This is no surprise to us and many conversations over the last few months have been around delivering solutions to meet such demand in the future. A solution could be a chatbot.
In simple terms these allow customers a live online chat experience using normal, everyday language and provide an answer that correctly responds to what was being asked, powered by a robot.
Chatbots can help businesses by using their staffing resources more effectively and helping businesses manage peaks of enquiries.
They are also multi-channel, so you can utilise them on your website and integrate them with chat platforms like Facebook Messenger, plus they can be plugged into voice assistants.
So what are the benefits, aside from managing peaks?
Your customers can have a much better user experience – they can get an instant response, at any time, on any day.
They also enable businesses to have a much better understanding of your users on an ongoing basis, as the second you launch a chatbot, it’s going to be gathering a multitude of information by logging every query that’s being asked.
For advisers thinking of using chatbots in your business, here’s a brief guide to what we have learnt along the way.
1) Start Small
If you identify and focus on low effort, maximum impact options first, your minimum viable product is very likely to deliver some tangible business benefits fairly quickly. By identifying the right use cases for a chatbot, there’s an opportunity to deliver some real bang for your buck.
2) Listen to your users
From the second your chatbot launches, it’s going to be logging all of the queries and conversations, so you’re going to have a tonne of really useful data. This should be used to regularly evolve and improve, not only the chatbot, but there may also be some real insights that can be utilised in other parts of your business.
3) Have an open mind
Ask yourself early on in the discovery process, whether your chosen use-case is a genuine fit for the technology, or whether it would be better dealt with by a human. Poorly executed chatbots can have a negative impact on your customer experience, so choose carefully.
4) Expect different responses from different users
Different cohorts or personas of users within your customer base may respond differently to a chatbot. We’ve seen in testing that particular groups of users are much more open to using bots than others. Therefore, you need to anticipate this and also understand that a bot will not solve all problems, for all users.
Chatbots do not need to be complicated.
For those bots that don’t require systems integration, you can deliver a lot of benefit fairly rapidly, and with the barriers to entry for the technology now so low, adoption from lenders and others will undoubtedly become more commonplace.