UAE’s remittance apps and users will be fast to take up ‘conversational AI’

UAE’s remittance apps and users will be fast to take up ‘conversational AI’

The adoption of digital solutions in financial services has long depended on bridging the gap between the customer and service provider. Chatbots were once seen as the means to automate the solution, but their limitations meant a failure to engage customers effectively. Now, conversational AI offers an altogether different scenario, especially for digital payments. Payment apps are seen as merely transactional tools, and not a replacement for a human financial advisor. However, conversational AI offers a real-world scenario where automation can adapt to be a personal financial advisor. Many advisory bots have been available in the market for some time, but by assimilating historical data, global trends, and currency fluctuations, conversational AI offers wider accessibility among a diverse set of users. For example, in the case of cross-border payments, AI generated responses around best exchange rates - as well as the best time to remit - will help otherwise transactional apps see users engage and communicate with it more than just once or twice a month when they usually send money. Then there is the advantage of inclusivity. One of the eagerly awaited expectations, especially in the GCC, is how conversational AI can deal with the language barrier and maintain