First, a recap of a blog written by yours truly published on 9th July 2017 – “GAME OF BOTS – READY?” Here we predicted 50% of low end telecalling jobs might be axed once AI collaborates with machine learning to create voicebots.
I never thought this will be true so soon. And that too in our own backyard. We recently developed a chatbot (No. Not a voicebot yet) for a Bengaluru based client (a micro-finance firm). Based on the underwriting rules briefed by the client, our tech team developed a multi-lingual (6 languages) chatbot that offered a personalized (almost human) chat experience to the prospective business loan seekers.
Here are the 5 features of the chatbot
- Personalized chats in 6 languages.
- Intuitive flow based on prospects response.
- Follows complete underwriting logic. No human intervention.
- Captures prospect’s name, mobile number, geo location, FB ID for future use.
- Provides all data by prospect in the dashboard along with date–time stamp.
Well, what followed next was simply magical. Our Social Media Marketers created a FB campaign and integrated this chatbot with the campaign. The campaign has been running for a period of about 3 weeks across 6 cities. Here is the snapshot of results.
Benefits of Chatbot campaign
- As explained above, Chatbot lead is cheaper by almost 50% vis a vis a regular form based lead. Here is the maths of savings.
- What’s more? All the information including quantum of loan required, customer mobile, customer geolocation is captured by the chatbot. So time for field team to visit the customer and close the case is reduced to 1 day instead of an average 3 days in the earlier method.
- The impact of this enriched information made available to the field team upfront enhances the productivity by 50 % (Source -client testimonial). The time from lead to disbursement gets reduced from 10 days to 5 days.
Downside of Chatbot campaign
- It will be worthwhile to mention here that our chatbot based campaign stumps many prospects. They keep repeating the same question (e.g – I need a personal loan) thinking that there is human being replying to this chat. Probably what they expect is human consideration or at least empathy. In certain other instances the replies from the customers is out of context and our chatbot is dumbfounded.
This opens up opportunities for a host of industry specific applications like Overseas University admissions, Immigration services, Healthcare, Legal services, Credit Cards & Loans and many more. Who doesn’t want rich and relevant data about customers and prospects?