Using Chatbot Technologies to Help Individuals Make Sound Personalized Financial Decisions

Abstract

Those that struggle with debt and poor financial management can find many sources of online content to increase their financial literacy. However, consumption of educational content often does not translate to behavioural change. Software-based on just-in-time education can make use of nudge theory and gamification to help increase financial literacy while also influencing positive financial behaviour. Using chatbot technology as a conversational interface to this educational software increases convenience and usability, especially among those that struggle with learning to use technology. We present the design for a financial education chatbot that defines core situations for providing suggestions and information to users. We also used a survey to evaluate its usefulness and found that 82 per cent of 68 participants consider the chatbot strongly beneficial to their financial education and behaviour.