Automated Customer Service Made Easy
Customer service is a ubiquitous industry - where you have people, you will also find customer service. The customer of today is not the same as the customer of yesteryears. You could potentially lose a customer in a second if your customer service isn’t up to par, and there is nothing to stop them from walking, or with the increase of online purchasing, simply closing their browser on your website and opening a new tab to find your competitors.
Many big brands such as Adidas and Apple are already utilising chatbots in their messaging apps and this trend is likely to only get bigger. According to a report by a customer experience management solutions provider Servion, 95% of all customer interactions, including live telephone and online conversations, will be powered by AI by 20251.
Besides the expectation for immediate personalized responses, customers now look forward to businesses using increasingly visual technologies such as virtual and augmented reality. From the company’s point of view however, there is always the fear that such technologies come at a high cost. However, that is not necessarily true. Basic chatbots that can perform simple rule-based tasks that answer generic questions are affordable. It is only when responses get very complex that the technology starts to become more expensive.
In fact, even in Malaysia where a chatbot would typically be expected to operate multi-lingually, the price can be kept at a minimum. It is really a matter of need, especially if you deal with a high volume of inquiry - which is typical in the Financial, Insurance and Takaful industries.
Customer Support 24x7
The FITbot2 is 121Advisor’s 24x7 multi-lingual chatbot specifically designed for the Financial, Insurance and Takaful industries. FITbot was created with the aim of changing the way we think about customer engagement. In industries where it can be hard to retain customer service teams, which is known for its high turnover and challenging work environments, your business could potentially reduce costs by up to 40% in the long-term by implementing 24x7 intelligent bots.
You might be thinking, but hold on - isn’t it true that there is nothing as impersonal as making a robot answer your customer’s queries? What happened to the good old-fashioned human touch? Fret not! This chatbot’s mission is to be friendly through delivering personalised customer experiences by proactively understanding the customer via real-time lead scoring algorithms while providing a personalised interactive user experience. In other words, through a series of simple configurations, this bot is as good as a human. Today, consumers are comfortable using messaging and the intelligent bot is an extension of messaging.
It’s a known fact that customers who feel comfortable with your customer service will inevitably choose your products over your competitors. In the same way, the FITbot’s personalised service will generate more warm leads that can then be routed to financial advisors, live chat direct marketing, or direct online purchase.
The FITbot is designed to learn at a fast pace too. These bots undergo continuous improvement using machine-learning algorithms that adapt to changes in topics and conversations over time. Don’t worry, they don’t get too smart for their own good. When the bots can’t answer a question, it directs the customer to live chat customer support. Can you imagine how much time you could potentially save, especially if you’re operating a lean business model?
Offer a Personalised Touch
You can also rely on the bot’s predictive personalisation rules engine that enables your business to quickly configure their financial product recommendations based on lifestyle goals and identified needs. You can also configure FITbot to integrate with your current sales and customer databases via secure authenticated APIs.
Sounds impressive? Now you’re probably wondering how it all works. FITbot can be implemented using one of two models i) hybrid decision trees, and ii) Natural Language Processing (NLP).
You can choose from two models depending on the amount of historical data you have, for instance with the first option, you can quickly implement multi-lingual responses. Through a model of a hybrid decision tree process, each entry in user input is matched against the nodes of the decision tree, which is represented in a looped dictionary. This enables you to get the chatbot up and running fast in any language, and records customer interactions, which can then be used to train the bot via machine learneing and converted to the second option NLP.
The second option interprets input via Machine Learning (ML) and Natural Language Processing (NLP) capabilities based on Intent and Entities. It utilises the NLP Rule engine and Machine Learning Deep Neural Network to find semantic and syntactic similarities between user input and stored expressions. The only drawback is that it may take a while longer to process user requests due to the overhead of pre-processing, entity extraction and syntactic analysis of user input. However, this model is useful if you have a large number of consumer interactions to train the bot.
Helping You Every Step of the Way
Still unsure of how the FITbot can help your business? The FITbot can actually be used in a number of ways and shared between consumers, customers and distribution channels. Having 24x7 multi-lingual support answering frequently asked questions will greatly reduce your call centre costs, while generating warm leads for advisors and direct purchase. Juniper Research3 expects that due to the automation of the client engagement process as well as improved levels of personalization, Robo Advisor platform revenues are set to increase to USD25 billion in 2022. Using the models mentioned earlier, the FITbot generates personalised recommendation of products and needs-based advice.
In a nutshell, FITbot is an affordable automated customer service solution that can be integrated with your websites, customer portals, direct online sales and communities. We at 121Advisor can help you design and implement customised chatbot solutions to make your products and services personalised and engaged. Let us assist you in leveraging off your existing data to tackle challenging problems, such as real-time risk profiling. We can also offer solutions such as implementing data processing pipelines and streaming analytics to securely analyse events that trigger the right responses.
Building cognitive engagement solutions can be a long and costly process but with our many years of experience in the financial services sector and implementing regulatory compliant solutions with our Enterprise Digital Framework (EDF), we are the right people to help you.