Should Your Chatbot Have a Persona?

In the 1997 movie “Flubber,” the absent-minded professor’s robot assistant is a “woman” named Weebo. Despite being a robot, Weebo develops a personality and human-like emotions, like jealousy, guilt, and even love. Although today’s version of robots don’t have much personality, having actual robotic assistants is much closer to reality now than it was when those films debuted. In fact, a lot of companies now have their own bots to help out, and some of them interact with customers, like the chatbot. If you do have a chatbot, should you do what filmmakers have done with fictional robots and name your chatbot?Many banks and tech experts say yes, as giving bots a persona makes them stand out more. They also seem friendlier with a name and even a face, which then increases engagement."Customers prefer to interact with something that is more relatable than a robot," says Lindsay Soergel of conversational AI provider Kasisto. Soergel also shared that one of Kasisto’s clients experienced higher conversion rates in digital ads that had a named bot over other digital marketing tools without it. After asking customers which names resonated with them, one financial institution in the Southeast settled on a name that’s similar to the FI’s name, and the bot’s cartoonish appearance resembles a version of the company’s logo.Other FIs have a different perspective — based on their own customer preferences. A Midwest FI says its customers preferred “a descriptive name over a human-sounding name," and so the FI chose Smart Assistant — “a fitting description of what we provide our clients — smart assistance they can trust."The verdict? The correct answer is: ask your own customers what they would prefer. Essentially, it comes down to knowing your customer base and segments, and then aligning those with the message you’re looking to convey.If you do decide to name your bot, here are some tips:

Every business is looking to stand out from the competition, including CFIs. This, in turn, creates an opportunity for you to build a unique chatbot. Keep in mind that the name of your bot will reflect your brand to prospects and customers.No matter if you name your bot or not, it’s important to launch one, experts say. Indeed, FIs can achieve great cost savings with bots, and customers find them easier and faster to use than phone calls or instant chats — and they’re available 24/7.Future uses are even more provocative, according to a PwC report. AI-powered bots will be able to leverage machine learning to provide helpful insights to customers based on their transactional history and digital profile. Not only could such bots suggest products and services at the right time in a customer’s life, but future bots could also recommend investment options based on their risk profile and provide relevant market-related news and impact on their portfolio.Should you name your bot? Most likely, but the type of name — human-like, a clever play on your CFI’s name, or something that’s based more on the function of the bot — will carry weight for the customers. Getting guidance from your customers on choosing the type of name is the most effective way to ensure they’ll engage with the bot. As long as the name aligns well with your brand and your customers’ expectations of your CFI, you’re off to a great start.