At Philadelphia Federal Credit Union, we are passionate about helping our members achieve financial success. One way AI has assisted people in improving their financial literacy is through conversational banking tools like chatbots. These virtual assistants can provide personalized guidance and recommendations that empower people to make more informed choices with their money.
For example, suppose you're interested in opening a new account but need clarification on which service is right for you. In that case, online chatbots can have an educated conversation to learn about different offerings. It can explain the top-level features of checking, savings, credit cards, home loans, auto loans, and other accounts. You'll gain knowledge to determine which account best aligns with your needs and goals.
Providing the chatbot information based on your answers to these questions can help fine-tune the response:
- Will this be your primary account or for a specific purpose?
- How much do you plan on depositing monthly?
- Do you need a debit card and check writing capabilities?
- Are you seeking to earn interest on the balance?
Based on your answers, the virtual assistant can suggest which account may be the best fit. The AI information gives you a top-level overview before visiting a branch or opening your account online. Aiding you to have a more productive conversation with our team.
In addition to account opening, AI-powered chatbots can be a valuable tool for ongoing financial education. For instance, you could ask the virtual assistant for tips about budgeting, saving strategies, debt repayment, investing, retirement planning, and more. It can provide personalized insights and actionable guidance based on your unique financial situation and goals.
AI has the capability to explain financial concepts clearly and offer recommendations customized to you. While it should not be relied upon as a sole source of information, it can enrich your knowledge. You can always verify any guidance from the chatbot with our financial professionals at the branch.
At PFCU, we want to empower you to enhance your financial literacy on your own terms. AI-powered chatbots create an easily accessible channel for you to get information so you can make informed decisions and achieve your financial dreams.
Yahne Jackson
PFCU Financial Educator