How Feedback Is Changing Banking

The Impact of Chatbots: How Real-Time Feedback Is Changing Banking.

Welcome to the world of chatbots.

Let's dive into the topic 'Why do we even need feedback for chatbots?'

The answer offers much more than just a few bits and bytes.....

Just imagine if you could not only collect qualitative and quantitative customer experience data, but also find real treasures within it. This is exactly what customer feedback allows us to do in real time through chatbots.

Optimizing customer support becomes much easier if we skillfully answer standard queries while relieving our support team of recurring, routine queries.

But wait, it gets better: Gathering feedback is not only useful, but an essential part of continually improving our digital assistants.

Feedback timing

Timing and the way we ask for feedback play a key role.

Of course, it makes the most sense to ask for feedback when the customer has just successfully completed an interaction. Be it at the end of a request, after completing a task, or at the end of a customer service conversation - when the customer is ready to make a judgment.

But be careful: don't ask too early!

A customer who has just started a dialogue with the chatbot can hardly give meaningful feedback. And also think about those customers who are not at home in the world of technology. Questions that are too complex could overwhelm you and unnecessarily complicate the conversation.

Simplicity and clarity are the magic words here.

?? Imagine that your potential new customer has already had a few questions answered by your chatbot and has gotten an idea of how useful the chatbot's answers are.

Now is the perfect time to ask for feedback - perhaps after answering a question or at the end of a conversation. Here the customer can provide valuable insights:

• Was he satisfied with the answer?
• Does he have any further questions?
• Are there any suggestions for improvements? All of these can help improve your chatbot and increase user satisfaction.

And now the final touch: How you ask for feedback is crucial.

Simple, direct questions like 'Do you have any other questions?' or 'Was this information helpful?' for an answer and 'How did you find the conversation with the chatbot?' at the end of a dialogue are not only effective but also user-friendly. You show the customer that you value and respect their opinion.

And ask for feedback when the chatbot reaches its limits. If the bot needs to route a request to a human, or if the user sends messages that are beyond the chatbot's understanding, this is a good time to ask and learn.

A feedback example

The Federal Agency for A. offers a chatbot that can answer basic questions. This is helpful for anyone looking for a job because they can have most of their questions answered at any time of the day or night and in different languages. This significantly reduces the number of telephone calls to the Federal Agency and means that job seekers can better prepare for discussions with Federal Agency employees.

What could perhaps be improved in the conversation with the chatbot would be, for example, the point at which users are asked for feedback.

Feedback is asked right at the beginning of the conversation with the chatbot. This doesn't always make sense because the user can't actually give feedback yet because he or she has just started interacting with the chatbot. In addition, asking for feedback early can unsettle users.

Some may have never 'worked' with a chatbot before, others may simply be unsettled by the question of feedback that they can't really answer at this point.

It would make more sense to ask for feedback if, for example, a topic has been answered, because then the user has already had their first experience with the chatbot.

Feedback is generally important to find out what users think about the chatbot and whether it provided enough help. In this way, the efficiency of the chatbot can be measured in order to continuously improve the user experience. Overall, it is important to set up a feedback loop to continuously learn from users and adapt the chatbot accordingly.

There are several key questions and aspects that business owners and managers should consider when integrating feedback loops into their chatbots. These considerations are critical to ensure the chatbot is improved effectively while providing valuable insights into the user experience.

Feedback goals

First, business owners and managers should ask themselves what specific goals they are pursuing with the feedback loop. Is it about improving the accuracy of the chatbot's responses, increasing user satisfaction or something else?

??: It is also important to carefully consider what type of questions are asked.

Should they be open or closed?

How often should feedback be collected without disturbing the user?

How is the collected data analyzed and used?

Another consideration is data protection.

It is important to ensure that feedback interactions comply with privacy policies and respect user privacy.

??: Feedback from chatbot users can help reduce business costs and increase sales. This is done by feedback providing insights into customer needs and helping to continuously optimize the chatbot and business strategies.

Feedback can help reduce costs in many ways. For example, it can help identify and resolve common customer issues, reducing the number of support requests. An improved customer experience can also increase efficiency by requiring fewer human resources such as time, computing power, etc. to be spent on resolving issues.

??: When it comes to increasing sales, feedback can reveal which products or services are in high demand and which aspects of the user experience could be improved to optimize the sales process. A well-functioning chatbot can serve as an effective sales tool by offering personalized recommendations and generating leads.

And where are YOU on this AI journey?

Are you about to integrate AI into your business or are you already using it to revolutionize the customer experience?

I look forward to hearing your stories, challenges and future plans. Their perspectives are not only valuable; they are the stories that shape this evolving narrative.

Talk to you soon,

Karl

(Karl zu Ortenburg)

??: "P.S.: Interested in discovering how targeted AI implementation can lead to cost savings? Other public organisations are already effectively using chatbots to enhance customer satisfaction, lower costs, and increase sales. Simply contact me here on LinkedIn for a no-obligation discussion where we can explore how your business could benefit from these proven methods.

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