Hello Sophie, thank you for answering our questions about chatbots today. Simply explained, what are chatbots?
Simply explained, a chatbot or digital assistant is a software system that can interact or "chat" with a human user in natural language. For the user, it should feel like chatting with a human. Fast, simple and uncomplicated – just like we're used to from WhatsApp.
However, it is VERY important that the chatbot clearly identifies itself as a robot or digital assistant, so that the user really knows who they are talking to.
Why do we often read about AI when it comes to chatbots?
A distinction is made between rule-based chatbots and AI-based chatbots that work with artificial intelligence. For AI-based bots, AI is needed to understand the user's input and then respond appropriately.
Where are chatbots used most frequently?
The fact that chatbots can primarily answer simple, predictable questions means that bots are mainly used in customer service to answer the most common customer queries. I believe chatbots are now used regardless of industry wherever many repetitive questions come in.
What do you think are the biggest advantages of chatbots?
Certainly the simplicity of chat communication overall and the great scalability. Chatbots can handle several thousand different customer queries simultaneously. Customers don't have to wait for their answer or hang in a telephone queue.
Where do you think chatbots could be used at Cashare?
One of the first possibilities would be a chatbot directly on the Cashare website that answers newcomers' initial questions and takes away their "fear" of crowdlending. A chatbot could also be used within the platform to answer queries from existing customers.
Do Cashare customers need to worry that they will only be served by robots in the future?
No, absolutely not! A chatbot would be more for those who browse the website for the first time on Sunday afternoon and suddenly have questions. There will always be customer queries for which humans are indispensable.
*Sophie is one of the first master's students to research chatbots. Since 2021, she has been a research assistant at the Institute for Financial Services at Lucerne University of Applied Sciences (IFZ).*
