FinAssist Bot

Your Personal Banking Assistant for Smarter Financial Management

Posted on February 18th, 2025 by Poornima Mishra, Nitanshi Gupta, and Ashutosh Sharma

Living in the digital & modern world, aren’t we? Everything is at a minute's reach, whether it’s food, clothes, or medicine. You want it, just one click away. Moreover, we have now got digital assistants to do those chores for us. Want to know the current score of cricket? Just ask the assistant for it. But even in this era, we are stuck in long waiting queues in front of banks’ windows for the meager tasks. Wait no more, because we now have a whole new AI-powered virtual assistant, FinAssist Bot, to make your financial burdens lighter.

This blog explores how FinAssist Bot possesses the potential to revolutionize the financial services landscape.

FinAssist

Understanding FinAssist Bot

FinAssist Bot, implemented through Salesforce Agentforce, is your personal virtual assistant designed to take away all your stress regarding dealing with monotonous, complex, but necessary banking tasks.

FinAssist Bot is a customer support chatbot designed to assist users with a range of services related to their bank accounts, financial products, and loan applications. The chatbot will guide first-time users through account creation, provide information about available schemes, help with account balance inquiries, and answer general queries.

The FinAssist Bot is structured to deliver efficient and customer-friendly experiences in the following areas:

  • Account Creation & Balance Enquiries
  • Financial Scheme Enquiries
  • General Queries
  • Enquiry about Loans
  • Loan Eligibility and Application

Challenges in Financial Services

The financial services industry faces numerous challenges in delivering seamless customer experiences, from account creation to handling escalations. These hurdles impact customer satisfaction and operational efficiency. Let’s explore the key challenges and how FinAssist, an AI-powered agent, can address them.

  • Account Creation: Every one of us out there is frustrated by lengthy forms and manual verification. FinAssist streamlines the process by guiding customers, automating verification, and enhancing security.
  • Account Inquiries: Banks deal with high volumes of repetitive queries, such as balance checks or transaction history, and demand quick and accurate responses. FinAssist handles these instantly, providing 24/7 support and freeing up human agents for complex tasks.
  • General Financial Queries: Diverse and complex questions about products or policies can overwhelm support teams. FinAssist leverages a comprehensive knowledge base to deliver accurate, consistent, and easy-to-understand answers.
  • Inquiry about Schemes: New schemes often lead to a surge in customer inquiries, causing confusion and straining resources. FinAssist proactively informs customers, explains details, and efficiently manages high query volumes.

How It Works: A Step-by-Step User Journey

  • Open a New Account

    Problem: A first-time customer wants to open a bank account.

    How Agentforce Helps: The Finassist Chatbot uses the Salesforce Apex Class to automate the process of account creation and verification, including document uploads, ensuring paperless and instant work.

    Example Interaction

    User: I want to open a new account.

    FinAssist Bot: Great! Do you already have an account with us?

    User: No

    FinAssist Bot: Alright, I'll need some details to get started. Could you please provide the following information?

    • Full Name
    • Date of Birth
    • Email Address
    • Phone Number
    • Address

    User: Full Name: Beatrice Young

    Date of Birth: 18/01/2003
    Email Address: beatrice88@gmail.com
    Phone Number : 9669314881
    Address: 78/10 Wall Street, NY, USA

    FinAssist Bot: Thank you for the details, Beatrice! What type of account would you like to open?

    • Savings
    • Current
    • Fixed Deposit
    • Joint

    User: Savings

    FinAssist Bot: Your details have been successfully submitted. We will process your application, and you will receive an email confirmation soon with the account number at beatrice88@gmail.com.

    Is there anything else I can assist you with today?

    • Check loan options.
    • Speak with a live agent.
    • Apply for a loan application.
    • Facing an Issue.
    • Exit.

    FinAssist

    FinAssist Preview

  • Financial Schemes and Loan Queries

    Problem: The customer wants to explore financial schemes, such as loans, investment plans, or fixed deposits.

    How Agentforce Helps: The chatbot asks for the type of scheme the customer is interested in. and displays a list of available schemes from the Salesforce object, thus providing ease and convenience.

    Example Interaction

    User: Tell me about available loan schemes

    FinAssist Bot: “Gives information about available loan schemes.”

    Financial Schemes

  • Loan Eligibility Checks

    Problem: The customer wants to know about their eligibility for available loan options.

    How Agentforce Helps: The chatbot uses business logic embedded in the Apex Classes to determine eligibility based on customer income and other criteria stored in the Financial_Scheme__c object.

    Example Interaction

    User: Check if I am eligible for a car loan.

    FinAssist Bot: Sure, I can help with that. Could you please provide your monthly income?

    User: Rs. 50000

    FinAssist Bot: Do you currently own a vehicle?

    User: Yes

    FinAssist Bot: Yes, you are eligible for the Car Loan. You can avail an amount ranging from ₹100,000 to ₹2,000,000.

    Would you like to apply for a car loan now?

    • Yes, apply for the car loan.
    • No, I need more information.
    • Open a new account.
    • Speak to a live agent.
    • Resolve an issue.
    • Existing Account Information
    • Exit

    Loan Eligibility Checks

  • Loan Application

    Problem: The customer wants to file for a loan after checking his/her eligibility.

    How Agentforce Helps: The chatbot collects additional documents (e.g., customer ID) through a secure upload and creates a new record in the Loan_Application__c object.

    Example Interaction

    User: Apply for a car loan.

    FinAssist Bot: Great! Could you please provide your customer ID?

    User: Customer ID is 001Kc0000077CsEIAU

    FinAssist Bot: Your car loan has been approved! Here is your loan number: L-00023. Would you like to proceed with any of the following options?

    • Open a new account.
    • Speak to a live agent.
    • Resolve an issue.
    • Existing Account Information
    • Exit

    Loan Application

  • Issue a Case

    Problem: The customer has a complaint or issue that needs resolution (e.g., transaction error, account access problem).

    How Agentforce Helps: FinAssist Bot first collects the issue details, such as the description of the problem Priority level (optional) and Creates a case record linked to the customer's contact and account objects.

    Example Interaction

    User: Resolve an issue

    FinAssist Bot: Sure, I can help with that. Could you please describe the issue you are facing? Additionally, I'll need your account number and registered email address.

    User: I am unable to know the balance in my account

    FinAssist Bot: Got it. Please provide your account number and registered email address so I can create a case for you.

    User: Account number is 00020 and the email is beatrice88@gmail.com

    FinAssist Bot: Your issue has been registered successfully! Your case number is 00001408. Would you like to proceed with any of the following options?

    • Open a new account.
    • Speak to a live agent.
    • Check loan options.
    • Existing Account Information.
    • Apply for a loan application.
    • Exit

    Issue a Case

  • General Inquiry Handling

    Problem: The customer asks non-specific questions, such as branch locations or service timings.

    How Agentforce Helps: Our chatbot uses predefined FAQs or a knowledge base embedded into it to provide customers with swift responses.

    Example Interaction

    User: When does the bank close?

    FinAssist Bot:Our branches are open Monday to Friday from 9:00 AM to 5:00 PM. Some branches may also be open on Saturdays. Please verify specific timings on our website or contact your nearest branch for accurate information. Is there anything else I can help you with?

    Inquiry Handling

A Look At Technical Implementation: Salesforce Automation Tools

To enhance the functionality and effectiveness of Agentforce, Prompt Builder and Apex Action Type are leveraged to ensure seamless interaction and customization:

  • Prompt Builder: With this tool, Agentforce is able to generate context-aware and personalized responses for users in real time. It connects with the uploaded bank’s data file and creates dynamic, intelligent responses, ensuring users receive accurate and relevant information every time.
  • Apex Action Type: Through Apex Action, Agentforce can trigger specific actions based on user inputs, such as processing transactions, pulling account data, or initiating loan applications directly from the chat interface. This integration ensures the chatbot not only answers queries but also executes critical banking functions, improving customer satisfaction and operational efficiency.

Business Impact of AI-Driven Chatbots

AI-driven agents have significantly transformed the business landscape by enhancing customer experience, improving operational efficiency, and driving revenue growth. Here are some key areas where they have made a substantial impact:

  • Customer Service and Support

    Agents provide round-the-clock customer support, ensuring that customers can get assistance anytime, which improves customer satisfaction. They offer immediate responses to customer inquiries, reducing wait times and enhancing the overall customer experience. Agents can manage multiple customer interactions simultaneously, which is particularly useful during peak times or promotional events.
  • Cost Efficiency

    By automating routine inquiries and tasks, businesses can reduce the need for large customer service teams, leading to significant cost savings. Agents can easily scale to handle increasing customer interactions without the need for proportional increases in human resources.
  • Personalization and Customer Engagement

    AI-driven agents can analyze customer data to provide personalized recommendations and responses, enhancing customer engagement. They can initiate conversations based on user behavior, offering assistance or promotions that are relevant to the customer.
  • Sales and Marketing

    Agents can qualify leads by engaging with website visitors and collecting relevant information, which can then be passed on to sales teams. By analyzing customer preferences and purchase history, chatbots can suggest additional products or services, increasing average order value.
  • Operational Efficiency

    Agents can handle repetitive tasks such as appointment scheduling, order tracking, and FAQs, freeing up human employees to focus on more complex issues. They can gather and analyze customer interaction data, providing valuable insights that can inform business strategies and decision-making.

Conclusion: Empowering a Smarter Financial Future

FinAssist is not just a chatbot; it has the power to revolutionize the banking experience by providing personalized financial guidance, simplifying services, and ensuring that customers get the assistance they require at the right time. Whether you need to apply for a loan, manage your accounts, or seek advice on financial products, FinAssist Bot serves as your reliable partner in the banking world. Step into the future of finance with FinAssist Bot—where convenience, security, and exceptional customer experience unite effortlessly.

For additional questions on Experience please reach out to support@astreait.com