost savings.  More critically, Insights also highlights holes in your knowledge base and illuminates new opportunities to help meet the needs of your customers.  Accessing conversations quickly and analyzing exactly what customers are seeking provides context for new pieces of content and potential feature enhancements for your business to explore.

The crowdfunding platform, Kickstarter, for instance, built a powerful knowledge base due to the exceptional insights they obtained from Solvvy.  Kickstarter faced multiple unique challenges that were readily addressed by the next-gen customer support chatbot.  With a vast array of projects being funded on the site came many complex, nuanced questions and support volume surges. Solvvy’s technology helped the team streamline and restructure their knowledge base documentation by identifying commonly asked questions and the corresponding gaps. With Solvvy taking on some of the workload, the customer support team has had the insights from data and the bandwidth from time freed up, to add or update over 90 help articles to their knowledge base.

 

Interested in learning more about Solvvy’s complete chatbot and automation platform for customer support? Check it out!


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