The Rise of Chatbots in Financial Services
A powerful transformation in customer experience delivery
Smarter and more intelligent chatbots are on a rise. With an increasingly demanding consumer, it is a must for companies to explore how these chatbots can help to improve their front-end practices. In this article we present a introductory guide to the use of chatbots in the financial services industry.
Financial services and chatbots
Within financial services, start-ups are shaking up the industry by integrating chatbots to deliver immediate and insightful information to consumers. However, next to these start-ups, the use of chatbots in the financial services remains in an early stage. For many companies, it is not easy to create a truly valuable chatbot that both brings value to the customer and to the business.
Chatbot introductory guide
Deloitte Digital has created a introductory chatbot guide to learn more about the use of chatbots, what benefits they bring, how to avoid the pitfalls and how Deloitte can help you to add a value-adding layer to your existing customer experience.
Why should we use chatbots?
Nowadays, 21st century customers demand instant forms of communication. Chatbots can provide an answer to this demand:
- User engagement: once built correctly, chatbots can perform tasks 24/7. This means that no customers has to wait for a reply any longer.
- Intelligence advantage: chatbots enable a better understanding of how customers speak, meaning that you can respond more adequately to customers’ need.
Key to success
In order for businesses in the financial services industry to succeed using chatbots, it is crucial to:
- Understand the market: understand both the benefits and challenges of using chatbots in your business.
- Build a MVP: determine specific and clearly articulated objectives. Test them thoroughly.
- Iterate: continues learning is key.
For businesses it is important to evaluate the use of chatbots. Chatbots should be used as a complementary to the customer experience. In that light, they should not be build for the sake of building. The guide includes a 'chatbot blueprint' that businesses can use to asses whether a chatbot can and will add-value to their front-end services.
For more information about AI in Financial Services, please contact Emeric van Waes or Kees Wim van den Herik via their contact details below.