Chatbots to Humans: Move Aside, I Got This

Seamless or See Ya: The Struggle to Simplify Account Opening

Seamless or See Ya: The Struggle to Simplify Account Opening

 The integration of chatbots within the comprehensive financial institution to consumer relationship as an additional avenue for the exchange of information and intentions marks another step forward in creating customer centric service delivery. As illustrated in the article, chatbots are in practice more efficient in delivering concise response to specific queries.

“If you ask an agent, ‘How much did I spend on groceries last month?’ they might take some time to pull up that data,” he said. Kai can answer instantly. The virtual assistant could also handle complicated service questions faster and more accurately than a human, he said.

Kai can give customers their account balance, handle funds transfers and pay people. It can tell users how much they owe on their credit or debit card or when the next payment is due. It has a transaction locator, so it can answer questions like “Show me my last 10 transactions” or “How much did I spend on food in the first week of January?”

Further, the capacity for understanding natural language will supersede Interactive Voice Response gatekeeping, facilitating cleaner handoffs to a live agents when warranted.

Less than 18% of DBS digibank customers’ interactions require live chat sessions; the rest are “contained” within the virtual assistant. The session is transferred to a human operator when the virtual assistant is unable to answer or understand certain questions, there is a problem that requires urgent attention or a particular sales opportunity is identified.

“We think the bots are good but not perfect, so having this handoff capability allows us to learn from what people are asking us the bot is not able to handle,” said Dror Oren, co-founder of Kasisto.

Mercator Advisory Group envisions the wider use of chatbots in financial customer interactions will increasingly be a three party discussion with the chatbot and the customer service representative working in tandem to meet a customer’s needs. Contrary to human being replaced, the future in customer engagement will rest increasingly on a “cyborg” customer response model utilizing the specific capabilities falling in each resources’ wheelhouse, human or machine.Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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