Image Credits: Wikimedia Commons
All banks are always looking out for the next phase of digital transformation. To do this, a necessary part of optimizing their customers’ journeys is incorporating and experimenting with new technologies. The use of chatbots is part of this digital transformation. Chatbots are great at helping reduce the load that companies face with regard to call volume for basic and straightforward queries.
OCBC Bank’s Emma has enabled the bank to double their average monthly leads. Emma has also shown OCBC that self-service is becoming more important to customers. Data that Emma gathers shows that she receives about 1,000 visitors per month. She receives more during campaigns.
What is Emma?
Emma is a home and renovation loan artificial intelligence-powered chatbot. Emma is an always-on channel to current homeowners as well as potential homebuyers who are looking to get their questions addressed immediately. Emma can do a lot. She can calculate affordability for a home loan. In addition to this, she can even offer detailed instructions on how to apply for a renovation loan. She does both of these things and more within the chat window, which means that customers don’t have to go to a separate website where they’ll have to look manually for the information they need. Customers will also enjoy receiving straight and to the point answers from Emma instead of vague and non-specific answers.
Before Emma, OCBC support had to deal with consumers asking the same questions all the time, which would put unnecessary load on their support team. Emma has taken a lot of the load off the support team as she’s able to speak to many customers at the same time. She can answer the most common questions that consumers ask, such as “How much can I borrow?” easily by using her in-built Total Debt Servicing Ratio (TDSR) calculator.
Emma is very human-like in terms of her conversation skills. She is able to interpret any question thrown her way by consumers. Emma then answers these questions in English. If Emma doesn’t understand a question, she asks leading questions so that she can understand the main question better. This is the same technique employed by a human mortgage specialist.
Three months was all it took for Emma to be fully trained. In those three months, Emma was trained to answer any questions about renovation as well as home loans. Emma can be updated easily as new and revised regulations are imposed. In fact, Emma can even be trained to answer new questions.
How does Emma work?
Customers can speak to Emma by visiting OCBC Bank’s home loan website. She delivers real-time responses through an instant message chatbox. The most common questions that Emma is asked by customers are –
- How much can I borrow?
- Am I eligible for a home loan?
- What type of home loan packages can you offer me?
When users ask Emma a question, she replies just like a human would. Emma has a large knowledge base which she accesses to come up with a relevant answer to a question asked using natural language. If a user asks Emma how much he/she can borrow, Emma displays the information in the chat window without redirecting the user to another website for answers.
OCBC Bank’s team is able to help customers who have more complex inquiries because of Emma. Chatbots like Emma have reduced the average waiting time for a written query from one or two working days to receiving an answer instantly.
If customers make complex inquiries to Emma, she will suggest topics to consumers based on keywords she will pick up from the questions that they ask. If a customer isn’t satisfied with the answers that Emma gives them, Emma can take their contact details and pass those details on to OCBC Bank’s Mortgage Specialists. Emma will also send the chat logs of the relevant conversations to the OCBC Bank Mortgage Specialists so that the customer doesn’t have to repeat their questions.
Who made Emma?
OCBC Bank’s home loans team as well as one of the startups from ‘The Open Vault at OCBC,’ CogniCor, built Emma from the ground up together. OCBC Bank’s home loans team has the expertise as well as knowledge in home and renovation loans that Emma needed to have in order to be able to do her job properly. CogniCor provided the technical support to build the chatbot as they specialize in chatbot solutions.
Together, they’ve built Emma, who is miles ahead of the competition. She was also tested in an environment which was built based on realistic expectations. The results spell Emma’s viability. Emma can be reached through laptops, desktops, tablets, and even smartphones. OCBC Bank has done a wonderful job in creating a chatbot which is usable for them as well as their customers. With Emma, they’ve cemented a lead over their competition.
You can speak to Emma by visiting OCBC’s website (https://www.ocbc.com/personal-banking/loans/home-loan-hdb-and-private-property.html).
Brought to you by SingaporeChatbots.sg. Want to build a chatbot? Drop us a note!