As the AI chatbot revolution is shaping the business-customer relationship, the big debate on “Can AI chatbots outperform live chat agents in financial institutions?” is also going around.
However, the comparison between them is unnecessary as both of them are beneficial in different scenarios. Like live chat agents can answer critical finance related queries better than chatbots. Whereas, the best AI bots can do is answer the monotonous queries of hundreds of visitors at the same time. So, ultimately bots are here to serve the businesses.
By simply automating 80% of such queries, financial businesses can headstart their website visitors in considerable less cost and time. Along with this, there are many areas of discussion in the finance sector where live chat support can not be a powerful tool. Let’s get ahead and understand the key differences:
🚀 Better customer support
🚀 More lead generation
🚀 Augmented workforce
🚀 Now do multitasking
🚀 Reply instantly
Better customer support
The finance industry offers a wide range of services, such as loan, mutual funds, wealth management, etc. And, understanding them isn’t an easy task until someone explains them. So, many visitors ask repeated questions to clarify their queries regarding financial services. To smartly handle such queries, it’s best to deploy AI chatbot that can answer more than 80% of such monotonous queries. Plus it can assist website visitors 24*7, without taking a break. On the other hand, live chat agents are a great help when it comes to answering critical queries of visitors/customers.
More lead generation
The transition of a visitor to the customer begins from the basic step of lead generation. It starts with answering the visitor queries. Then, a traditional procedure is followed to get important user inputs, such as Name, Email, Contact number, and Address. Getting all such details from the visitors is a necessary yet repeated task. And, smart chatbots like Frontman can be the best tool to automate this process because it sends OTP via Email/number to verify the visitors. With genuine leads, it becomes easy for the finance sales department to connect with the prospects and turn them into happy customers.
Augmented workforce
With the live chat system, the cycle from generating genuine leads to acquiring them is indeed less productive and more costly. Because explaining financial services concurrently to the hundreds of visitors take time and a large team of live chat agents. However, the same is not the case with AI chatbots. As once trained, a single bot can handle thousands of queries, be it regarding mutual funds, car loan, home loan, personal loan, etc. So, by deploying smart bot. Businesses can effectively reduce the lead acquiring cost by more than half, which in turn can boost the revenue by 3X.
Now do multitasking
There is no doubt that well-trained machines can multi-task better than humans. That’s why in the finance industry, live chat agents can only be effective when they have to handle a few special clients. But with the limited resources and thousands of website visitors. Answering each of them with a suitable financial plan becomes hectic and time-consuming. Whereas a single chatbot can instantly answer specific questions of the individual visitors at the same time. Be it related to any field of finance, a smart finance chatbot can answer it 24*7.
Reply instantly
Finance services are the need of the hour, but with a long visitors queue, it becomes unworkable for live chat agents to act on every visitor. Thus it creates a deadlock situation. As a result, many visitors bounce off the website after seeing “Drop your query and Email, We’ll reply soon”. This results in a decline in the lead generation and engagement rate.
On the other hand, a financial business can reply to the individual queries of its visitors in the real-time, with a single chatbot. And, can keep all of them engaged simultaneously until the purpose of the conversation is served. This way it can lead to making happy finance customers and returning visitors.
Conclusion:
For finance websites, chatbots can answer 80% of the repeated queries while live chat agents can answer critical questions. Like this, there are many advantages and drawbacks of both. But, when it comes to connecting with new visitors and turning them into leads. There isn’t a better option than AI chatbots. Moreover, after a lead is generated and transferred to the concerned team in real-time then it becomes easy to connect and onboard a visitor into the customers’ base.
