Today’s customers want to interact with brands in a way that is easy and convenient. For most people, that means self service because they can control when and how they get the information they need instead of waiting on hold and potentially wasting their time. When it comes to self service, there’s possibly no better technology than a chatbot. Wells Fargo recently tested the waters by creating its first chatbot, and the lessons learned can be applied to companies in any industry.
One of the biggest draws for a chatbot is that offers self service with a conversational interface, according to Kimarie Matthews, Senior Vice President of Wells Fargo Virtual Channels Social Care & Capabilities. Customers can easily find the answers to their questions by using a conversational style instead of having to type or search for an answer, but they also have the value-added human service if that better meets their needs. Chatbot technology opens the door to offer a higher level of customer experience and connect with customers in a new way.
The Wells Fargo chatbot includes answers to basic questions about account balance or recent transactions, which are what most customers use the chatbot for. There are also other features that customers have yet to discover, like diving deeper into spending trends and potential account offers, and Kimarie says the company is discussing how to let customers know about the additional features that can help their banking and savings goals.
Where should companies start if they want to build a chatbot? Kimarie says it doesn’t have to be a grand effort—simply start with a task that customers need and that the chatbot can do very well. Things can grow naturally from there once customers realize the value of the chatbot. For Wells Fargo, that meant delivering an easier way for customers to keep track of their account balances, but other companies can find tasks to simplify for their customers with a chatbot. The important thing is to tweak the chatbot in real time and constantly make adjustments to improve the customer interactions instead of sitting back and waiting for feedback.
Chatbots are a powerful customer experience tool and one that will continue to evolve as technology changes. Although issues around security and privacy still remain and will need to continually be addressed, the foundation is set and the resources are there for companies to take advantage of chatbots. It all comes down to ease—building a chatbot is relatively easy for businesses with resources like Facebook, and using chatbots can make things easier for customers. Although chatbots will never replace human interaction, they are a great resource for expanding how brands and customers connect.
