How to Use Chatbots in the Online Trading Industry

The first step is to take stock of what you need your chatbot to do for your business and customers. One of the things brokers can do to maintain their profitability while there is a recession is to reduce costs. When markets are growing and companies are growing fast, there are usually few companies who are thinking about cutting costs. However, reducing
costs during crisis times may make the difference between life and death for any company, especially for online brokers.

Indeed, many brokers played with chatbots after Facebook F8 in 2016. A recent survey shows that 81% of Hong Kong brokers do not plan to introduce a chatbot. Does the chatbot integrate with the tools and platforms you already use? If you have customers or employees who speak different languages, you’ll want to make sure the chatbot can understand and respond in those languages.

Chatbots have predefined answers, and this means they don’t need time “think” or type in the response. When your customer types a question or requests support, they don’t need to wait in the queue for a support agent or wait while the agent figures out how to help them. Chatbots are one of the fastest-growing brand communication channels. Every day people communicate with chatbots to get answers, book flights, order food, purchase clothes, buy houses and cars, book appointments, etc. In the last 5 years, chatbots’ functionality went way beyond what it was at first.

The current buzz around AI has businesses from all sectors rethinking their own chatbot strategies and has also increased expectations regarding the abilities of chatbots in general. This was long before the current wave of excitement surrounding AI due to the public releases of large language models (LLMs) like OpenAI’s ChatGPT and Google’s Bard. It was clear that we were heading into a world where the first line of customer support would be handled by chatbots across a variety of industries. However, there was still a general sense that they had some way to go if they were to be considered as useful as human support agents. For example, chatbot can handle a typical “Where is my withdrawal? ” inquiry by checking the status in a CRM and providing a response like “Your request #123 to withdraw 275 GBP is being processed.

Beauty and fashion is a good example of a sector that is using chatbots in such a way. For instance, clothing brands use them on their sites to ask customers about their style preferences, or what items they are looking for. Meanwhile, beauty brands offer site customers tips and tutorials to match the looks they want to achieve. This means salespeople have had to completely change their approach.

  • Bots without human involvement can handle simple requests such as changing a password, requesting a balance, scheduling an appointment, etc.
  • The clothing brand H&M created a chatbot on Kik that asks users questions about their style and offers photo options for users to select.
  • Chatbots are computer programs that mimic human conversation and make it easy for people to interact with online services using natural language.
  • 24/7 customer service that works well through automation and AI is best used as an augmentation to real-time customer service, rather than a complete replacement.
  • This takes away from your team’s time, time that could be better spent on planning, strategizing, recruiting and developing talent.

And, it ensures that customers get answers to their questions at any time of time. This support is available across many retail and messaging channels. But there are ways to go even further with support automation than just offering live support chat on their websites. If a support window is equipped with such an automation tool as a chatbot, it can help users find what they are searching for in the shortest time possible. Another use case of employing chatbots is an opportunity to let clients’ manage their portfolios from messengers when a terminal is not responding, or deliver them personalized trading signals. In this article, we will talk about how AI-powered
chatbots provide brokers with new ways for increasing sales and saving costs, while at the same time amplifying trading experience to new heights.

Facebook Messenger offers a Messenger Platform for building bots to publish on, of course, Messenger. The platform does require basic to advanced coding skills, though it does offer a design kit with drag-and-drop elements for UI prototyping. The first type functions based on a set of rules, and the second type functions using machine learning. Ecommerce is a competitive space — with so many other merchants, you have to stay ahead by tracking other sellers’ activity to see how they’re reaching their customers. The beauty company doesn’t stop there — Sephora also has a Facebook bot called Sephora Virtual Artist.

No more waiting for the newspaper, and no more special equipment. It’s truly amazing how much technology has transformed the way we invest and trade. From automating various aspects of the trading process (like order execution) to fund management and even investment analysis. And cut through the noise while trying to make sense of how these AI-powered tools are changing the way we do things (yes, including trading and investing). Book a demo with us and we’d be delighted to show you what Devexa is and how your trading business can benefit from using it.

Chatbots are the Future of Financial Services

Yet, it can also become a true challenge for traders to keep up with the pace of change to stay current and process all the tasks. So, how can you not only stay afloat but succeed and profit in the coming year? Integration of AI-based chatbots is vital for trading organizations to enhance customer experience, meet the expectations, and just succeed. In this article, we’re going to show you several ways you can use the technology for your e-trading platform to get the most of it. Different types of chatbots can be used for different businesses, from those that deal with simple requests, to those that handle advanced queries. This could include basic greetings to welcome people to a company website, through to more complex interactions like advanced responses to hold realistic conversations with customers.

Brendan McConnell is a freelance writer, SEO consultant, and fractional content marketer. He’s spent the majority of his 10-year career writing content, creating strategies, and scaling traffic for B2B tech companies like Shopify, Telus, Docebo, Corel, Visier, Peer39, and Recruitee. With a background in journalism and a curious personality, Brendan is always looking for new topics, markets, and companies to write about.

Frequently Asked Questions (FAQs)

Financial companies are known to be mostly conservative, and currently their chatbots tend to offer semi-automated support services and basic information related to the account of the user, such as statements. Brokerage firms move slowly and typically limit their offerings to stock prices or general information about the markets. Chatbots can be distracting and downright intrusive if they appear too quickly or in the wrong places. Use your chatbot to offer help to visitors on key conversion pages but trigger it only after a few minutes.

Here are a few resources on checking your bot’s analytics from the other bot-building platforms mentioned in the last section (with the exception of Kik, which doesn’t offer their own bot analytics). Some require basic coding, but many have basic drag-and-drop models for those without programing experience. We’ll list the required skills needed for each platform and the channels where the platform can publish your bot, such as Facebook or a Shopify store. Chatbots that function based on a set of rules are restrictive. They can only respond to specific commands rather than interpreting a user’s language.

Prepaid Cards Market

And if you are curious about the history of the second-oldest luxury brand in the world, the chatbot will provide you with some interesting insights. Naturally, the bot also provides the handoff to the Client Advisor option. It’s a real treat for all luxury online shoppers and fashionistas. But what are the main business benefits of chatbots for ecommerce companies? AI chatbot adoption has drastically accelerated in recent years.