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GirikSMS Chatbot Use Cases for the Financial Services Industry


GirikSMS Chatbot Use Cases for the Financial Services Industry

In today’s pandemic era, financial services have become one of the top 5 industries leveraging chatbots and conversational AI to drive the customer experience. Industry data indicates that 2 out of 3 global financial services businesses have implemented chatbots and conversational banking to comply with social distancing regulations.

With continuous innovation in natural language processing and machine learning, chatbots are now empowered with interactive features to enhance the customer experience in the financial services industry, reduce fraud, assist with financial planning, and improve employee productivity and efficiency of internal operations.

GirikSMS Chatbots for financial services has been developed by Girikon Inc, a Salesforce Partner for over a decade. GirikSMS chatbots can interact with customers 24/7, answer frequently asked questions, check account balances, provide sound financial advice, alert customers on suspicious activity, and more. A single GirikSMS Chatbot can handle hundreds of concurrent requests coming from multiple channels such as a mobile app, website, social media, SMS, and WhatsApp.

Here we explore the use cases and benefits of GirikSMS Chatbots for the financial services industry.

GirikSMS Chatbot use cases in Financial Services

GirikSMS Chatbots offer a wide range of benefits to financial services businesses. They offer 24/7 customer service and provide real-time answers to commonly asked questions. And because of GirikSMS Salesforce integration, GirikSMS Chatbots are connected to the company’s data to support both customers and employees. Let’s look at how GirikSMS Chatbots can be used in the financial services industry.

Onboarding new customers

GirikSMS Chatbots can help with onboarding new customers by

  • Uploading and validating all required documents.
  • Sending agreements for review and reminding customers to sign them.
  • Setting up a new account and guiding customers on exploring various services associated with the account.
  • Helping customers to download and install the financial app on their smartphone and guiding them on how to use it.
  • Collecting customer reviews about their customer journey and supporting them throughout the onboarding journey for detailed analysis.
  • Scheduling appointments.

Improve customer service

Customers today expect more from all the services that they have signed up for and expect instant support and accurate responses to their queries. GirikSMS Chatbots

  • Are available 24/7.
  • Can answer FAQs accurately.
  • Provide consistent answers.
  • Provide a secure communication channel to customers to modify personal information and validate the changes without the need for a human agent.

Transaction support

GirikSMS Chatbots can help customers do financial transactions. By serving up an interactive menu, GirikSMS Chatbots can assist customers in selecting the transaction options and guide them to complete it. Transaction examples include

  • Report a missing card or an unauthorized transaction.
  • Change passwords or security questions.
  • Fund transfer.
  • Product/service upgrade of new product purchase
  • Modify account limits.
  • Apply for a loan.

Provide financial advice

GirikSMS Chatbots can leverage CRM data and act as personal financial advisors. They can advise on

  • Report a missing card or an unauthorized transaction.
  • Monthly and quarterly spending.
  • Recommended saving plans.
  • Set triggers for spend alerts or transactions.
  • Taxation and Insurance.
  • Wealth management.

When customer inquiries are complex, the GirikSMS Chatbot will send your customers to one of your advisors for their expertise.


Financial services companies provide a range of products and services such as insurance, loans, investment advice, wealth management, etc.

GirikSMS Chatbots, powered by deep learning models, can understand customer intent, analyze their behavior throughout the conversation and recommend add-on products or services, or offer relevant promotions based on the customer’s CRM data.

Expense tracking and Account analysis

You might be wondering how GirikSMS Chatbots could help your customers get their spending under control. Simple! By guiding customers to set up alert rules, tracking their expenses, and notifying them when any of those rules are breached. Customers can track their expenses and view expense reports without having to contact the bank. With GirikSMS Chatbots for financial services, customers can create expense reports, add any missing expenses, or modify any transactions to their reports. This helps customers to track their expenses accurately and saves your business a significant amount of agent time.

Balance notifications and bill reminders

With GirikSMS Chatbots, your customers will never miss a bill payment deadline or exceed their budget. GirikSMS Chatbots for financial services send timely reminders to customers for due bills and account balance notifications. Customers can use this feature to set payment reminders for credit cards and improve their credit rating. GirikSMS Chatbots can help improve spending habits for your customers and engage in conversations that they would feel awkward to have with an agent.

Preventing fraud

Data privacy is one of the biggest concerns for a financial services business. GirikSMS Chatbots can help your business deal with that. You can configure GirikSMS Chatbots to flag any suspicious activity and prevent it from happening. GirikSMS Chatbots record all user conversations and can leverage natural language understanding to detect any suspicious behavior or even identify any warning signs to alert human agents to act in real-time. Data extracted from GirikSMS Chatbot conversations can be used to identify fraudulent patterns and the chatbot can be trained on updated data.

Onboarding employees

GirikSMS Chatbots can be used to assist new recruits by:

  • Answering questions about the company’s rules, regulations, and policies.
  • Providing onboarding support such as documents, photos, or videos.
  • Setting up their accounts in the enterprise systems.
  • Train new recruits on how to handle financial inquiries of customers.

Helping with internal operations

GirikSMS Chatbots can be virtual assistants for financial advisors or banking staff. Employees can rely on GirikSMS Chatbots for quick answers when dealing with customers on topics such as

  • Policies or regulations.
  • Information about the company’s products and services.
  • Forecasts about customers.

Financial benefits of GirikSMS Chatbots

GirikSMS Chatbots have several benefits such as saving agent time, boosting lead generation, and improving customer satisfaction. And the derived benefit of all these, in the long run, is financial benefits for your business. But what are some of the direct financial benefits of GirikSMS Chatbots?

Lower costs

GirikSMS Chatbots for financial services can help your business trim customer service costs significantly. This is because they can resolve common issues faster without the need for any agent intervention. And they are available 24/7 on multiple channels. This means customers can interact with them at the time and channel of their preference.

Improved engagement

GirikSMS Chatbots can upsell and cross-sell your financial products based on past interactions and transaction history. GirikSMS Chatbots can offer sound financial advice to customers based on their data and preferences, translating to stronger relationships with them.

Feedback collection

Sometimes customers are hesitant to give feedback on their service experience because they feel it won’t make any difference. GirikSMS Chatbots can help convince customers that their honest opinion is valued and will help the company serve them better next time. A conversational approach works better than filling up a questionnaire.

Higher efficiency

Chatbot efficiency in financial services comes down to their speed of query resolution and their ability to handle concurrent traffic. GirikSMS Chatbots for financial services can handle thousands of customer queries concurrently, across channels, freeing up dozens of agents. Bots can take over routine service queries and deliver personalized customer service. Research indicates that over 85% of customers are satisfied with chatbot-based customer service in financial services.

To know more about how your financial services business can benefit from GirikSMS and its conversational AI solution, get in touch with one of our Chatbot experts today.