The rise of the chatbot
Love them or loathe them, chatbots are here to stay.
Using artificial intelligence to simulate human interaction is not a new concept, with the first attempts to develop this type of technology dating back to the 1960s. However, the success of online assistants such as Siri and Alexa in the 2010s has paved the way for wider acceptance of AI in many aspects of customer service.
Financial Services organisations have clearly recognised the substantial cost savings chatbots can generate, significantly reducing the amount of human time required to service customer needs.
However, from a customer perspective, will the 24/7 availability of the chatbot counterbalance any perceived shortcomings? What do business customers really think of chatbots? Are they viewed as a necessary evil or a time-saving miracle?
And where should financial services organisations focus their attention in order to improve the chatbot user experience?
In the second quarter of 2023, Savanta asked over 2000 businesses (from start-ups to established businesses with a turnover of £0 -1bn) to gather more insights on their recent usage of chatbots in financial services.
Savanta’s MarketVue Business Banking
Based on a continuous survey of 15,000 financial decision-makers in the UK and 10 years of historical data, MarketVue Business Banking is a highly reliable and detailed monitor of how banks are perceived by business customers.
It’s designed as a complete market overview covering:
- market share
- brand health
- customer experience
MarketVue Business Banking informs business strategy and provides tactical feedback for action planning. Interviewing is conducted continuously among a UK representative sample from start-ups, SMEs up to major corporates throughout the year and data/insight is delivered to clients on a quarterly basis.