Chatbots: The fascinating intersection between customer service and fintech in Kenya
Chatbots are software applications that mimic human conversations using artificial intelligence, and they have become a game-changer for businesses looking to automate customer service, marketing, and sales.
By Pierra Nyaruai
As a young adult constantly looking for the best way to invest for the future, it is almost inevitable to miss the option of the Money Market Funds.
After a few rounds of research aka articles on Google and Twitter threads, I decided to stake some of my money into one of these Money Market Funds.
In true millennial fashion, I chose one that did not require my physical presence for establishment. I went for DigiTrust by ICEA Lion. After a few weeks, I needed some money, so I sought the fund to sort myself out. Imagine my fascination when I discovered amounts less than Kes10,000 could be withdrawn using WhatsApp.
We are smack in the middle of the age of AI (Artificial Intelligence). Everywhere you look, there is an aspect of Artificial Intelligence being used to complete one or numerous tasks.
The use of Chatbots has been on the rise, with businesses leveraging the power of messaging apps like WhatsApp and Telegram to provide services to customers.
Chatbots are software applications that mimic human conversations using artificial intelligence, and they have become a game-changer for businesses looking to automate customer service, marketing, and sales.
A report by Mordor Intelligence, a company tracking the emergence and use of Chatbots estimates a 34 percent global increase in the use of Chatbots by 2026, with Africa rising to the challenge.
One of the companies in Kenya that have embraced this technology is ICEA Lion, an insurance and financial services provider. ICEA Lion launched Leo, a chatbot that leverages WhatsApp and Telegram to provide a wide range of services to its customers.
Leo is an AI-powered chatbot that allows ICEA Lion customers to make inquiries, access services, and get assistance with their insurance and financial needs using messaging apps.
The chatbot has been integrated with ICEA Lion’s existing systems to provide a seamless experience for customers.
One of the most significant benefits of using Chatbots like Leo is the convenience they provide. Customers can access the services they need without having to visit a physical branch or make a phone call. Instead, they can simply message the chatbot on their mobile device, and it will respond instantly with the information they need.
Like Leo, many Chatbots can help customers with a wide range of services, including policy inquiries, premium payments, claims processing, and much more. Customers can also use the chatbot to get quotes for new policies, ask about services and products offered, and answer queries.
This level of accessibility has been particularly useful during the COVID-19 pandemic, where many businesses have had to reduce their physical operations and rely more on digital channels.
One of the other benefits of Chatbots is that they can handle multiple conversations simultaneously, making them a more efficient way of providing customer service. This means that customers don’t have to wait in long queues or on hold on the phone, which can be frustrating.
ICEA Lion has also integrated Leo with its other digital channels, such as its website and mobile app. This means that customers can seamlessly switch between channels and continue their conversations with the chatbot without having to start from scratch.
Another advantage of using Chatbots is that they can learn from customer interactions and improve their responses over time.
This means that the chatbot can become more intelligent and efficient, leading to better customer experiences. Leo has been well received by ICEA Lion customers, with many praising the Chabot’s ease of use and convenience.
Unlike other programs constantly manipulated to become destructive, Chatbots are relatively safe. According to Oracle, there is no history of chatbot manipulation but we can never put anything past tech, can we?
The success of Leo has inspired other businesses in Kenya to adopt Chatbots as a way of providing services to their customers. For example, Equity Bank launched EazzyBanking, a chatbot that allows customers to perform banking transactions such as deposits and withdrawals, check their account balances, and pay bills using WhatsApp.
Safaricom, Kenya’s largest telecommunications company, also launched a chatbot on WhatsApp called Zuri. Zuri can help customers with a wide range of services, including airtime top-ups, M-PESA transactions, and more.
The adoption of Chatbots in Kenya has been a game-changer for businesses looking to provide services to their customers more efficiently and effectively.
The convenience, accessibility, and efficiency of Chatbots have made them an attractive option for businesses of all sizes, and we can expect to see more companies embrace this technology in the coming years.
The use of Chatbots in Kenya has transformed the way businesses provide services to their customers. These bots already active in Kenya are a perfect example of how bots can be used to provide insurance and financial services in a convenient, accessible, and efficient way.
As more businesses embrace this technology, we can expect to see even more innovation in the digital and business space, perhaps some that small business owners can afford to use as well.
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