Artificial Intelligence, Member Exclusive
Far from changing banking, chatbots aren’t keeping up with call volumes in the COVID-19 era
- More financial institutions are using chatbots to handle increased customer service loads precipitated by coronavirus.
- But, are those chatbots really providing meaningful experiences and value?
Covid-19 is the ultimate stress test of systems, processes and people. Digital customer service will eventually transition from resolving issues/answering questions to improving the engagement with customers. For example, we will use these technologies to improve the account opening and loan application processes in real time, not after the fact.
On a related front to PPP loans, we’ve seen spikes in activity due to forbearance requests and mortgage refi’s. At some point, we need to take the mindset that incremental improvement is not a friend to digital transformation.