Banking on Digital Growth
Banking on Digital Growth

Episode · 1 year ago

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

ABOUT THIS EPISODE

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 for our website. Well, that's a great question frank and one that I look forward to answering for you on today's episode of Banking on Digital growth. Mm You're listening to Banking on digital growth with James robert Lay a podcast that empowers financial, brand marketing, sales and leadership teams to maximize their digital growth potential by generating 10 times more loans and deposits. Today's episode is part of the Inside digital Growth series where James robert shares, answers to some of the biggest digital marketing and sales questions he gets from the digital growth community. Have a question you want to get answers to on a future episode, visit www dot go ask jr dot com to submit your question today. Now let's go Inside digital...

...growth greetings and hello, thank you for tuning into the 99th episode of the Banking on Digital Growth podcast, where I James robert lay your digital anthropologist and coach, guide you along your digital growth journey as you commit to guide people beyond their financial stress towards a bigger, better and brighter future. Today's episode is part of the inside digital growth series and I'll be answering a question from frank who is a marketing director for financial brand on the East Coast. Once again frank, ask how critical our chatbots for our website, he continues, we had assessed one visitor for this purpose and received a quote. However, the expense did not get approved for this year's budget. How hard should we lobby for this for our upcoming budget? It is a great question frank and there are two words that come to mind. He really three words that come to mind here. Number one...

...capability. When you think about chatbots, you're thinking about adding a new capability into your marketing and sells technology stack. That can be really exciting. But it can also be really challenging as well. If we're not considering the second point here, which is capacity, what does the capacity look like for you internally to bring this new technology? This chat brought to bear into your overall marketing 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 technology companies love to sell the quote unquote simplicity of the technology, which then becomes challenging as the issue is capacity or a lack of capacity to roll these technologies out from a...

...positive standpoint, from a positive experience, both from a positive employee experience as well as from a positive customer experience. So, think about capability. Think about capacity and then also think about content because when you're thinking about a chat, but particularly a chatbot that you're looking to automate experiences around content is going to be the fuel that drives these experiences. So let me continue when you think about the chat bot coming back to this idea of capability, but also capacity to how is the chat bot going to integrate with other systems that you already currently have in place? For example, there are platforms like drift...

...platforms, like the hubspot chat bot that are actually built into the cells and service functionality where drift is a standard alone third party that integrates into other systems. The other thing too. And this is more from a capacity standpoint, are you looking for a chat but to be a proactive function as part of your digital experience to proactively outreach and engage with those who are visiting your website to make recommendations? Or are you looking for your chatbot to play more of the role of a reactive self service experience. What I wanna do is I wanna take a look at some research here, And according to a study from user, like 80% of respondents have interacted with a chat bot before, with 75% of those responding that they never...

Chatted with a chat about being over the age of 45. Now, this is not surprising, as other studies have shown that younger generations are more open to using new technology, like chatbots. Furthermore, when we're looking at the user like study at least 60% of respondents answered, they would prefer to wait in a queue, I would prefer to wait in a line to talk to a human being, but when given the option more than half shared that they would also be willing to talk to or engage, interact with a chat bot, initially ahead of being transferred to an agent. Technology has transformed our world and digital has changed the way consumers shop for and buy financial...

...services forever. Now, consumers make purchase decisions long before they walk into a branch. If they walk into a branch at all, but your financial brand still wants to grow loans and deposits, we get it. Digital growth can feel confusing, frustrating and overwhelming for any financial brand marketing and sales leader, but it doesn't have to because James robert wrote the book that guides you every step of the way along your digital growth journey, visit www dot digital growth dot com to get a preview of his best selling book, banking on digital growth Or order a copy right now for you and your team from Amazon inside you'll find a strategic marketing manifesto that was written to transform financial brands and it is packed full of practical and proven insights you can start using today to confidently generate 10 times more loans and deposits now back to the show and finally, over half of those in the user like study responded...

...that chatbots need to make it clear that they are in fact a but and that body should avoid entering what they call the uncanny valley of being deceptive or just downright creepy. Here's my take when thinking about fully automated chatbots, which is the ideal that a lot of financial brands would like to achieve fully automated chatbots require a tremendous amount of strategic thinking through what I call micro journeys and those micro journeys then will require a tremendous amount of content production for these chatbots, especially when fully automated to deliver an experience that...

...feels good because let's define experience once again, experience or experience is are well defined systems and processes that have been strategically thought out applied. And the secret here is to optimize them over a period of time, because experiences can result in one of two things, a positive or a negative emotion. And this is where using chatbots to connect people with people out of the gate is a much better starting strategy as opposed to trying to deploy a fully automated chat, but because from what I have seen, that's where the friction and frustration lies on the consumer experience side of things. And then once we launch with a chat bot that connects people with people, which really becomes more of a live chat experience, use the real life chats use...

...the patterns that we gain from the real human experience to further guide the thinking around automating those experiences through A I because trying to use A I and automation out of the gate with no solid, strong contextual foundation, that's where there is potential that will lead to frustration. Don't make the error of thinking that chatbots can fully replace the need for human interaction. I think it's better to consider chatbots right now as a bridge to help people find what they are looking for because chatbots can really make or break a digital experience and the organization and the optimization of a chat bot through data through learning through machine...

...learning through pattern matching. That is what's going to improve this experience over time, preferably every 90 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 Royal Credit Union is doing with Val Val is their credit union's chat bot and pam a hauler, she's the E. V. P. Of the chief digital experience and marketing officer. Royal Credit, she shares that chatbots are not to replace team members. 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 that might have had a front facing experience with account holders. But according to pam at Royal Credit Union, chatbots are not there to replace team members, but in fact eliminates some of...

...the mundane task, which will then free up team members to take a more consultative approach to guide people on their buying journeys. Now this also overlay some of the thinking that I've shared before on the podcast from the Four Seasons Founder is he sharp as he taught, there is a strong need for those looking to build experiences that make people feel good, they need to system eyes, the predictable 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 from servicing accounts, answering those mundane questions, coming back to what they're doing over at Royal Credit Union. But I believe there's an opportunity here to also use chatbots as part of a proactive lead generation strategy, a proactive lead generation...

...experience that probably has more potential here in the near term. And think about chatbots from this perspective using chatbots to replace the traditional standard, static online forms that are used together information and then you break those forms up. Maybe it's even a an online application to apply for a loan or to to open up a new account, but breaking up those complicated experiences into micro sized questions where we can collect information through more of a conversational like perspective or conversation like experience on this note, 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 titled conversational marketing. So when we think about chatbots, you can think of them from two perspectives. You can think of them from the reactive servicing standpoint or you can also think about them from the proactive cells and marketing perspective tied around lead generation of data and content or contact collection. So as we wrap up today's episode, that is part of the inside digital growth series. I want to hear from you like I heard from frank with his question and it's a really good one. I want to hear from you because I want to help you maximize your financial brands digital growth potential. So text me your question. Get out your phone, text me your question to 415-579-3004. And I will answer it for you on an upcoming podcast episode. Always remember. The only bad question is the question that goes unasked until next time and as...

...always be well, do good and make your bed. Thank you for listening to another episode of banking on digital growth with James robert. Ley. Like what you hear, tell a friend about the podcast and leave us a review on apple podcasts, google podcasts or Spotify and subscribe while you're there to get even more practical improvement insights, visit www dot digital growth dot com to grab a preview of James roberts, best selling book banking on digital growth or order a copy right now for you and your team from amazon inside you'll find a strategic marketing and sales blueprint framed around 12 key areas of focus that empower you to confidently generate 10 times more loans and deposits until next time. Be well and do good mm.

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