Text-Based Chatbot in Financial Sector: A Systematic Literature Review

Hana Demma Wube; Sintayehu Zekarias Esubalew; Firesew Fayiso Weldesellasie; Taye Girma Debelee; Hana Demma Wube; Sintayehu Zekarias Esubalew; Firesew Fayiso Weldesellasie; Taye Girma Debelee

doi:10.3934/DSFE.2022011

Data Science in Finance and Economics

2022, Volume 2, Issue 3: 232-259. doi: 10.3934/DSFE.2022011

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Text-Based Chatbot in Financial Sector: A Systematic Literature Review

Ethiopian Artificial Intelligence Institute, Addis Ababa 40782, Ethiopia

Received: 07 June 2022 Revised: 09 July 2022 Accepted: 16 July 2022 Published: 29 July 2022
JEL Codes: G20, O30

Text-based chatbots are implemented in the financial sector to enhance the relationship between the customer and services provided by the sector, and also to address external challenges and customer requirements. The chatbot technology in the financial sector serves to examine customers' frequently asked questions and the representation of the process using machine learning. In light of this, this study presents a comprehensive systematic literature review of articles focused on text-based chatbots in the financial sector. It describes the understanding of chatbots in the financial sector in terms of implementation, adoption intention, attitude toward use and acceptance; it also describes how people experience chatbots, specifically in terms of perception, expectation and trust, as well as how they are engaging and emotionally motivated; management of the security and privacy vulnerabilities of the chatbots; and identifies the potential strategies that can hinder the efficient, successful evolution of chatbots in the financial sector. Finally, the main findings regarding the use of text chatbots in the financial sector are presented; additionally, the open issues in current research are highlighted and a number of research opportunities that can be pursued in the future are suggested.
- Text-based chatbot,
- Systematic literature review,
- Financial sector,
- Human-computer interaction
Citation: Hana Demma Wube, Sintayehu Zekarias Esubalew, Firesew Fayiso Weldesellasie, Taye Girma Debelee. Text-Based Chatbot in Financial Sector: A Systematic Literature Review[J]. Data Science in Finance and Economics, 2022, 2(3): 232-259. doi: 10.3934/DSFE.2022011

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Abstract

Text-based chatbots are implemented in the financial sector to enhance the relationship between the customer and services provided by the sector, and also to address external challenges and customer requirements. The chatbot technology in the financial sector serves to examine customers' frequently asked questions and the representation of the process using machine learning. In light of this, this study presents a comprehensive systematic literature review of articles focused on text-based chatbots in the financial sector. It describes the understanding of chatbots in the financial sector in terms of implementation, adoption intention, attitude toward use and acceptance; it also describes how people experience chatbots, specifically in terms of perception, expectation and trust, as well as how they are engaging and emotionally motivated; management of the security and privacy vulnerabilities of the chatbots; and identifies the potential strategies that can hinder the efficient, successful evolution of chatbots in the financial sector. Finally, the main findings regarding the use of text chatbots in the financial sector are presented; additionally, the open issues in current research are highlighted and a number of research opportunities that can be pursued in the future are suggested.

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