- Two use cases of bots for financial customer service
- A Latin American company presented 3 bots that could multiply customer service by 100.
- In Israel, regulation allowed the launch of a chatbot to provide investment recommendations.
The technology company N5, specializing in solutions for the financial industry, has launched an innovative artificial intelligence system designed to transform banking operations. This development, named Fin Skys (Financial Self-Contained Artificial Intelligence), represents a $50 million investment and a joint effort by Argentine engineers.
According to the company, these AIs have the potential to reduce costs by up to 94%, improve team productivity by nine times, and increase customer satisfaction (NPS) to unprecedented levels.
Tools that make a difference
The Argentine fintech system includes three key bots designed to optimize processes within financial institutions. Designed as a virtual assistant for financial sector employees, Alfred functions as an information repository and a large-scale problem solver. With the ability to resolve complex queries in seconds, this bot promises to eliminate the need for costly support systems. Additionally, it automates tasks such as extending credit card limits or answering specific inquiries, all under human supervision.
Next is PEP, which is more than an assistant—it’s a virtual coach. This bot analyzes data to offer strategic recommendations, such as suggesting the ideal client for granting credit or identifying the best debt collectors for a company. It also features a simulation function that allows employees to practice interactions before performing them in real-time, improving effectiveness in customer service and business closures. It also adapts to any internal system used by the interested company, ensuring compatibility with CRMs or private networks.
Lastly, the Post-Singularity Financial Executive tool seeks to redefine the traditional role of financial executives. By integrating the intelligence of top professionals in various fields, this software allows an executive to manage tasks for up to 30,000 clients with the same efficiency that previously required managing just 300.
According to N5 executives, this technology is not intended to replace jobs but to enable companies to expand their reach. N5’s proposal goes beyond operational efficiency. With these tools, the company aims to solve the problem of the 1.4 billion unbanked people worldwide. By reducing customer service costs to just a few cents per person, these AIs open the door to true financial inclusion.
AI for investment recommendations
The Israeli startup Bridgewise, based in Tel Aviv, has obtained approval from the Israel Securities Authority (ISA) to launch an innovative chatbot named Bridget, designed to provide stock buying and selling recommendations. This development is being carried out in collaboration with the Israel Discount Bank, one of the country’s leading banks, marking a significant step in the integration of generative artificial intelligence in the financial sector.
Regulators worldwide have adopted a cautious approach to the risks of using AI in retail investments. The U.S. Securities and Exchange Commission (SEC) has warned about the potential for financial crises if too many institutions rely on the same models and algorithms. The European Central Bank has also expressed concerns about potential herd behavior and the formation of market bubbles.
Additionally, there is the technical challenge of ensuring chatbots do not “hallucinate,” meaning they do not generate incorrect or fabricated information when answering user questions.
The approval from the Israeli regulator for the launch of Bridget comes with clear restrictions. For example, the bot cannot provide personalized advice for specific users or hold conversations that could be interpreted as personal financial advice. Furthermore, companies implementing similar tools must comply with strict regulations, including the need for an investment license, a compensation structure based on fixed fees, and clear policies to avoid conflicts of interest.
How it works
Bridget uses artificial intelligence trained on historical data and real-time news to offer investment analysis. Users can inquire about thousands of stocks, from the best options in the semiconductor sector to specific decisions like whether to sell shares of Alphabet Inc.
During a beta test, a journalist requested recommendations on the top five stocks of the day. The chatbot not only provided a list but also explained the reasons behind each choice. The responses included clear warnings, reminding users that the information does not replace personalized financial advice.
In addition to its launch in Israel, Bridgewise is working to expand Bridget’s use to a second Israeli bank and plans to introduce the service in Brazil through a yet-to-be-revealed trading platform. The chatbot is also in the process of incorporating new features, such as 12-month price predictions, transcriptions of financial presentations, and tools for creating personalized thematic portfolios.
Bridgewise is positioning itself as a key player in the evolution of AI applied to finance, opening the door to a new era where technology and investment converge to offer innovative solutions. While the path is not without regulatory and technical challenges, the launch of Bridget sets an important precedent for the responsible use of artificial intelligence in the financial sector.