Chatbots in the Online Trading Industry | by Roman Zhidkoff | Dec, 2020
Living in an era of high technologies, we buy and sell products on the net. It becomes a new normality. Due to the COVID-19, the pattern strengthened in 2020 and will keep gaining pace in the future. Thus, according to the prediction, in 2021 over 2.14 billion people in the world will buy goods and services online. This will result in the rapid evolvement of the online trading industry.
Yet, it can also become a true challenge for traders to keep up with the pace of change to stay current and process all the tasks. So, how can you not only stay afloat but succeed and profit in the coming year? The latest technologies are the answer. Integration of AI-based chatbots is vital for trading organizations to enhance customer experience, meet the expectations, and just succeed. In this article, we’re going to show you several ways you can use the technology for your e-trading platform to get the most of it.
It’s expected that the global chatbot market will reach $6.83 billion by 2030. There is no doubt that technology is on the rise, and it just gains traction. However, how can you use it for online trading? Let’s check how the finance bots can be a huge help for online traders.
To make things clear, let’s define that chatbots are not to replace but complement the brokers’ tasks and operations. The finalizing of the transactions is to be done by the human operator at least for now. Yet, technology can:
- Gather and process a good deal of conversational data. Thus, you can do deeper research and get insights about the buyers, their needs, pains, expectations. This can help you build a more thriving portfolio and retain customers more effectively.
- Provide 24/7 support and respond to the queries. Commonly, the major part of customer questions and calls are about the basic policy changes, current coverage, trading account, and so on. Chatbots can link such inquiries quickly and effectively and free up time for brokers to focus on more complex, value-added, and specialized tasks that require human interaction.
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When performing routine tasks, it’s hard to stay current with all the innovations and trends that appeared on the market. Besides, not all the latest solutions fit your business but a small part of them can be useful indeed. It’s where chatbots can help you to remain up-to-date with market trends that can improve your company and drive progress.
So, when the relevant solution, method, approach, or technology is released, the trading bot can alert you with an offer to implement the innovation and highlight what exactly can be improved by integrating it into your service. Not only does it help you add a new line of services or upgrade your service package, but you can also keep up with the latest technologies and take your company to the next level.
Every worker is a human, and it means that there are office hours, days off, vacations, and other activities of daily living of employees to keep in mind. Therefore, you and other workers can’t stay in the game around-the-clock but chatbots can. Integration of the financial bots into the system allows you to automate the trading process so that it runs in the background 24/7 without any breaks needed. The solution will help you to stay on top of the market trends as well as make the right trades at the right time.
Integration of chatbots into your e-trading platform can help you not only process and analyze the large scope of data but make mathematical calculations in a jiffy. The key features of AI-based chatbots are the following:
It’s no secret that to err is human. So, if you keep doing the operations manually, some mistakes can occur that may influence efficiency and decision making. Such a possibility of human error is even higher when it comes to complex formulas involved. Chatbots implemented into the process eliminate such errors. With that in mind, delegating some tasks as calculations to chatbots will improve the speed and accuracy. Moreover, it can drive decision-making processes and make your company more efficient.
One more option of trading chatbots is that they are excellent learning tools, especially for fresh traders. Actually, there are several ways to use the bots for the purpose:
- Use the technology by itself. You can just extract the knowledge and data from the AI-chatbots to gain a deeper understanding of the industry, market, trends, etc., and build thriving portfolios. Chatbots can be a personal guide that can give you a piece of advice about investing, buying/selling of financial assets, and so on to improve your decisions. What’s more, such trading bots can also turn complex finance terminology into simple terms to save time for search and just soften this challenge for you.
- Due to the fact that chatbots reduce the workload, you will get more time for education. Thus, you can do research, read the studies, check reports and forecasts, and find any other information about the trading aspects.
Financial organizations and brokers are wary of using chatbots. However, this technology is here to stay and radically reshape the industry. Chatbots have great potential in the trading industry because they can:
- Reduce a workload;
- Innovate and improve the service and products;
- Automate routine tasks;
- Trade non-stop;
- Monitor the market continuously;
- Assist with trading and alert about the changes, and much more.
Today it’s crucial to keep an eye on the solution, implement it into the e-trading platform, and leverage chatbot technology not only to stay competitive but improve the chances of long-term success.
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