In economic crisis times in the country, it’s normal for the default rate to increase in companies, which can have a large impact on the economy.
For retail companies, reducing default is paramount because revenue decreases when a customer doesn’t pay their debts, which can compromise the company’s cash for operating or vendor expenses.
With increasing debts, companies can be driven to fire employees, increasing unemployment and, consequently, defaults, which becomes a vicious cycle.
Chatbots can help to reduce default
A chatbot is a software that can talk to a person. It listens and answers with relevant information.
There are digital assistants that are activated by voice, and there are chatbots that are activated by voice or text. This allows brands to do more to the customer than to respond with basic logic.
Most customers have very low expectations when it comes to service offered by the companies because it’s often terrible. Many transactions that use this medium result in the customer having to contact the call center in any way and not have a great experience.
So companies today are rushing to make chatbots a big part of their strategy. With the automation of basic communications and customer service, chatbots can lower the default rate of customers.
There are a few cases in which chatbots can meet the functional needs of users more quickly and simply than a human agent, such as notifying the expiration of an invoice or finding a debt renegotiation agreement.
In addition, chatbots can offer customer service 24 hours a day, answering queries immediately.
Even with outsourcing, the costs are substantial and include call center maintenance, reps training, insurance and support – none of this comes to mind when all we need is one or two minutes of someone’s time.
However, all of these costs can be drastically reduced by installing a chatbot, which will require only an initial investment that will escalate over time and relatively small maintenance expenses. The financial potential is enormous!
All the qualitative and quantitative research that has already been done in the human representatives training can be totally and directly imported to create the chatbots personalities.
Once a chatbot learns something, it doesn’t forget that. Chatbots won’t make factual errors like humans and – if they are trained enough – very few interpretive errors.
To help you, here are some ways how chatbots can act as tools to reduce the default:
The more companies can reach their customers, the better the experience for them, including for payment.
Providing access to platforms variety shows that the company is willing to meet their individual needs, a critical aspect of customer loyalty.
These types of reminders can be extremely valuable to the business and the customer.
As long as your customers are comfortable not to forget the due date, they’ll be able to make more purchases, which will allow your business to grow and still receive payments on time.
No need to schedule and go to the company or wait for hours on the phone to receive the service.
In addition, to saving time, customers also benefit from being able to request a duplicate or changing the due date easily and quickly.
A client that interacts with a chatbot creates data in relation to his behavior. Correctly analyzed, this gives companies the opportunity to give advice on products and suggest offers.
Ability to respond immediately
Clients get frustrated when they ask the same question several times, file a complaint or make a suggestion, and then receive no response for days.
The chances of losing a customer are instantly reduced by responding through an automated chatbot.
To learn more about reducing default, visit UX: Importance of User Experience in Communicating with Customers!