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Introducing Our New AI Bot: Dani
●January 16, 2018●5 minute read
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How times are changing. It wasn’t too long ago that we were having to wait 10 minutes for dial-up to connect every time we wanted to use that new-fangled thing called the internet. Now we can connect on planes, thousands of feet in the air. What’s more, instead of using our landline phone to sit on hold to service providers, we can just go onto their websites and talk to their Artificial Intelligence AI bot.
What is an artificial intelligence (AI) bot?
You might be wondering what on earth an AI bot is. Basically, an AI bot, also known as a chatbot, is a computer program. This program conducts a conversation with people via the auditory or textual method. In other words, by letting you ask questions by typing or talking. In our case, we’re using a bot we’ve called Dani to help you get the answers you need when you need them.
Just in her introductory stages, Dani now appears on our website in the bottom right-hand corner and will be available whenever anyone needs her. Whether it’s for help with your application, guidance through our website, a question about our loans, or checking in on existing loans. As we continue to work to develop our AI bot, we’ll be looking at whether we could expand this technology through to our various social media platforms.
Our aim in adding Dani into our business operations is to provide a clear passage of communication between our company and our clients and cutting out any waiting times. If you’re having issues with your application or loan contract, or there’s something on our website that you don’t understand, it’s just a matter of clicking on the little message symbol at the bottom right-hand corner of our website and your problem could be resolved in seconds.
Why an AI bot?
Studies have shown that more than 50% of consumers prefer businesses that make use of artificial intelligence. These AI bots have already displayed a 75-90% success rate within the banking industry. Therefore, we have decided to lead the charge locally by introducing our chatbot into the alternate finance space.
When we say, ‘lead the charge’, we mean that our AI bot carries slightly different and more advanced characteristics than those of some competitors. Given the time-sensitivity of the finance and loan industry, we’ve looked at how we can help our customers want to receive information in real-time.
Our customers don’t apply for loans because they need the money in a few days. Rather, they are applying because they need it now. The same goes for information. If a customer is stuck on a particular section of the application and it’s 11 o’clock at night, it’s likely that night will be a sleepless one for them until the issue is resolved and their application has been submitted.
Up until the introduction of our AI bot, we have taken it upon ourselves to handle customer interaction. However, as we are humans working in customer service, we do need our beauty sleep. Dani, on the other hand, doesn’t need to sleep, ever. Therefore, we are able to provide around the clock assistance to our clients, no matter where there are in Australia or what time they are applying.
This type of service and assistance is likely to impact on the overall experience our customers have when applying for loans. As much as we’ve tried to simplify things, we know financial terms can be a little tricky sometimes.
How does the Jacaranda AI bot work?
Our bot is what’s known as a hybrid chatbot. Similar to a hybrid car, the bot is comprised of 2 different elements. The first element is an expert system which follows a series of cues to provide the customer with an instant result. These cues are generally displayed in the form of a question to the customer that will help Dani narrow down the problem they are having.
Examples of these cues include questions like, are you:
- Trying to apply for a loan
- Looking for information
- An existing client, or
- Is there something else?
These cues will then lead the bot to provide you with a list of options that should closely relate to the information you are looking for.
The second element to this AI bot is a Natural Language Processor (NLP) which will analyse anything you type in and use this to identify their problem. From here, the bot will provide an appropriate response based on the information the customer provided. Dani has been programmed to accept a wide range of interactions, including variations in spelling and question formats.
This all being said, as a NLP is such an advanced system, it can be quite complex. Therefore, it will take some time to further develop Dani’s response database. However, the Jacaranda AI bot is becoming more and more tailored with its responses every day. The end goal is for Dani to have the same knowledge base as we have and to be able to respond to customers in such a way that they feel like they are talking to a human. This way, we also have written responses from people like you that we can put forward as suggestions for improvement, so you now have a direct say in how we improve our products.
AI in the FinTech Space
Regardless of the work our team has in front of them, Dani is a symbol of astonishing technological advancement and she will be there for our customers just as much as we are. Even more actually, considering at night we go home and she stays in the office, waiting to help our customers.
As a FinTech company, it is essential that we develop our products with the best technology in mind, even if it’s not traditionally used by our industry. We plan to continue to ‘lead the charge’ of AI chatbots and be a part of a growing group of businesses that will pave the way for future advancements in customer service.
If you want to see Dani in action, head over to our home page and get a taste of what she’s made of.
Of course, we’re always looking for ways we can improve and make better quick cash loans for our customers. We’d love to hear what you think!
Copyright © www.jacarandafinance.com.au Jacaranda Finance Pty Ltd ® ABN 53 162 078 195 Australian Credit Licence 456 404, Pawnbroking License Number 4221738. The information on this web-page is general information and does not take into account your objectives, financial situation or needs. Information provided on this website is general in nature and does not constitute financial advice.
Written by Jacaranda Team