Introducing our new AI bot: Love it or hate it, Dani is here to help you
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 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 which conducts conversation with people via auditory or textual methods – 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 – now!
Just in her introductory stages, Dani now appears on our website just there 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, Dani won’t rest until everyone is satisfied. 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 can’t we just talk to humans?
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 our competitors. Rather than just exist to connect the customer with a service provider as well as keeping them on the website long enough to extract personal details from them – perfectly effective but frustrating for clients – ours works a little differently. Given the time-sensitivity of the finance and loan industry, we’ve looked at 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 sometime. How good will it be having someone there to guide you through it when things get wordy or complicated?
Currently, our competition bots provide their customers with an average response time of 48 hours. Only about 37% of them offer a response within 24 hours which is about 23 hours, 59 minutes and about 58 seconds slower than Dani.
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 that encourage its productivity. 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.
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. If you like her now, we can guarantee that the best is yet to come.
Of course, we’re always looking for ways we can improve and make a better loan service for our customers. We’d love to hear what you think!
Small Personal Loan
Up to 20% Establishment Fee
+ monthly fee up to 4%
Jacaranda Finance does not charge an annual interest rate on SACC loans. These small amount loans incur 'fees' instead of interest. The maximum comparison rate on our loans between $300 and $2000 is 199.43%.WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.
Loan Amount of $1,000 over 12 months repayable weekly (50 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $480 (fees based on 4% per month over 50 weeks) = $1,680 total repayable in 50 weekly installments of $33.60.
Medium Personal Loan
Annual Percentage Rate (APR) is 48%
Comparison Rate is 67.41% per annum.
This comparison rate is based on a medium amount credit contract of $2,500 repaid over 2 years with a $400 establishment fee and APR of 48%.WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest*) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.
Loan Amount of $4,500 over 24 months repayable weekly (104 weekly repayments). $4,500 (Principle Amount) + $400 (Establishment Fee) + $2,732.56 (reducing interest*) = $7,632.56 total repayable over 24 months with weekly installments of $73.39.
Large Personal Loan
Annual Percentage Rate (APR) is 21.24%
Comparison rate is 48% per annum.
Loan Amount of $5,000 over 18 months repayable weekly (78 weekly repayments). $5,000 (Principle Amount) + $2,027.80 (Interest) = $7,027.80 total repayable over 18 months with weekly installments of $90.10.
Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.