2. The Role of Chatbots in FinTech

This chapter provides a comprehensive overview of the dynamic environment that exists at the intersection of Conversational Artificial Intelligence and Financial Technology. The chapter investigates the history of chatbots, providing an explanation of the technology and functions that are used to support them. Following this, it investigates the manner in which chatbots are strategically incorporated into the FinTech industry. The reader will get useful insights into the influence that chatbots have on the relationships between consumers and users, as well as the experiences that users have with financial operations. In this chapter, we investigate the delicate balance that exists between automation and personalization. We shed light on the use of Natural Language Processing (NLP) and machine learning techniques in the process of developing intelligent chatbot systems that are aware of their environmental surroundings. Chatbots have a broad variety of uses, including providing customer assistance and financial advising services, as shown by real-world examples and case studies. The purpose of this in-depth examination is to offer readers a complete grasp of the significant role that chatbots play in altering the FinTech business by boosting efficiency, accessibility, and user engagement.