Here’s a question for you: do you enjoy talking to customer service when you need information? Many of you reading this are already frowning thinking about this. Who wouldn’t? You need to keep dialling the customer service number to get through and when you finally do, you are kept on hold.
The tech boom has changed this, in the past few years.
When people seek information on personal loans the first thing they do is check the websites of any financial institution’s website like Tata Capital.
They find most of the answers here, quickly and in a logical manner. They also find that the process of applying for a personal loan as it follows a step by step interaction. The interactive process leads to the application web page after addressing queries from intending borrowers. Based on the accurate and consistent information received during the interaction intending borrowers often decide to apply for the personal loan by clicking on the ‘apply now’ prompt.
Most people navigating the website find a refreshing change from earlier because most of their questions get answered and they are in a position to decide one way or the other. They don’t have to frequently refer to different sections of the website to get answers to their questions. They find that the interactive nature is faster and they can come to a decision quickly whether to apply for a personal loan or not.
The website’s capability to answer queries from users is possible because it uses artificial intelligence (AI) and machine learning, popularly known as chatbot. This technology works on the principle of a virtual agent (VA) engine where the machine learns to track and measure customer queries, satisfaction and sentiments.AI helps in answering quickly and accurately because most customer queries are on product information, application tracking and sales and after-sales services, which are common to all personal loan applicants as they depend on the company’s stated policies and programs. Thus by using AI and VA, the website offers users much better and quicker interaction.
With Tata Capital Chatbot, users can seek answers from the website 24/7 as the chatbot handles the query process without human intervention. Thus, users can seek information whenever they have the time to do so. This service is also available on mobile phones so the users can seek information even when they are on the move. This augurs well for users as they can now seek information in a format that they are familiar with, that is, the chat format. In as enjoyable a format as chatting with a close friend or relative the chatbot answers all queries. The beauty about chatbot is its ability to self-learn and become smarter through frequent customer interactions.
One of the main uses of chatbot is the personal loan EMI calculator. It enables users to calculate EMIs for different personal loan parameters of the loan amount, interest rate and tenure. Before applying for the personal loan, users can calculate EMI and satisfy themselves that they can pay a certain EMI. They can use the calculator to see how EMI changes with different values for loan amount, interest and tenure.
The use of chatbot is revolutionizing the way users receive answers and by all indications users are a satisfied lot.