Banking on Digital Growth
Banking on Digital Growth

Episode · 3 months ago

99) #InsideDigitalGrowth - To Bot or Not to Bot? That Is the Question


How critical are chatbots for our website?

Today, as part of the Digital Growth Series, I’m answering that question from Frank, a marketing director for a financial brand on the east coast.

Chatbots can make or break a digital experience. So, before you dive in, you need to consider a few things.

In this episode, I explain:

- The 3 considerations you need to address before implementing a chatbot

-The experience of chatbots: acknowledging the generation gap and avoiding the uncanny valley

- The most effective way to implement a chatbot with today’s technology

Check out these resources we mentioned during the podcast:

- Conversational Marketing

You can find this interview and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.

Listening on a desktop & can’t see the links? Just search for Banking on Digital Growth in your favorite podcast player.

...frank ask how critical our chatbots forour website. Well, that's a great question frank and one that I lookforward to answering for you on today's episode of Banking on Digital growth. Mm You're listening to Banking on digitalgrowth with James robert Lay a podcast that empowers financial, brandmarketing, sales and leadership teams to maximize their digital growthpotential by generating 10 times more loans and deposits. Today's episode ispart of the Inside digital Growth series where James robert shares,answers to some of the biggest digital marketing and sales questions he getsfrom the digital growth community. Have a question you want to get answers toon a future episode, visit www dot go ask jr dot com to submit your questiontoday. Now let's go Inside digital growth greetings and hello, thank youfor tuning into the 99th episode of the Banking on Digital Growth podcast,where I James robert lay your digital anthropologist and coach, guide youalong your digital growth journey as you commit to guide people beyond theirfinancial stress towards a bigger, better and brighter future. Today'sepisode is part of the inside digital growth series and I'll be answering aquestion from frank who is a marketing director for financial brand on theEast Coast. Once again frank, ask how critical our chatbots for our website,he continues, we had assessed one visitor for this purpose and received aquote. However, the expense did not get approved for this year's budget. Howhard should we lobby for this for our upcoming budget? It is a great questionfrank and there are two words that come to mind. He really three words thatcome to mind here. Number one...

...capability. When you think aboutchatbots, you're thinking about adding a new capability into your marketingand sells technology stack. That can be really exciting. But it can also bereally challenging as well. If we're not considering the second point here,which is capacity, what does the capacity look like for you internallyto bring this new technology? This chat brought to bear into your overallmarketing and sells stack because it doesn't matter what the technology is,whether it's a chat, but or marketing automation, a lot of these technologycompanies love to sell the quote unquote simplicity of the technology,which then becomes challenging as the issue is capacity or a lack of capacityto roll these technologies out from a positive standpoint, from a positiveexperience, both from a positive employee experience as well as from apositive customer experience. So, think about capability. Think about capacityand then also think about content because when you're thinking about achat, but particularly a chatbot that you're looking to automate experiencesaround content is going to be the fuel that drives these experiences. So letme continue when you think about the chat bot coming back to this idea ofcapability, but also capacity to how is the chat bot going to integrate withother systems that you already currently have in place? For example,there are platforms like drift...

...platforms, like the hubspot chat botthat are actually built into the cells and service functionality where driftis a standard alone third party that integrates into other systems. Theother thing too. And this is more from a capacity standpoint, are you lookingfor a chat but to be a proactive function as part of your digitalexperience to proactively outreach and engage with those who are visiting yourwebsite to make recommendations? Or are you looking for your chatbot to playmore of the role of a reactive self service experience. What I wanna do isI wanna take a look at some research here, And according to a study fromuser, like 80% of respondents have interacted with a chat bot before, with75% of those responding that they never Chatted with a chat about being overthe age of 45. Now, this is not surprising, as other studies have shownthat younger generations are more open to using new technology, like chatbots.Furthermore, when we're looking at the user like study at least 60% ofrespondents answered, they would prefer to wait in a queue, I would prefer towait in a line to talk to a human being, but when given the option more thanhalf shared that they would also be willing to talk to or engage, interactwith a chat bot, initially ahead of being transferred to an agent.Technology has transformed our world and digital has changed the wayconsumers shop for and buy financial... forever. Now, consumers makepurchase decisions long before they walk into a branch. If they walk into abranch at all, but your financial brand still wants to grow loans and deposits,we get it. Digital growth can feel confusing, frustrating and overwhelmingfor any financial brand marketing and sales leader, but it doesn't have tobecause James robert wrote the book that guides you every step of the wayalong your digital growth journey, visit www dot digital growth dot com toget a preview of his best selling book, banking on digital growth Or order acopy right now for you and your team from Amazon inside you'll find astrategic marketing manifesto that was written to transform financial brandsand it is packed full of practical and proven insights you can start usingtoday to confidently generate 10 times more loans and deposits now back to theshow and finally, over half of those in theuser like study responded that chatbots need to make it clearthat they are in fact a but and that body should avoid entering what theycall the uncanny valley of being deceptive or just downright creepy.Here's my take when thinking about fully automated chatbots, which is theideal that a lot of financial brands would like to achieve fully automatedchatbots require a tremendous amount of strategic thinking through what I callmicro journeys and those micro journeys then will require a tremendous amountof content production for these chatbots, especially when fullyautomated to deliver an experience that...

...feels good because let's defineexperience once again, experience or experience is are well defined systemsand processes that have been strategically thought out applied. And the secret here is tooptimize them over a period of time, because experiences can result in oneof two things, a positive or a negative emotion. And this is where usingchatbots to connect people with people out of the gate is a much betterstarting strategy as opposed to trying to deploy a fully automated chat, butbecause from what I have seen, that's where the friction and frustration lieson the consumer experience side of things. And then once we launch with a chat botthat connects people with people, which really becomes more of a live chatexperience, use the real life chats use the patterns that we gain from the realhuman experience to further guide the thinking around automating thoseexperiences through A I because trying to use A I and automation out of thegate with no solid, strong contextual foundation, that's where there ispotential that will lead to frustration. Don't make the error of thinking thatchatbots can fully replace the need for human interaction. I think it's betterto consider chatbots right now as a bridge to help people find what theyare looking for because chatbots can really make or break a digitalexperience and the organization and the optimization of a chat bot through datathrough learning through machine...

...learning through pattern matching. Thatis what's going to improve this experience over time, preferably every90 days at a minimum. Really, I think every 30 days would be optimal here.And a great example of this thinking applied is through the work that RoyalCredit Union is doing with Val Val is their credit union's chat bot and pam ahauler, she's the E. V. P. Of the chief digital experience and marketingofficer. Royal Credit, she shares that chatbots are not to replace teammembers. This is important because particularly when you think about the E.X. The employee experience and you're talking about rolling out chatbots,there's gonna be a lot of potential internal resistance for those thatmight have had a front facing experience with account holders. Butaccording to pam at Royal Credit Union, chatbots are not there to replace teammembers, but in fact eliminates some of the mundane task, which will then freeup team members to take a more consultative approach to guide peopleon their buying journeys. Now this also overlay some of thethinking that I've shared before on the podcast from the Four Seasons Founderis he sharp as he taught, there is a strong need for those looking to buildexperiences that make people feel good, they need to system eyes, thepredictable so that we can humanize the exceptional and this idea of experience,you know, a lot of times we think about this from a reactive standpoint fromservicing accounts, answering those mundane questions, coming back to whatthey're doing over at Royal Credit Union. But I believe there's anopportunity here to also use chatbots as part of a proactive lead generationstrategy, a proactive lead generation...

...experience that probably has morepotential here in the near term. And think about chatbots from thisperspective using chatbots to replace the traditional standard, static onlineforms that are used together information and then you break thoseforms up. Maybe it's even a an online application to apply for a loan or toto open up a new account, but breaking up those complicated experiences intomicro sized questions where we can collect information through more of aconversational like perspective or conversation like experience on thisnote, the resources from drift here are top notch on the subject of chatbots.In fact they wrote a book that I highly recommend on the subject titledconversational marketing. So when we think about chatbots, you can think ofthem from two perspectives. You can think of them from the reactiveservicing standpoint or you can also think about them from the proactivecells and marketing perspective tied around lead generation of data andcontent or contact collection. So as we wrap up today's episode, thatis part of the inside digital growth series. I want to hear from you like Iheard from frank with his question and it's a really good one. I want to hearfrom you because I want to help you maximize your financial brands digitalgrowth potential. So text me your question. Get out your phone, text meyour question to 415-579-3004. And I will answer it for you on an upcomingpodcast episode. Always remember. The only bad question is the question thatgoes unasked until next time and as...

...always be well, do good and make yourbed. Thank you for listening to another episode of banking on digital growthwith James robert. Ley. Like what you hear, tell a friend about the podcastand leave us a review on apple podcasts, google podcasts or Spotify andsubscribe while you're there to get even more practical improvementinsights, visit www dot digital growth dot com to grab a preview of Jamesroberts, best selling book banking on digital growth or order a copy rightnow for you and your team from amazon inside you'll find a strategicmarketing and sales blueprint framed around 12 key areas of focus thatempower you to confidently generate 10 times more loans and deposits untilnext time. Be well and do good mm.

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