Business

AI powered Chatbots as personal financial advisors: Interview with Avi Ben Ezra of SnatchBot

Published

6 years ago

May 5, 2019

We live in a time where there are tremendous technological advancements. Although people have come to expect extraordinary things there still is lack of awareness as far as chatbots are concerned.

ChatBots are simply artificial intelligence entities which are running on a software program. They can be integrated into messaging apps where they can effectively perform a variety of tasks. They had been used extremely effectively in many industries where they have accomplished sophisticated tasks very efficiently. There is simply no reason why chatbots cannot be programmed to become personal financial advisors. Such a chatbot can be easily programmed to keep track of all our little daily expenses. They can issue warnings which can prevent us from overspending. There can be no doubt that there are many individuals who can benefit from this technology.

One of the companies which have already been looking at some of these possibilities is Fintech. According to Ben Ezra the CTO of SnatchBot it has been emphatically proven that a chatbot can be programmed to accomplish just about anything you can imagine. This is why it is entirely possible for financial service organizations to create something like a personal financial advisor which will be able to assist people with investments, with budgeting and with more effective spending of available finances.

What exactly could people expect to see in the nearby future?

People have already seen for themselves the tremendous impact which the Internet had on our planet in the last couple of decades. Therefore, there is justification when people think that when it comes to artificial intelligence, there are very few limits. There are very large financial institutions today that have all of the necessary resources to create very sophisticated chatbots who could literally transform the way in which people handle their finances. There will be benefits both for financial institutions and also for individuals. The cost savings for financial institutions could be substantial. Furthermore, the use of artificial intelligence will help to eliminate unnecessary human errors. Ben Ezra is particularly excited about the convenience which customers will experience. Chatbots will make it possible to effectively manage several accounts at once. It will also be entirely possible to have frequent feedback regarding the state of certain accounts and many other things.

It will be just as good as having a bank in your home or in your pocket. It is possible to conduct a whole range of automated transactions and to do frequent payments. All of this can be accomplished by making use of your chatbot and you won’t even need additional apps. People today have become spoiled by technology and therefore they have high expectations. New technologies have barely been implemented when consumers have new demands. They want more secure solutions, personalized transactions, greater speed and a higher level of consumer convenience. All of this can become possible when people are provided with a personal virtual assistant. Such an assistant will immediately respond to every message whereafter it will instantly access any customer data as well as information on a whole range of financial products.

What other surprises does artificial intelligence have in store for people?

There is a company by the name of Gartner’s who has done extensive research. The acquired data indicate that within the next year or two almost 90% of consumer interaction with their company will be accomplished without human assistance. Ben Ezra is urgently encouraging all business owners to immediately look at the tremendous benefits which can be derived from the implementation of chatbots. Just imagine having a personal financial advisor on your smartphone or on your PC which can provide you with accurate and current advice which can help you to invest your finances where the best return on investment can be guaranteed. Your personal financial advisor can also provide you with all of the information which you may require when it becomes necessary to obtain a new motor vehicle. Just imagine how much frustration can be avoided when you have a professional in your corner that can help you to organize your life and your finances. Financial experts working at large financial institutions acquire a higher level of language usage which can confuse the layman and to interact with them can be intimidating. However, now it is possible to have your own personal financial advisor who will have the ability to simplify the terminology used in finances and to translate all that complicated it terms into layman’s language.

Will there be any other benefits?

It is entirely possible to develop a chatbot that can help you analyze your finances in order to help you determine where you can cut back on expenses. One such chatbot is already operating very effectively and this AI entity is known as Trim. This is specifically a chatbot for finances that can assist the individual with a whole range of tasks. This financial chatbot can check bank balances, manage other expenses such as subscriptions and can even assist the individual in the setting up of a spending alert so that the user knows when critical levels have been reached. Such a financial chatbot is completely at home on the Facebook messenger, SMS messenger, and many similar applications. According to statistics, the chatbot Trim has been instrumental in helping a large number of users save more than $6 million.

Conclusion

The benefits of having a personal financial advisor are just about immeasurable. So many mistakes are made because people forget. This can result in many financial problems such as additional interest and fines for late paying. However, having a chatbot as a personal financial advisor can help a person to avoid all of these frustrating human shortcomings. Because once a chatbot has been informed about anything it can never forget unless it becomes a victim of a critical system failure. But even then most reputable chatbot companies such as SnatchBot will always have backup systems in place to ensure that the consumer does not suffer any unnecessary harm. There is no reason why you should not benefit from a personal financial advisor. The technology is available and the benefits far outweigh the cost of implementation.

Suggested reading: Follow weekly news by Avi Ben Ezra or access his personal site here.

Youtube video – A vision of the future, by SnatchBot:

Business

High Volume, High Value: The Business Logic Behind Black Banx’s Growth

Published

2 weeks ago

June 16, 2025

Matthew Wiles

In fintech, success no longer hinges on legacy prestige or brick-and-mortar branches—it’s about speed, scale, and precision. Black Banx, under the leadership of founder and CEO Michael Gastauer, has exemplified this model, turning its high-volume approach into high-value results.

The company’s Q1 2025 performance tells the story: $1.6 billion in pre-tax profit, $4.3 billion in revenue, and 9 million new customers added, bringing its total customer base to 78 million across 180+ countries.

But behind the numbers lies a carefully calibrated business model built for exponential growth. Here’s how Black Banx’s strategy of scale is redefining what profitable banking looks like in the digital age.

Scaling at Speed: Why Volume Matters

Unlike traditional banks, which often focus on deepening relationships with a limited set of customers, Black Banx thrives on breadth and transactional frequency. Its digital infrastructure supports onboarding millions of users instantly, with zero physical presence required. Customers can open accounts within minutes and transact across 28 fiat currencies and 2 cryptocurrencies (Bitcoin and Ethereum) from anywhere in the world.

Each customer interaction—whether it’s a cross-border transfer, crypto exchange, or FX transaction—feeds directly into Black Banx’s revenue engine. At scale, these micro-interactions yield macro results.

Real-Time, Global Payments at the Core

One of Black Banx’s most powerful value propositions is real-time cross-border payments. By enabling instant fund transfers across currencies and countries, the platform removes the frictions associated with SWIFT-based systems and legacy banking networks.

This service, used by individuals and businesses alike, generates:

Volume-based revenue from transaction fees
Exchange spreads on currency conversion
Premium service income from business clients managing international payroll or vendor payments

With operations in underserved regions like Africa, South Asia, and Latin America, Black Banx is not only increasing volume—it’s tapping into fast-growing financial ecosystems overlooked by legacy banks.

The Flywheel Effect of Crypto Integration

Crypto capabilities have added another dimension to the company’s high-volume model. As of Q1 2025, 20% of all Black Banx transactions involved cryptocurrency, including:

Crypto-to-fiat and fiat-to-crypto exchanges
Crypto deposits and withdrawals
Payments using Bitcoin or Ethereum

The crypto integration attracts both retail users and blockchain-native businesses, enabling them to:

Access traditional banking rails
Convert assets seamlessly
Operate with lower transaction fees than those found in standard financial systems

By being one of the few regulated platforms offering full banking and crypto support, Black Banx is monetizing the convergence of two financial worlds.

Optimized for Operational Efficiency

High volume is only profitable when costs are contained—and Black Banx has engineered its operations to be lean from day one. With a cost-to-income ratio of just 63% in Q1 2025, it operates significantly more efficiently than most global banks.

Key enablers of this cost efficiency include:

AI-driven compliance and customer support
Cloud-native architecture
Automated onboarding and KYC processes
Digital-only servicing without expensive physical infrastructure

The outcome is a platform that not only scales, but does so without sacrificing margin—each new customer contributes to profit rather than diluting it.

Business Clients: The Value Multiplier

While Black Banx’s massive customer base is largely consumer-driven, its business clients are high-value accelerators. From SMEs and startups to crypto firms and global freelancers, businesses use Black Banx for:

International transactions
Multi-currency payroll
Crypto-fiat settlements
Supplier payments and invoicing

These clients tend to:

Transact more frequently
Use a broader range of services
Generate significantly higher revenue per user

Moreover, Black Banx’s API integrations and tailored enterprise solutions lock in these clients for the long term, reinforcing predictable and scalable growth.

Monetizing the Ecosystem, Not Just the Account

The genius of Black Banx’s model is that it monetizes not just accounts, but entire customer journeys. A user might:

Onboard in minutes
Deposit funds from a crypto wallet
Exchange currencies
Pay an overseas vendor
Withdraw to a local bank account

Each of these actions touches a different monetization lever—FX spread, transaction fee, crypto conversion, or premium service charge. With 78 million customers doing variations of this at global scale, the cumulative financial impact becomes immense.

Strategic Expansion, Not Blind Growth

Unlike many fintechs that chase customer acquisition without a clear monetization path, Black Banx aligns its growth with strategic market opportunities. Its expansion into underbanked and high-demand markets ensures that:

Customer acquisition costs stay low
Services meet genuine needs (e.g., cross-border income, crypto access)
Revenue per user grows over time

It’s not just about acquiring more customers—it’s about acquiring the right customers, in the right markets, with the right needs.

The Future Belongs to Scalable Banking

Black Banx’s ability to transform high-volume engagement into high-value profitability is more than just a fintech success—it’s a signal of what the future of banking looks like. In a world where agility, efficiency, and inclusion define competitive advantage, Black Banx has created a blueprint for digital banking dominance.

With $1.6 billion in quarterly profit, nearly 80 million users, and services that span the globe and the blockchain, the company is no longer just scaling—it’s compounding. Each new user, each transaction, and each feature builds upon the last.

This is not the story of a bank growing.

This is the story of a bank accelerating.