Chatbots are an effective fintech tool for messengers and beyond

In a short span of time, chatbots have become an effective tool for communication between brands and customers.

First, they help to learn more about the product of the company and answer questions instantly. Secondly, chatbots provide the opportunity of paying for services right in the chat without installing additional applications or visiting company's website.

Bots for financial services in messengers

PayPal launched one of the first bots for money transactions through Facebook Messenger in 2016. Also, the company integrated this function into Siri on iOS. This let the Apple gadgets owners send money using voice commands. This year, PayPal developed a similar payment bot for Slack.

Aside from PayPal, the largest online auction eBay, MasterCard and American Express, fintech startup TransferWise and many other big companies launched special bots for money transactions in Facebook Messenger.

The world-famous Western Union chose Viber as a payment bot platform. Customers can send money to other users by clicking on couple of buttons.

The messenger of the Chinese company, WeChat, also allows users to send funds, pay household bills, make purchases, order takeouts, etc.

Examples of payment chatbots working outside messengers

Payment bots are often created as separate services that work not only in messengers, but also on other platforms. Thus, fintech company Cleo has developed a bot with artificial intelligence, which you can communicate with on Facebook using SMS, as well as through Amazon and Google personal voice assistants. The service provides users with information about the current balance, expenses according to specific trade categories, reminds of important transactions, etc.

Therefore, today chatbot is the tool that allows to establish and strengthen the interaction between brands and users.