It is well known that a lot of banks are looking at ChatBots and the opportunity they present.Â Barclays, Societe Generale,Â USAA, BBVA, and Capital One have begun actively experimenting with them. Bank of America has said it will roll out a ChatBot named “Erica” this year. As she demoed Erica at Money 2020 this year, Michelle Moore, the bankâ€™s head of digital banking, said it will be â€śthe trusted adviser to our 45 million households.â€ť This gives some indication of how seriously banks are taking this opportunity and the potential reach.
A recent studyÂ byÂ AccentureÂ indicates that within the next three years, banks will deploy ChatBot type Artificial IntelligenceÂ as their primary method to interact with customers.
But do you need one?
In my view there are two types of ChatBot;
So the answer is yes.
Plan to adopt the transactional technology when itâ€™s proven and cheaper.
Plan to start piloting advisory ChatBots now. Especially as most people donâ€™t really like talking to a live person when they are searching for information. They are worried they may be sold to, or it takes too long. Web searches are also increasingly frustrating, where you get multiple results and hardly ever the right link. An advisory ChatBot is the answer; fast, to the point and then you can decide to talk to a human.
Finally where do you get one? You can build your own of course, or engage an agency. But remember itâ€™s not the Bot technology that is unique (there are thousands), itâ€™s knowing what small businesses need and want to know, matched to their pain points, then linked to product. Scripting the customer journey/conversation responses and getting users as fast as possible to what they want is the key. Rather than a long chat you could have with a live person.
PS Here’s a link to the Accenture report:Â https://newsroom.accenture.com/news/bankers-believe-artificial-intelligence-is-key-to-creating-a-more-human-customer-experience-according-to-accenture-report.htm
Glen is the founder and CEO of The Small Business Company, a New Zealand based agency that specialises in helping banks communicate with small businesses through content marketing. He has written a number of books on small business principles and is a sought after consultant and conference presenter.