Let Virtual Assistants Transform Your Financial and Accounting Services
Businesses can reduce customer service costs by up to 30% by implementing conversational solutions like chatbots in financial services.
Invoice processing can be a complicated process and involves many time-consuming and productivity-killing steps that are, nevertheless, crucial in maintaining accurate financial records.
Luckily, processes such as these can be delegated to AI in financial services. Our financial chatbots can be trained to identify the accounting codes that should be assigned to each type of invoice and can automatically update the necessary systems of record. Plus, chatbots in financial services can alert your staff the moment a new invoice is received or successfully processed. Utilizing AI in your accounts receivable and accounts payable virtual assistants can improve finance visibility, productivity, and cost-effectiveness and reduce the likelihood of human error.
The procurement and purchasing processes for most organizations are outdated and inefficient. These processes are often loaded with paperwork and use different systems and files that are not always compatible with one another. Inefficiencies such as these can increase costs and take up precious space. Plus, misfiled requests or lost paperwork can take hours to locate, and an unexpected audit or review could present logistical problems for an already busy staff.
AI for finance professionals can be used to help scan and process new documents and to quickly and easily find existing electronic documents.
Chatbots can also be used to help workers fill out forms and applications using voice and text commands, instead of having to physically fill out documents and manually upload them to systems of record. They can even be used to track price changes among your authorized suppliers, ensuring you maintain proper records and get the best deal possible.
AI marketing assistants can conduct lead scoring and engage leads in real time. Recent research from InsideSales.com shows that lapses between form submission and marketing or sales contact directly impact whether leads are converted into customers. Their research shows that the “odds of contacting a lead if they are called within 5 minutes are 8 times higher versus one called in 30 minutes.” They go on to argue that the “odds of qualifying a lead if called in 5 minutes are 21 times higher versus 30 minutes.”
Our chatbots can also play a key role in retaining customers by providing instant, personalized and engaging customer service, collecting essential data, and acting as a source of excellent product knowledge – eliminating human error. They also allow you to quickly and easily reach out to customers and provide them with targeted messages, special deals, coupons, and other offers that convince them to stick with your brand.
Expense management presents major challenges for businesses, yet studies show that strong, efficient cost management can be a source of competitive advantage. Kore.ai bots can help businesses submit and track expenses and receipts through AI-powered expense management.
With the help of our chatbots, your finance team can track outstanding invoices, and automate the follow-up process to ensure that invoices are paid and closed in a timely manner. Our chatbots can also be used to allow employees in other departments, like sales or marketing, to more effectively report on and track business expenses by submitting receipts directly to the bot or by asking simple questions like, “do I have any outstanding expense reports?” or “when will I be reimbursed for this business expense?”
Payroll plays a large role in companies for a reason. The crucial nature of payroll, and the impact it has on employees, means that it’s imperative that companies pay close attention to how it is managed. Despite being fairly straightforward in concept, processing payroll is still subject to common errors related to insufficient training, lack of access to up-to-date employee information, and more. Plus, employees often ask the same questions over and over again, which makes it hard for payroll staff to complete their work and increases the likelihood they make a mistake. This is where AI for finance professionals comes in. Our chatbots can be used in two ways to help streamline payroll and payroll processing. You can use Kore.ai chatbots for payroll inquiries related to deposits, pay periods, and benefits. They can also be used to help onboard and train inexperienced payroll staff, or help experienced employees stay up-to-date, by pulling information directly from your knowledge bases, including FAQs, websites, documents, and wikis. This helps your payroll staff complete tasks more quickly and accurately.
Internal customer service is important in that it helps your employees do their best to serve external customers and promote the interests of the company. Many companies have found that employees, contractors, and suppliers often ask the same questions and types of questions over and over again. Ai chatbots for financial aid can answer questions, and create faster, more satisfactory employee experiences, as well as improve relations between the finance and accounting departments and the rest of the organization, and the supply chain.
Selecting the right suppliers for your business is vital to ensure that you can deliver your products and services on time and at the best price while maintaining quality standards. Choosing the right supplier, however, involves much more than simply scanning a series of price lists – including factors like value for money, quality, reliability and service. Collating this data, however, can be a cumbersome and time-consuming process for finance and accounting teams.
Our chatbot solutions for financial services and organizations can be used to help vet new suppliers by checking their credit scores or tax information. This information can be accessed by your team by quickly and easily chatting with the bot using natural language. They can even help set new suppliers up in your systems of record. Our bots help take care of the more mind-numbing and monotonous tasks financial professionals must complete, freeing them up to take on tasks they are better suited for.
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Check out these helpful resources or reach out so we can chat about how your business or organization can benefit from bots built on the Kore.ai VA Platform