Brokers looking to stay relevant in an increasingly digitised world are turning to chatbots for full-time assistance. Here’s how they can help you today.
A chatbot is a computer program, harnessing artificial intelligence, able to conduct a conversation, and is often designed to answer customer service questions on websites, instead of customers having to wait for a human response (via email or phone).
Mortgage broker Tracey Lea Gilbert, director of Diversifi, says having a chatbot working for the WA finance broker is a boon. “Joey” offers clients real-time responses and quality information inside and outside of business hours.
“Joey basically appeared overnight and started working straight away,” says Gilbert.
Recent research by Grand View Research forecasts the global chatbot market will reach $1.23 billion by 2025.
Customer experience consultant Simone Blakers, founder of Liquid CX, says the increasing popularity of artificially intelligent consumer devices (think Siri and Alexa) is stimulating consumer expectations of companies’ artificial intelligence (AI) offerings.
Customers expect they can ask AI devices questions and get helpful answers.
“Chatbots have the ability to give a fast response, and then, if needed, you can pass them over to a service representative for a deeper answer,” says Blakers.
The Liquid CX Chatbot, an AI interview subject for this story, explains that chatbots’ main functions include assisting businesses with customer service (responding to FAQs), particular purchase process stages (such as product delivery) and common tasks such as bookings.
At Diversifi, “Joey” works as part of the Epictenet Broker Empowerment Solution, a web-based platform and mobile app that combines fact find, referrals, live chat and calculators.
Gilbert says that when a client is on Diversifi’s website, Diversifi receives email and mobile app notifications. Staff members can then respond to the client online or by phone if required.
“There is so much information available through Joey that most questions will be automatically answered,” says Gilbert. “If the client wants to make an appointment to see a broker, Joey can arrange this.”
When using chatbots, compliance implications need to be carefully considered.
Compliance issues to be managed include minimising the amount of private data collected, declaring conditions clients need to know and clarifying that the online “loan apply” feature does not amount to approval, says Gilbert.
“We believed that for this reason a real person has to take control of the client before any private personal data was required…”
Blakers says that although you might find yourself excited about the potential of chatbot technology, it's important to have concrete goals in mind for the technology. “Your business problem might be that your customers can't get the answers they need quickly enough or they may need more education or want more relevant information,” she says.
“Starting with that business objective in mind is always the first step.”
