For customers, chatbots offer a time-saving option to communicate with brands. Rather than having to wait on hold on a support line, the technology satisfies today’s desire for instant appeasement.
For businesses, AI-driven chatbot technology saves human resources and allows them to claim ‘always-on’ support— even if that support is limited to pre-programmed responses to routine inquiries.
This recipe for success is such that, according to Statista, 67 per cent of consumers worldwide used a chatbot for customer supportin the last year.
Forty per cent of consumers, meanwhile, claimed they do not care whether they’re helped by a chatbot or a real human, while it’s predicted that 85 per cent of all customer interactions will be handled without a human agent by 2020.
Beyond providing customer support, future advances of chatbot technology for a long time been offered as machine learning a NAtural language processing(NLP) technology moves forward. From serving as a personal shopping assistant to providing ‘stigma-free’, future use cases emotional support are optimistic and rife.
But according to a new report by GlobalData, in certain scenarios, robot-advice services just aren’t yet cutting it.
In its UK Investors Survey, the firm found that just 5 per cent of millennials chose chatbots to discuss the buying and selling of investments. For the remainder, face-to-face communication still reigned supreme in this scenario, with 95 per cent preferring to speak to a human financial advisor.
GlobalData’s Sergel Woldemichael said digital services can provide advantages in accessing new demographics as well as offering operational efficiencies through automation. However, when it comes to making investment decisions, the vast majority of “digitally-advanced younger generations” still require human interaction and expertise before they make an investment decision.
In this case, the report states that traditional wealth managers are seasoned professionals that have experienced multiple recessions and periods of market volatility: “[…] they are able to weather a storm and with a potential market downturn on the horizon, robot-advisors may not be ready to tackle the risks to client investments that come with it.