Feature coming soon.

As part of our commitment to AlphaCode, our Product Team is continually working hard on adding exciting new features, along with functional improvements.

AI, Machine Learning

FinChatBot set to improve customer service and reduce costs for financial services

FinChatBot set to improve customer service and reduce costs for financial services

If you’ve had enough of being put on hold, speaking to call centres in India or waiting for that promised call back on your query from people who never call back; you are probably ready for a chatbot. Chatbots have arrived in South Africa and are kicking off in financial services.

Chatbots are life-like text-based online conversations to connect businesses with their customers. These conversations are possible on websites, Facebook messenger or on apps. They are intelligent conversations made possible through artificial intelligence and machine learning. If you think spending 45 minutes on the phone is absurd to take out car insurance, FinChatBot can do this in less than five minutes on Facebook messenger. Prepare yourself for a snappy service that only a chatbot can provide.

Most South Africans are using their mobile devices to chat on messaging platforms and they prefer to interact via messaging to calling customer service centres. FinChatBot CEO and co-founder, Antoine Paillusseau says, “Chatbots will increase accessibility to financial services by making the customer experience faster and more convenient using the mediums that consumers prefer any time of night or day. Using chatbots, financial services providers are able to increase their conversion rates, reduce operational costs and gather more data about customers.”

“Consumers spend most of their time on messaging apps. FinChatBot embeds financial services in these favourite apps. You may want to know your account balance or start a claim, in fact, the most popular reasons customers contact call centres can usually be automated through a chatbot conversation.” While older chatbots were conversations based on a set of rules, FinChatBot develops advanced versions using machine learning which adapts to customer behaviour, making conversations very life-like. The advanced bots understand language and they get smarter as they learn from human conversations. Chatbots are ideal for the financial services industry offering quotations, sales, customer service and claims. FinChatBot is a gold member of AlphaCode, a club for fintech entrepreneurs and the fintech investment arm of Rand Merchant Investment Holdings.

Dominique Collett, Head of AlphaCode, highlights: “Chatbots are a real opportunity for the financial services industry with 80% of banks viewing them as an opportunity, according to The Financial Brand. They engage customers any time of day or night more accurately and at a significantly lower cost than a human counterpart. This is important in a digital always-on world where customers, particularly millennials, want to engage with financial services providers in a relevant way. FinChatBot has identified this opportunity to help banks and insurers address customer engagement in a digital, cost friendly way.”

The business, which was bootstrapped initially, has attracted investment from Richard Marsden, an angel investor active in the business.

The team behind FinChatBot has forty years of experience in the online financial industry, software development and startup space. The business, which started this past year, is showing rapid growth due to the demand for its services. Clients include two major South African insurers, a telecoms operator and one of the big four banks. It has opened offices in Cape Town, Johannesburg, Paris and has a reseller arrangement in Morocco. Enquiries have been received from Kenya and Nigeria.

FinChatBot has differentiated itself from competitors by only focusing on the financial services industry to best meet these specific needs. Explain Paillusseau, “We have a tailor-made approach to guide our clients to embrace a new way of acquiring and retaining customers thanks to AI-powered conversations.”

Related Articles

Join AlphaCode

Are you ready to take your fintech business to the next level?Join the growing network of fintech disruptors shaping the future of our industry.

  • Green

    Membership

    Green membership is available to aspiring financial services entrepreneurs, intrapreneurs and service providers.

    • Monthly newsletter with key industry insights, trends and news
    • Access to open networking events hosted at AlphaCode
    Join now
  • Gold

    Membership

    Our gold membership is open to financial services founders and co­founders with a full-time commitment to their businesses.

    • Access to our co­-working office space in Sandton
    • Business support services
    • Access to exclusive networking events & hosted dinners
    • Acceleration and incubation support
    • Informal mentorship from the RMIH investment team
    • Exclusive applications to competitions and conferences
    • Access to AlphaCode vetted service providers
    • Exposure to commercial opportunities
    Apply now
  • Platinum

    Membership

    Offered to high­ potential BBBEE businesses that have received enterprise development funding.

    • Free semi­-private office space for 6 months in Sandton
    • Business support services
    • Informal mentorship from the RMIH investment team
    • Access to exclusive networking events & hosted dinners
    • Exclusive applications to competitions and conferences
    • Acceleration and incubation support
    • Access to AlphaCode vetted service providers
    • Exposure to commercial opportunities within and outside the portfolio companies
  • Diamond

    Membership

    Offered by invitation only to businesses which have received growth capital investment from RMIH.

    • Receive growth capital investment from RMIH
    • Access to a co-­working office space in Sandton
    • Business support services
    • Access to exclusive networking events & hosted dinners
    • Formal mentorship from the RMIH investment team
    • Exclusive applications to competitions
    • Access to AlphaCode vetted service providers
    • Exposure to commercial opportunities within and outside the portfolio companies
    • Exclusive applications to competitions and conferences

Member testimonials

  • Alpha Code is a phenomenal platform to network with next generation fintech players offering leading thought leadership events in a world class environment. Look forward to watching the ecosystem facilitate the next ‘Uber’ of Africa.

    Dov Girnum, CEO Merchant Capital

  • Starting a business is a daunting prospect, especially one that has a focus on an unproven and experimental technology. I have benefitted enormously from the support and wisdom I have received from AlphaCode during my time as a member.

    Lorien Gamaroff, CEO Bankymoon

  • Being located in the heart of Africa's biggest financial services hub, we have gained a lot of credibility through AlphaCode. Our customers trust our brand by association, which results in increased sales of cows.

    Ntuthuko Shezi, CEO Livestock Wealth

  • AlphaCode is without a doubt the premium fintech and startup community in South Africa providing many learning, growth and network opportunities and an environment which adds concrete value to us

    Schalk Nolte, Founder Entersekt

  • Slide is now well on the way to causing significant disruption in the South African fintech sector. We would not have been able to break into the South African market so rapidly without the help provided by AlphaCode.

    Alon Stern, Founder Slide

  • AlphaCode has been instrumental in providing a platform for us to access industry thought leaders, networks, working space, coaching and ultimately the opportunity to pitch to global multi-nationals and secure funding that very few startups get to land in their first year.

    Priya Mistry, Founder CommuScore

  • AlphaCode has been instrumental in the growth of our business. Through the club, we have met many like-minded entrepreneurs and businesses with whom we have formed strategic partnerships. The team is incredibly generous with their time and continue to give us invaluable mentorship and support.

    Annabel Dallamore, CEO StriderTech