Does Live Chat Software Help Fintech Companies?

“Fintech” is a term that has been doing the rounds for a few years. But what is fintech and how does live chat software fit into this term?

What is Fintech?

Fintech is the portmanteau of two words: financial and technology. Fintech is a term that refers to any type of technology or software that can automate or improve finance for businesses and customers.

There are a huge number of examples in the modern landscape, such as mobile payment apps, peer-to-peer payment services, trading platforms, and even cryptocurrency trading such as Bitcoin.

While this term is relatively new in modern circles, fintech has had a long history. Even beyond the first credit cards of the 1950s, the embryonic stages of fintech were when Giovanni Caselli developed the pantelegraph in the 1860s, which was used to verify signatures in banking transactions. When PayPal was founded in 1998, this was one of the first fintech companies that operated exclusively online, heralding the way many businesses operate now.

How Does Live Chat Fit Into Fintech?

Live chats or chatbot services can operate as a replacement of either a human agent or used to provide real human support relating to financial transactions. A live chat operator can provide a wide variety of human support to a customer for a variety of financially related transactions. Whether it's resetting a password or opening a line of credit, a tool like live chat can be an invaluable part of your business's relationship with someone who needs to deal with the sensitive subject matter of their finance.

Why Live Chat Is Essential to Fintech

Fintech has evolved over the years in response to developments within the technology sector. Live chat and chatbots are both essential components in fintech because of a number of essential trends:

• Artificial intelligence (AI) and machine learning (ML). Using AI or ML as a key component in chatbots can help any fintech company to offer better services to clients. Because a chatbot or live chat can greatly reduce operational costs and increase value to clients, machine learning and artificial intelligence provides invaluable support in this day and age, where many banking organisations are shutting up shop and going online.
• The growth of digital banking. Many people manage their money online because it is predominantly easier and more convenient. This is only going to grow over the years. Therefore, as the use of online banking increases, consumers are going to demand a variety of tools to better manage financial transactions in other areas, and live chat software will be front and centre. If you are looking to add online chat to your website for this reason, you will start to see the major impact it can have on a business.

How Can You Incorporate Live Chat Software Into Your Fintech Business?

Even if you are not an exclusively financially-oriented business, you are going to be dealing with money in all of its forms. Live chat is an invaluable piece of the puzzle because when a customer has problems with their transactions, they need human help to guide them through.

Live chat is an essential tool that will allow customers to deal with financial transactions, but it also gives customers peace of mind. Live chat, like many online chat functions, can be encrypted, therefore, allowing the customer to feel like their problem is being dealt with. Incorporating live chat into a fintech business or being used as part of your financial practices will ensure customers’ needs are met instantly.

The Benefits of Live Chat in the Fintech Sector

Live chat is an excellent way to help businesses push forward as companies and consumers learn how to support customers with their financial concerns. It also helps companies to benefit in a number of key ways:

• Reduces staffing costs. As a way to minimise staff turnover and improve the bottom line, reducing staffing costs by using live chat in the form of chatbots or live chat with a customer service advisor that can handle multiple chats at the same time is a great way to show customers that you are operating with financial fluidity at the front of your mind.
• Resolving issues quicker. When a customer has problems with their finances they need instant resolution. An average resolution time via live chat is approximately 42 seconds, in comparison to an email, which can easily trickle on and on.
• Improves customer service. When somebody has concerns with their finances, they want to be safe in the knowledge that the company is dealing with it securely. Therefore, having live chat as part of your approach to fintech can easily resolve issues while improving the scope of your business.

Live chat software is a vital part of fintech for a huge number of reasons. If you are looking to add online chat to your website and you are using any type of fintech approach, it can be a perfect marriage.