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Conversational Commerce and its Application in the Finance and Insurance Sector

Conversational Commerce and its Application in the Finance and Insurance Sector

Chris Messina minted the term Conversational commerce in 2015, and he was right that it’ll become the face of customers’ “Favourite shopping destination”. Now, it’s been 4 years and every leading e-commerce organisation is selling their products and services directly via conversational applications.

Conversational commerce proved to be one of the best modern channels of selling the products, as it’s all about understanding the needs of customers, and where they are spending their time, mainly while using a smartphone. Billions of text messages get exchanged daily, in fact, be it Facebook, Twitter, Instagram, Snapchat, etc. the ultimate purpose of every major social app is “Chat”.

But are you ready to translate your business into the chat platforms? Or just wondering how this will work! Even, if this is for real?

The answer to all these questions lies down.

Are Chatbots the Demand of Customers? Yes or No!

Last year a survey found out that surprisingly, more than 65% of the respondents are satisfied after taking assistance from chatbots. For 40% of the customers, it doesn’t matter who is helping them until they are getting the appropriate response. Why so? No one hates human agents, but on the other hand, everyone loves quick resolution to their queries, as 55% of the people want a quick answer to their problems or questions.

Why does a customer need to wait for “Only 48–72 hours” to get the issue fixed? Or there are many phrases like this “Our customer support team will connect with you shortly” “Thanks for connecting, the waiting time is blah, blah, blah. . . ” — This all doesn’t count as the best customer experience. And, later businesses wonder why they have been rated too bad despite offering the best solution.

Well, the same resolution can be offered in just a few minutes, and that’s why customers fall for conversational chatbots.

Why Conversational Platforms are Rising Exponentially, What’s the Catch?

Selling people on the platform that they frequently use is not a new strategy, it’s been practised for a long time. Also, it’s not possible to sell a product or service to all the passerby, but when it comes to the interested-ones, its neither a tough job. All it takes is the right platform, right product, and how you are pitching it. That’s it.

But, selling people on their messaging applications is like invading their space. However, many brands are already into it.

So, we came up with a perfect solution, and built a PWA-driven chatbot, that is purely cloud-based, and can be installed on a user’s smartphone screen (size in kb). By just clicking on the Frontman’s icon, customers can raise a query, provide feedback, search for products, and can get instant help. It’s like a personal shopping assistant that connects businesses with customers 24*7*365.

One-Stop Solution- The Conversational Antidote

For every problem, the Finance and Insurance sectors have to find out an appropriate solution. It means every time they have to invest in the system to keep it running well, and up to the demands of customers. At 10% of these costs, you can avail “Frontman-the conversational sales and marketing chatbot”. It’s an Artificial Intelligence-driven platform, that works smartly, understand the users’ interaction pattern, pitch them the product or service as per the web-page visited by them, and can even remember it forever. Moreover, whenever a customer returns to the website, Frontman will greet him by name, and if asked it can recall the last actions where he left off. This bot can do all of this without thinking twice.

Sell Now, Don’t Wait

The institutions that primarily deals with customers often connect and contact with them, based on the data submitted through forms. But, forms itself are the main blocking block in the success of an organization, as less than 5% of the visitors submit them, plus it takes too much time to compile the forms data. This process consumes a lot of time, and that’s why it’s not effective in this era of conversational marketing and selling. Many times, it has been seen that, at the time when sells-team connect with clients, they have already purchased from some other medium. Because with the waiting period, buyers might change their mind and go for another service provider.

If your resources are incapable to tap the prospects then there can’t be any bigger loss than this. Moreover, it also indicates that the customer engagement system is not working in the right direction. Or maybe it’s the time to update it with the next-gen tech. That can help you board your customers immediately, right from the chat-window of the Frontman.

The Use case, Present and Future of Conversational Commerce in Finance and Insurance Sector

Finance and Insurance, both sectors are truly customer-driven. This can be a sole reason behind the need for a 24*7 active customer support team so that people can clear their doubts and queries at any time of the day.

At present for businesses, mainly there are two ways to get in touch with prospects, either via customer executives (Call or live chat), or inquiry forms (4% response rate). Customer execs work fine, but they have to answer the same repeated questions 80% of the time. Which in turn reduces their productivity to work on the right leads, and when this happens, it eventually affects the operations of a corporation.

So to tackle this, there is a need to automate the response of repeated monotonous questions, that doesn’t require any kind of special skills. Like, product inquiry, general inquiry, booking an appointment with the sales team, services renewal, payment issues, status of policy or loan, and many others. . . .

With Frontman, all of this can be automated smartly, apart from this whenever a customer query needs extra attention then it will be marked as hot lead and will directly get transfer to a particular team. Each such visitors’ information will be verified via OTP send to their SMS or E-mail, so that customer executive will get to work only on verified leads.

Discover Technology to Humanize the Customer Experience

Other than this, here are the critical points that businesses from both sectors should consider:

Endless Use Cases

Frontman is multifunctional and can be deployed in any customer-driven industry, it has many industry-specific features which no other chatbot producer have yet introduced in their chatbots. With this, it guarantees the best operability, functioning, and productivity.

Let’s have a look at what Frontman can do:

I. Reduce operational costs

The ROI is highly dependable on the cost of operations, and businesses often find it difficult to reduce it effectively. Because of internal operations, that can’t be changed, it becomes almost impossible to control and reduce the operational cost. But, with Frontman it is possible, as it can minimize the cost by up to 30%. Also, it can help businesses to expand their operations in multi-dimensions without investing any significant amount.

II. Extend customer support:

A customer query should get addressed in the real-time. Live chat has the power to do so, but not when there are few executives and 100’s of customers query, at that time it’s best to resolve the problems of some of the customers until the queue clears. This, in turn, produces “Waiting time”, which isn’t feasible to many customers. So, they close the window and ran away. The same customers can be addressed through a chatbot at the same time, as it can answer not only 100s’ but 1000s’ of queries instantly at the same time.

III. Drive profitability:

There are 10’s of factors that determine the profitability, but lead acquisition cost and lead acquisition time are the two main driving force. As, if a business can acquire a lead at possible low cost and as soon as possible then it can eventually maximize the profit. However, with traditional methods, it’s not possible to reduce the L.A.C effectively, if tried best only 5–10% of the cost can be reduced. And, many times it takes months to acquire a single lead.

The same is not true with Frontman, and it can effectively reduce the acquisition cost by more than 60%. This, in turn, can begin the cycle of profit from the beginning phase of generating, attaining, and acquiring a lead, that too within a day.

lV. Gain, Retain, and Regain:

Both the insurance and finance sector offers services that are the need of people. Once they buy a service or product then it becomes natural for them to renew, upgrade, or retake the services again and again. But, it depends on how they were served the first time. As if a customer wasn’t provided with the best customer service experience, it’s not possible that he’ll make a purchase again.

That’s why these sectors find it difficult to establish a connection with the former clients, which can always be their customers.

Future relies on the present, and if there is a change in today then tomorrow will be different. So, the businesses that will adapt the chatbots beforehand will lead the race of customer support, lead generation, and marketing. Plus, they will grow exponentially as a chatbot can assist thousands of users instantly. It’ll be like making thousands of people to go after a particular business, product or service at the same time. This can be enough to “Get your enterprise in the Fastlane”.

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