Chatbots: What They Can and Can’t Do

Introduction 

Chatbots are everywhere. They are the mascot for conversational AI for a good reason. They are often easy to deploy, applicable to almost every industry, and have been around for long enough that we are seeing meaningful developments in the newest iterations. 

What we’re also seeing is a concern for their standard of quality. The jokes of generic scripts, unhelpful conversation flows, out-of-date information, and inability to get through to a human - the results of a hastily applied chatbot without proper due diligence. 

The conflicting narrative at the moment becomes “bots can do everything… until they can’t.” 

It’s important to remember -  bots don't do everything. They're not a one-size-fits-all solution. When deployed correctly, they add immense value to the customer experience - you just have to keep in mind their innate limitations and capabilities. 

Here’s a breakdown of what bots are capable of. 

What Bots Can’t Do 

• Handle complex banking issues, like applying for a home loan or managing debt are best handled by a live agent 
• Develop a personal rapport or relationship with customers 
• Understand all the nuances that go behind certain inquiries
• Handle fraud concerns and inquiries 

What Bots Can Do 

• Provide information and automate workflows
• Offer 24/7 Service 
• Minimize Escalation 
• Route to specific human staff, with context included
• Streamline resolution time, which leads to a higher sense of customer satisfaction 

Perhaps the most important of all, bots can provide human agents the opportunity to make more meaningful connections with their customers, therefore, enhancing the customer experience. 

What Bots Should Do 

‍Work Together with Humans

Bots are not meant to replace humans, they are meant to empower them. 

The market today is filled with bots purely for the sake of automation. But these endeavors have little to no emphasis on tailoring to the end user’s needs.

At Posh, we firmly believe that conversational AI is meant to empower humans to have better conversations. The relationship between humans and AI should be a partnership that helps elevate a standard of quality work that is not achievable otherwise. The key word here is partnership, not replacement. Let bots handle the repetitive aspects, and let humans double-down on their innate ability to provide sophisticated support. 

Listen to Clients and Customers 

At Posh, we've been leveraging AI technology since our founding with the help of leaders within the industry. As a proud, purpose-built company, we have always strived to keep our clients and customers at the center of our operations. We understand that they are the core of our business and so much of how we operate, how we develop our technology, and what we provide is influenced by their needs. 

It’s in part, what makes our clients loyal to us - not only for our technology but for the Posh experience. They have the guarantee of working with a partner who possesses deep knowledge of the financial industry, will empathize with their needs, and work to achieve solutions. 

‍Most Importantly…

We don't believe AI is going to take over the role of humans, nor should it.  We don't claim our products to be capable of supporting every need.  

There is a large set of support needs that we know are best handled by humans and we’ve designed our bots to support humans in doing what they do best.