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SimbaPay – a London based digital money transfer provider – today announced the launch of an AI (Artificial Intelligence) powered chatbot service which now makes International Money Transfer (remittance) possible with only an SMS. The SimbaPay chatbot will also enable 24/7 instant customer service for its customers across Africa and Europe.“We’re thrilled at the prospect of the chatbot service resolving most customer enquiries instantly at any time of day or night” said Daniel Howard, CTO for SimbaPay. “Another major objective we achieved with the chatbot service is that it also works without internet. This means customers with a mobile phone, even a basic phone without internet access, can access the SimbaPay chatbot using SMS”.

AI-powered ChatbotsBanks and most of the businesses in the consumer industry have to deal with so many customer inquiries. It requires them to set up dedicated staff members or a complete call center to keep answering the questions that may not directly benefit their business. The artificial intelligence relieves the financial institutions in this hassle with modern-technology equipped chatbots. These virtual assistants are smart in understanding the user queries and providing them with the most viable answer.

New technologies, like machine learning/artificial intelligence, predictive behavioral analytics, and data-driven marketing, will take the guesswork and habit out of financial decisions. "Learning" apps will not only learn the habits of users, often hidden to themselves, but will engage users in learning games to make their automatic, unconscious spending and saving decisions better. Fintech is also a keen adaptor of automated customer service technology, utilizing chatbots to and AI interfaces to assist customers with basic task and also keep down staffing costs. Fintech is also being leveraged to fight fraud by leveraging information about payment history to flag transactions that are outside the norm.

Enhancing the Customer Experience with InsurTech Financial service companies understand the demand for mobile. PwC’s recent FinTech Survey notes the significant growth in customers using mobile applications by 2020, and 75% of respondents say the most important impact FinTech will have is an increased focus on the customer.   Similar to FinTech, InsurTechs have many advantages insurance companies can leverage. These lean startups are free from legacy products and processes; they can use emerging technologies to build brand new systems; they can target specific value pools instead of offering lengthy end-to-end solutions that don’t meet everyone’s needs. Overall, InsurTech’s can go to market entirely different than traditional insurance companies. By partnering with InsurTech enterprises, insurers can offer:   Enriched Connectivity. Artificial intelligence (AI) solutions can eliminate friction at several touch points in the customer journey. Chatbots will be able to understand and act on customer queries at any time. With deep learning, chatbot solutions can further interpret sentiment to identify when to introduce a human agent.

Big DataIn addition to traditional financial data collection, new data sources such as mobile banking and the Internet of Things (IoT) provide an additional layer of data gathering. Combined with Artificial Intelligence, Big Data analytics utilize large amounts of old and new data to discover hidden patterns for better risk management and fraud detection. New insights from big data improve the understanding of customer behaviors and help banks to create better and more customized products and services.

AI helps banks to analyze their Big Data to improve existing solutions and make better decisions. A more recent AI trend is to use its cognitive abilities to go through a large amount of unstructured text and data to generate more insights and to learn natural language. A more intelligent AI chatbot or virtual assistant can take over repetitive “low-value” operations, such as performing small amount transactions, explaining financial products and providing basic financial advice to customers.

he London-based digital money transfer services SimbaPay has now launched a new money remittance services that will purely operate via SMS. That means even people with no internet and using just a feature phone can now use SimbaPay to send or receive money. This is a huge step for the company, as it now enters a bigger pool of users, both with smartphones plus internet access combined with those without smartphones and/or not internet access. The new SimbaPay SMS money remittance services went live yesterday, and now users from around the world can use the service on any device from anywhere via the good-old SMS. The new SMS service is powered by artificial intelligence that has seen SimbaPay integrate a chatbot at the other end of the user.