Together with our Client, Botsnext has developed an artificially intelligent chatbot that provides professional services to debt-ridden clients. An AI chatbot using combined abilities of rule-based and natural language processing to understand and answer relevant responses to complex queries asked by the user, it is bringing the revolution paving a change in the way financial firms work today.

Our Client is a leading Canadian financial firm that specializes in providing debt solutions. They have been operational for more than 70 years helping clients manage debt and providing a range of debt solutions – including Consumer Proposals, Debt Management and Credit Counselling to name just a few.

In the process to provide better customer experience, the firm launched its website where the customer can fill forms to provide the details about their debt status. Since the form had too many fields, it was getting tough to fill all the details and many clients would leave the form half-filled itself arising to a high drop-out rate. A telephonic conversation wasn’t doing any betterment as well since the call conversation would go longer and providing all the details on the call was getting really frustrating for the customers.

Our client understood these pain points from their customers’ perspective and planned to roll out an intelligent solution that would be interactive and convenient for the clients so they can provide the details at their own convenience.

Our Client researched about AI conversational chatbots and analyzed how it is influencing different industries to provide better customer experiences. To build one for their platform they approached Botsnext since we have gained experience in building intelligent chatbots for various industries.

The company then provided us the vision they aspire to achieve with the chatbot- A user interactive conversational chatbot that converses with their customers giving a sense of human touch and encouraging them to provide the details at their convenience. Also, the information needs to be stored in a database dashboard that can be used for analyzing to come up with the best solution for the respected customer.

We started first with designing the conversation flow which could give a personalized touch to the conversation and keep the customers engaged all the time while capturing the relevant information.

Initially, the chatbot was planned to be connected on the website but on discussion with the company, we decided to integrate the chatbot with the Facebook messenger as well. The reason was simple - The conversation can take place in the preferred medium where the customers like to spend most of their time.

We asked for a set of queries that customers mostly ask from the client- either on the telephone or email or contact us page through which we created intents and entities accordingly on the Dialogflow agent . We used custom context handling through the backend to make sure that the customer’s navigation through the whole flow is smooth and seamless.

We also provided a feature in the chatbot which can continue the conversation from where the user ended it thus saving the efforts of starting the conversation again.

The database management tool was also developed for collecting the data provided by the user.

The result our chatbot produced is really impressive having reduced the drop rate from 30% to 10%. Currently, the chatbot is being tested for limited customers with a very good response from their side and will be soon rolled out for all the customers to use.

The bot’s main purpose is to make the user experience much better by having a human-friendly conversation with clients at any time as per their convenience. Another aspect is that our chatbot is making debt solutions more accessible to all people in Canada.

The AI chatbot powered with NLP capabilities is bringing a change in the working process of the financial industries which are dealing with debt solutions and now many industrialists are having an eye on our chatbot performance so they can also utilize the power of chatbot for their user growth as well.