2020 will be remembered for a lot of reasons (most we will want to forget), but for banking it will be remembered as the year that banking truly went digital. An increased dependency on digital banking saw a significant increase in reliance on digital self-service solutions like chatbots and live chat.

In a recent webinar, we shared 2020 chatbot trends, insights, and previewed digital banking trends for 2021.

To Name or Not to Name?

Should chatbots be personified with names? If so, should the name be gender neutral or does that not matter? Across the industry and outside of Financial Services, everyone is doing it differently. Bank of America and Amazon have chosen female names (Erica and Alexa), while Apple and Capital One have opted for more “bot” names (Siri and Eno).

Engageware’s Chatbot: Trends & Insights

As chatbot adoption continues across financial institutions, it is becoming obvious that users are having conversations with chatbots to ask all types of questions ranging from service, support, and sales.

Key Takeaways

Consumers interact with chatbot like they are talking to people:

  • 11.24 = The average number of words users type into a chatbot.
  • 20% of chatbot entries start with “I need…,” “I want…,” or “I am…”

Chatbots are your digital salesforce:

  • 27% of chatbot interactions are sales related.
  • Rates, mortgages, auto loans, cards all rank in the top 10 of consumer intents.

Chatbots deflect live chats:

  • 87%: Chatbots deflect 87% of live chats by providing a self-service option.

A Constantly Improving Experienced

How are chatbots getting more intelligent and why does this matter? The more a chatbot can understand what users ask, the better answers and next steps it can provide.

Key Takeaways

  • User experience, customer input, and analytics drive new intents that are created.
  • Intents are used to decipher what the consumers are asking so it can serve up the right answer and next steps.
  • Engageware’s chatbot is constantly getting smarter as we are looking at the data from all of our customers and constantly adding new intents, which all of our customers benefit from.

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