In the world we live in today, everything from recruitment of new employees to diagnosing diseases, is being handled by a Chatbot. No denying bots are definitely having a moment. It’s more than just a “15 minutes of fame” that we’re dealing with here. Moments like this in history can make or break businesses.
For example, look at the history of live chat. A decade ago it was the new way to communicate with consumers. Brands that figured it out saw higher conversions and customer satisfaction scores. Today almost every single online business offers live chat. While this form of digital engagement is expected to reach $819 million market share by 2020, we’ve moved into the next iteration. Adaptability is key to success and gives businesses the competitive advantage. Let’s take a look at the current consumer landscape and their needs.
Consumer needs are evolving
According to Pew Research, millennials have surpassed the Baby Boomers as the largest American generation. They are entering the workforce, and they have dollars to spend. Their expectation is that everything is available 24/7. How does an enterprise scale and meet that standard?
One of the best ways is an effective and efficient Chatbot strategy. The evidence of this approach is clear. In fact, brands that offer consumers solely a digital experience saw a 19% increase in customer satisfaction, as outlined in this report by McKinsey. It comes as no surprise when the majority of consumers entering the marketplace are the millennials. The world they live in is digital and instantaneous.
Brands can’t afford to wait around for consumers to engage with them. The technology that is offered by companies like chirrp.ai, allows brands to be proactive and enables new partnerships between people and computers.
It’s time for brands to engage
CEO of chirrp.ai Mallesh Murugesan explains: “Chatbots should be used not just for customer service, but to provide offers and valuable insights.” Bots through machine learning can go into a predictive state. When in this state, the chirrp bot can reach out and warn consumers if an account doesn’t have enough funds to pay their mortgage. It can also recommend ways to invest funds based on behavior or market trends.
What’s interesting about what Murugesan said is when a brand implements AI they don’t always make a quick buck. That’s not the point. Engagement opportunities like this provide a lot of value to the consumer, which in turn builds trust. Trust is one of the key differentiating factors a millennial will take into consideration when deciding whether they do business with your brand or not.
However, its not just millennials craving this type feature. NGDATA is an organization that helps data-rich brands drive connected experiences. They conducted a survey highlighting consumers’ needs from their banks. Key findings were personalized service and being treated like an individual. Bots and AI can do this at scale, 24 hours a day, 7 days a week. Leaders in the industry are already taking note.
For example, initial buzz suggested that predictive tasks will be a part of what Bank of America plans to do with Erica, their bot. CNBC quoted Michelle Moore, Bank of America’s head of digital banking. She said, “Erica might send someone a predictive text: “Michelle, I found a great opportunity for you to reduce your debt and save you $300.” Back 11 years ago Rabobank ‘Yvette’gave people advice on saving money and also showed a summary of their last bank transactions.
Improve experience while saving money
Murugesan also gives a sample scenario of consumers traveling outside the country. Financial institutions can choose how to engage in these situations. Bank A chooses to provide traditional customer service, and Bank B has upped their game. They use AI based chatbot engagement solutions.
Bank A requires the consumer to call, go through the traditional IVR system, talk to a rep, and get the answers to questions. Bank B allows the consumer to message in questions and answers them instantaneously.
In addition, Bank B provides relevant notifications before and during travel. Then engages with them at the right moment, e.g, notifying consumers as soon as they land with a message: “Your card is safe with us. Feel free to use it.” Thereby improving the consumer experience, creating sales avenues, and building brand loyalty.
The intelligence driving these types of interactions and sales at scale is possible only with a Chatbot and visually explained in the above Value Map created by chirrp.ai.
The results are clear; Chatbots work, and consumers want them. It’s an easy to integrate solution, and every brand should work it into their digital engagement strategy today. Be innovative, increase customer satisfaction, play the long game. Get a Chatbot.
By M. Dorsett