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David Burnie shares a post from his company’s website that explains how chatbots are transforming financial services and insurance.

“Why use chatbots?

Customer expectations are constantly evolving, and the tech-savvy generation is increasingly looking to resolve queries on their own. In addition, there is a continually growing expectation for round-the-clock customer service. These consumer preferences are fueling the growth of technology solutions such as chatbots. When deployed efficiently, chatbots effectively reduce operational costs while providing 24/7 interaction with the customer. Numerous financial services institutions across the globe have differentiated their customer service by adopting chatbots and decreasing the customer service gap. A few stats that depict the importance of chatbots include:

~76% of consumers would trust a bot for an insurance quote

A leading fintech company resolved more than 50% of customer inquiries without a live frontline employee

A leading insurance company in the Netherlands helped ~85% of visitors resolve their queries through a chatbot

A leading US bank handles more than 100 million queries via its chatbot per quarter, with ~19.5 million consumers using the chatbot

A leading Australian bank handles ~200 banking tasks using a chatbot

5 types of chat capabilities

Having worked in the customer service industry for decades, we have seen a range of chat capabilities. We have broken down the entire spectrum into five broad buckets that vary in the degree of automation and the amount of frontline employee involvement.”  

Key points include:

• Basic agent chat
• Chatbots and automation
• Chatbot benefits

Read the full article, How Chatbots are Transforming Financial Services and Insurance, on BurnieGroup.com.