AI powered messaging vs Live Chat – Which is best for my mortgage business?Elaine Armstrong
In today’s hyper-connected digital world, messaging has become the norm and is very much part of our everyday lives. The rise of messaging apps like WhatsApp and Messenger have made it easy for us to connect with our family and friends in a more personal way from anywhere in the world. People, none more so than millennials, expect to connect with businesses in the same way, wanting instant responses to their queries.
Many mortgage advisors recognise the need to be where their customers are and are currently exploring options to enhance their digital engagement. Some have started to make headway by including Live Chat on their websites, but although this is a step forward it also has its limitations. The most forward-thinking businesses have started using AI powered messaging, engaging customers and prospective customers via multiple digital channels (think WhatsApp, Messenger, SMS etc).
Let’s take a quick look at the benefits of using AI powered messaging and how it compares to Live Chat.
Unlike Live Chat, AI powered messaging is always on, meaning you will never miss an incoming chat query or lead. Visitors to your website or social media pages will not receive the dreaded holding message on their first contact outside of business hours:
“Our agents are not available right now, please leave a message and we’ll get back to you.”
According to HubSpot research 82% of consumers expect an immediate response to sales or marketing questions. With automated messaging powered by AI consumers will get answers to their less complex mortgage queries immediately as the AI chatbot is programmed with responses and has been pre-trained to carry on basic conversations.
A Live Chat agent does not have the capability to deal with multiple queries at the one time. On the other hand, an AI chatbot can deal with several queries simultaneously.
Cost-effective and efficient
An AI chatbot is easy to install and requires minimal onboarding and team training. It can handle multiple queries coming in from various online sources. One Live Chat agent would not be able to manage high query volumes and therefore a business would need to employ more staff or outsourced Live Chat agents, which can prove very costly. Typically live agents cost between £3 – £5 per interaction, AI technology can be delivered at a fraction of this cost.
Most Live Chat providers are restricted to a single channel, i.e. the mortgage advisor’s website. However, this ignores the opportunities other messaging apps provide, such as WhatsApp and Messenger. Offering other digital channels will increase engagement, inbound and outbound.
The facts highlighted so far put AI powered messaging in a favourable position. However, it’s important to consider what makes Live Chat very popular with some mortgage businesses i.e., the human touch before concluding the customer interaction. AI technology is however evolving fast and some providers are offering ‘blended AI’, which means you can incorporate (as appropriate) a live person to assist if the query is too complex for the AI to manage in full.
Dealing directly with a human/live agent on Live Chat means that there are no limitations to what a person can ask. A live agent will be able to have a detailed conversation and handle complex queries.
Undoubtedly, Live Chat is a great tool for your mortgage business providing you have the people and financial resources to use it correctly. AI powered messaging offers many benefits too, such as cost-efficiency, 24/7 availability, the capability to multi-task and offer immediate responses. However, its ability to deal with more complex queries is limited. AI powered messaging is not designed to replace humans/live agents, it is there to support and complement what they do. Therefore, a blended AI approach is recommended, where AI chatbots are used to deal with repetitive, less complex and time-consuming tasks. They can be trained to re-route queries they cannot handle to a live agent. Using the blended approach outlined will yield the best results for your business.
Interested in seeing how AI powered messaging works? Just click on the Request Demo button at the top of the page to chat to us.