Chatbot compliance is another important factor to keep in mind when developing a chatbot. In finance, nations regularly update financial regulatory requirements. This means that processes and systems also need to continually improve and adapt. 

So if a financial institution wants to incorporate a chatbot, they need to know that it’ll be designed and implemented to be in line with the regulations and rules they must follow. In Canada, these include IIROC and the Canadian Securities Institute. 

  • IIROC: IIROC governs the activities of investment firms and builds the regulatory framework. 
  • Canadian Securities Institute (CSI): The Canadian Securities Institute has been setting the standard since 1970 for excellence in life-long education for financial professionals. It is part of Moody’s Analytics Learning Solutions, which offers credentials and educational programs.
Chatbot Compliance

Benefits of Chatbots in the Banking and Financial Industry

In the banking and financial industry, here are just a few of the benefits to using a chatbot:

  • Support that is available 24/7
  • Easy to use for customers
  • Customer satisfaction is easy to measure
  • Marketing experience can be personalized
  • Shows how progressive the banking industry can be
  • Presents cost savings to companies 

While there are clear benefits to using a chatbot, from marketing to customer service and even internally for employees, there are also important regulatory compliance concerns. This article will examine the process of integrating a chatbot that is compliant with financial regulatory bodies. 

The chatbot market size is projected to grow from $2.6 billion in 2019 to $9.4 billion by 2024.

Chatbot Compliance

5 Legal Considerations for Financial Chatbots

  1. Disclaimers for Regulated Activities 

If a company is giving a chatbot the authority to give advice, the company and developers will need to ensure that the chatbot has access to current information. 

  1. Terms and Conditions 

If chatbots are being used to facilitate online transactions or give any type of advice, users should be aware that the help being doled out is from a chatbot, not a live human being.

  1. Protection of Data 

Since chatbots collect personal data, the data protection policy is essential to keep in mind, not just in the development phase. It should be regularly monitored.

  1. Infringement of the Rights of a Third Party 

Appropriate safeguards must be put in place to prevent copyright infringements since chatbots can use third party trademarks (accidentally) and can easily infringe on rights.

  1. Prevention of Chatbot Errors 

A chatbot has an impact on a company’s brand and image. It is important to be careful about potential detrimenta or incorrect responses that a chatbot may give. Close monitoring of the chatbot and the technology is essential.

Chatbot Compliance Case Study

Chatbot Compliance

Investment Company ABC 

(Please note the company name has been altered to ensure confidentiality.) 

This company operates as an investment firm in Canada and specializes in managing wealth for individuals.

The Problem: 

Investment Company ABC was very interested in developing and using a chatbot to increase customer satisfaction. Sometimes it can take a long time for customers to get questions answered about their accounts, and a chatbot that could deliver personalized information about current investments seemed like a great way to communicate faster. However, the main question was how to ensure that it was compliant.

The Process: 

The company felt it was important to work with a team that could understand their vision and help them meet their goals. They needed a chatbot that sounded human-like and one that would help to increase customer satisfaction. 

It was also essential to build a chatbot with compliance front of mind, due to the industry they operate within. In order to make sure that all the boxes were checked, regulations were followed and due diligence was performed, a chatbot consultant was the perfect gateway to line up requirements (compliance, level of customization, etc.) with the right developers. The company was committed to ensuring compliance, but knowing that the chatbot consultant would also be doing the same was extra reassurance.

The Solution: 

After meeting with the company, determining the use case and collaborating on the KPIs for success, the chatbot consultant facilitated the development of a friendly and positive chatbot using conversational AI technology. It provided key investment portfolio data and answered simple questions. The focus was to solve simple customer issues, all while ensuring compliance, including disclaimers, terms and conditions and a rigorous review process of the software. The bot continues to meet regulatory requirements and is improving its interactions with clients each and every day, as measured by the customers’ survey responses.

If you want to avoid chatbot compliance issues, reach out. One of our highly trained Chatbot Consultants can answer all of your questions today!

If you’ve ever talked to people who work in a 311 call centre for a city or at the city administration office, you’ll probably have heard at least a few of the most commonly asked questions that they answer every single day. Often, the questions and the answers are simple and relatively quick. Even if each call is only three minutes long, if the same query is answered 30 times in a day, that’s 1.5 hours spent on saying, “Yes, after the holiday weekend, waste pickup services will return to normal schedule.” 

Imagine how much better city representatives could serve local constituents with more complex issues if they didn’t have to spend 1.5 hours per day on the simplest of questions? 

AI is quickly becoming more useful, helpful, and secure. It’s something that local governments could benefit from embracing to help improve citizen engagement and free up employee time to work on more complex issues. Chatbots are one such avenue that many governments are taking advantage of to improve their communications with constituents. 

local government chatbot
Photo by Kyle Glenn on Unsplash

Examples of Government Chatbots in Canada

On a federal scale, government agencies like Immigration, Refugees and Citizenship Canada (IRCC) and Employment and Social Development Canada (ESDC) are both starting to use chatbots to improve service delivery, although for now, the bots are internal, helping employees find information faster. 

In 2018, Public Safety Canada implemented a chatbot as part of their campaign against driving high. At a minimum, 50,000 Canadians interacted with the bot via Facebook Messenger, and over 21,000 clicked on the option to find a ride home. 

The City of Ottawa announced that they were launching a chatbot as part of their 311 services in late 2019. The chatbot would initially help site visitors with questions about waste diversion, and over time it would be developed to address a broader range of topics. 

The City of Toronto launched a COVID-19 chatbot in the spring of 2020 to help residents easily find information about COVID-19 in the city, including how the pandemic has affected city services and amenities.

How Can You Use a Local Government Chatbot?

Besides the examples above, a local government chatbot can be used in a million different ways. For questions from citizens, local governments and elected officials could use chatbots to:

  • Handle reporting for potholes, noise complaints, or snow removal issues
  • Answer simple and repetitive questions, like “when is Christmas garbage pickup?”, “how do I renew my dog license?” or “when is City Hall open?”
  • Direct residents to the correct resources or department for permit or policy questions
  • Collect feedback on civic services and projects
  • Direct visitors or tourists to information about the city and its amenities
  • Offer support to users browsing a FAQ page
  • Create awareness about legislation to users on specific pages

Chatbots can also be used efficiently by government representatives like council members, MLAs (Members of the Legislative Assembly), or MPs (Members of Parliament). Politicians can use chatbots to: 

  • Answer FAQs, or direct users to FAQs
  • Allow constituents an easy way to connect with representatives when gathering in person is limited
  • Explain party views on certain campaign topics
  • Help users better understand the policies the party or representative wants to implement
  • Inform constituents about what is currently happening in local government

These are just a few ways to use a local government chatbot to help you communicate with your constituents. As you can see in the real-life examples above, chatbots are already in-use to support better government service to Canadians. 

The Government of Canada has laid out guidelines for using AI that local governments can follow if they would like to implement an AI solution. 
Interested in developing a chatbot for your local government, but not sure where to start to make sure it’s safe, secure, and affordable? Start a conversation with the ChatC development team.

Chatbots are essentially computer programs that can interact with humans over the internet in a way that feels like a natural conversation. Using them within your business can provide excellent customer service, all while saving time and money. Chatbots are becoming more popular within a variety of industries. In fact, 67% of consumers worldwide used a chatbot for customer support in the past year.

how to choose a chatbot
Image by Gerd Altmann from Pixabay

5 Tips on How to Choose a Chatbot 

If you are wondering how to choose a chatbot, keep in mind that not all chatbots are created equal. So, here are some things to keep in mind when choosing a chatbot for your business.

  1. Figure Out What Problem You Are Trying to Solve 

Selecting a chatbot isn’t a one-size-fits-all task. Every business brings with it a variety of problems and industry-specific concerns. Take the time to understand your customers and the buyer’s journey they are on. Take some more time to meet with other business units and determine what needs a chatbot could meet. Define one use case for your bot.

  1. Determine Whether or Not Your Chatbot Will Need to Support Multiple Channels

There are a variety of platforms that your customers could use to access your chatbot. As you choose your chatbot, you may want it to incorporate different social media and online apps. Knowing your platforms at the outset of the project will ensure smooth and consistent service to all customers. 

  1. Build Your Chatbot so that It Knows When to Interact with Customers 

An intelligent chatbot knows precisely when to start interacting with customers. No one likes being badgered the second they start browsing on a website. But you also don’t want customers growing frustrated as they search for the ‘help me’ button. Take some time to work with your team on the right balance for your bot’s first appearance.

  1. Build Your Chatbot so that Success Is Automaticalled Measured

You need access to a graphical user interface (GUI) that lets you measure how well your chatbot works. As a bonus tip, make sure you know what KPIs you’re using to determine success. Otherwise, it’ll be difficult to tell if the chatbot is adding value and meeting your expectations. 

  1. Create Your Chatbot with Trained Professionals 

Designing a useful chatbot is not an easy task. Engage with chatbot consultants who have experience building a variety of chatbot solutions. Not only will they ensure efficient use of resources, but they’ll also help you navigate the different types of chatbots and which is best for your company’s use case.

80% of the respondents of chief strategy officers, senior marketers, and sales executives are already using chatbots or planned to use them by the end of 2020.

From Low to High Complexity: 3 Varieties of Chatbots

Small – DIY Chatbots

It is possible to DIY a chatbot for your business, and it does present some savings.

These simple chatbots are also called Discovery or Basic Chatbots. While DIY chatbots are typically free, they do present some disadvantages, such as limited ability and a higher risk of failure. Budget chatbots have been known to fail because with minimal programming, they can only respond to simple commands. 

These companies can help build DIY chatbots for a low price point:

Medium – Transactional Chatbots

A transactional bot interacts with customers to help them conduct transactions, like shopping, paying bills or booking flights. These types of chatbots typically cost between $10,000 and $30,000. This level of chatbot is typically rule-based. There is a predetermined set of questions/answers. If there is no defined answer, a rule-bot can’t answer the question. They are limited in the types of conversations they can have with customers. 

These companies can help build chatbots for a mid-range budget:

Large – Predictive Chatbots

Predictive chatbots, or conversational AI chatbots, are built to predict customer intent and offer specific help or advice. Building predictive analytics into the AI agent allows it to recommend products and services for customers before they ask for them. With AI chatbots, they are set up with a list of rules but are programmed to learn from each interaction. This means that they are continually improving upon the quality of their answers. The cost of these types of chatbots ranges from $40,000 to $100,000.

These companies can help build chatbots for an upper-range budget:

If You Are Feeling Overwhelmed at all the Choices – Read On!

Good news – you don’t have to do this alone. A chatbot consultant can help. From the outset, chatbot consultants are there to manage the project, liaise with the right developers for your project and provide all the training and maintenance required.  

Chatbot consultants can even help with the following: 

  • Education about chatbots
  • Determining a specific use case
  • Structuring your bot’s conversational style
  • Writing conversational copy for your chatbot
  • Measuring chatbot success with KPIs


Are you interested in transforming your customer service using a chatbot? Get in touch with a Chatbot Consultant today to have your questions answered!

Conversational Artificial Intelligence (AI) is the technology behind the automated messaging of speech-enabled applications that offer human-like interactions. In other words, conversational AI can communicate like a human being. The tech recognizes speech and text, is able to identify multiple languages and responds in a way that mimics human conversation.

Communication is important in any business, whether it’s between employees or from the business to a customer. Within each of these touchpoints is an opportunity for increased efficiency and a better understanding of what’s working and what isn’t in your business. You see, we’ve reached a place machines are able to understand human intent behind chat messages and produce human language to respond. 

Conversational AI is drastically changing how customers interact. By 2021, 15% of all customer service interactions will be completely handled by conversational AI, which is an increase of 400% from 2017. If thoughtfully deployed, your conversational AI chatbot can be configured to collect data on the backend that helps you steer the business to what people actually want, not your best estimate.

The 5 Components of Conversational AI Chatbots

How does a conversational AI chatbot actually work though? Glad you asked! It’s a collection of technologies that work to create conversations that improve over time. Conversational AI chatbots actually need to be “trained” on datasets in order to have a baseline of understanding before they are released to the public. In its simplest form though, there are five key components to this technology:

  1. The application receives either written text or spoken sentences from human input. For spoken words, ASR, which is the technical term for voice recognition, makes sense of the words and converts them into text. 
  2. The application then must try to decide what the text means. It uses Natural Language Understanding (NLU) to determine the meaning.
  3. The application then forms the response. Using Dialog Management, it will build a response based on its understanding of the intent. The response is converted into a conversational format using Natural Language Generation (NLG).
  4. The response will then be given either in text or speech. 
  5. The application also has the ability to learn and improve over time (not just at the outset with the training dataset), in order to deliver more concise and correct answers. For you, this also means that the investment in a conversational AI chatbot continues to pay back itself in higher quality and more data.

Conversational AI Chatbots Deliver More Value

Conversational AI Chatbots

Conversational AI chatbots deliver customized, highly-intelligent solutions that are designed from the get-go to provide next-level customer or employee experiences. They require a detailed specific process and the aid of specialized consultants to ensure the tech is put to use correctly. 

The benefit of these chatbots is that they continue to learn, improve and deliver value without needing to recode or improve the technology. Translation: the investment upfront will continue to pay you back over the years that it is in use.

However, there is also a group of chatbots that do not use the advanced and ever-learning techniques of conversational AI. Many DIY chatbot platforms use a much simpler approach and have a database of expected inputs, each with a predetermined output response. 

There is no detailed “learning” and “improving” process as the chatbot goes into use. DIY chatbot platforms are great for simple FAQ or customer query routing applications because the answer to the question remains the same. These chatbots are often referred to as decision-tree-based chatbots, because that’s the extent of the backend technology. 

DIY platforms are inexpensive and quick to implement, but you may need to spend money down the line to improve your chatbot as required. Because the bots are so simple at the outset, the use cases per bot are limited, and the quality of the deployment is not as high, so you may find that your end users aren’t happy with the solution, meaning more time and money to adjust and re-deploy the bot.

Translating Conversational AI Chatbot Data into Business Insights

Executives are increasingly looking for creative and effective ways of obtaining data to drive business decisions. The conversational AI chatbot is a relatively new avenue to explore. The technology can be used to collect valuable data about customers and/or employees. 

On top of that, conversational AI chatbots can even deliver analytics and custom data dashboards when set up with the help of experienced consultants. You’ll save time and money on data collection and analysis, while also improving efficiencies and customer experience. 

For example, when customers have questions about an order, product or process, commonly asked questions or pitfalls in your systems can be identified and rectified. Not only will the customers be happier having their queries responded to by a chatbot 24/7, but you can direct resources to solve that problem faster using the data from the chatbot.

You can use all the data you can get your hands on to get a leg up on the competition. With a strategically implemented conversational AI chatbot, you can gather data and put it to use quickly. As an added efficiency bonus, it’s an effective way to make personalized conversational experiences scalable. 

The fastest route to reaping the benefits of this technology? A team of trusted consultants who can identify the use case tailored to your greatest need. 

Are you interested in learning more about the features of conversational AI chatbots? Get in touch with a Chatbot Consultant today to have your questions answered!

Automation and artificial intelligence (AI) are really changing how we work in all industries. And while some may fear this new technology, there are many ways that AI and automation can and will drastically improve the way we work and what we can do for others. The healthcare industry is one of the sectors that really stands to benefit. 

In an industry that is focused on patient care, it can be difficult to see how technology could replace the doctors, nurses and scientists at work. The reality is that technology is there to assist these professionals and help patients with access to faster and better care.

examples of automation in healthcare

AI and Automation Are the Ultimate Medical Assistants

Automation and AI are designed to complete predictable, repetitive tasks. Medical staff worldwide spend excessive time on data entry, answering questions that didn’t warrant a whole appointment, and filling out endless forms. 

MedPageToday says that “For every hour of direct patient care activity, two hours are spent [by doctors] on typing, data entry, and paperwork.” They explain further that up to half of a doctor’s time in the exam room with the patient is spent on typing, data entry, or dictation. That’s time they’re not interacting with the patient. 

We also know that the medical industry has notoriously long working hours. The Atlantic says that doctors in America are expected to spend upwards of 80 hours per week in the hospital, and many doctors regularly work 28-hour shifts. 

How well does the human brain operate after being awake and expected to work for 28 hours in a row? Not well… Sleep deprivation of 24 hours or more is similar to having a blood-alcohol level of 0.1%. 

Suppose automation could take on many more repetitive administrative tasks that doctors, nurses, and other healthcare professionals have to do. In that case, the hope is that they will be able to spend more time on direct patient care and work more reasonable hours. Healthcare professionals need adequate rest to keep providing the life-saving care they do day after day.

examples of automation in healthcare

How Exactly Will Automation and AI Advance or Improve The Healthcare Industry?

Healthcare is an industry that is always going to have a human element to it. One of the challenges facing healthcare is a massive gap between the number of healthcare staff that exist and the number needed to support the world’s population adequately.

Automation in healthcare will narrow that gap by giving practitioners more time with patients and less time doing paperwork. A recent study by McKinsey states that “AI can help remove or minimize time spent on routine, administrative tasks, which can take up to 70 percent of a healthcare practitioner’s time.”

There are already many automated systems in the healthcare industry that help increase efficiency, reduce the elements related to human error, and give staff members more time for work that requires human finesse. 

examples of automation in healthcare

3 Examples of Automation in Healthcare

Systems like automated patient check-ins and patient data management can give doctors hospital-wide access and online patient access (instead of carting around paper charts). Automated scheduling systems allow patients and healthcare professionals to have more control over their medical health. 

One of the most significant assets and benefits of automation is that it may allow the healthcare system to reduce overtime. This should mean better care in the long run since staff should be more well-rested, less stressed, and be able to work at optimum levels and reduce the number of surgical or diagnostic mistakes that may happen. 

Automation is also arguably better for the environment, reducing the amount of paper needed for doctors to access patient records.

Here are a few more examples of automation in healthcare that improve care quality and save time for staff. 

  1. Continuous Glucose Monitors

Continuous Glucose Monitors (CGM) are one effective example of automation in the medical system that has been around for quite a long time. The first CGM was approved for use in the US by the FDA in 1999. 

CGMs originally were only intended for Type 1 diabetics, but recent development means they’re now being used for those with Type 2 diabetes as well. CGMs have given many patients with diabetes increased quality of life.  

In August 2020, the FDA approved the first automated insulin delivery system for diabetes management. The MiniMed 770G System is designed to monitor blood glucose levels and deliver basal insulin doses with little or no user input. The system is currently only aimed at children ages two – six with Type 1 diabetes. Managing diabetes in children can be extra challenging, so this automation should help improve their insulin delivery experience and relieve some stress and worry for caregivers. 

  1. Automated Patient Reminder Systems

Medical support staff in all types of clinics spend tons of time on the phone to patients, reminding them about appointments, booking appointments, or letting them know that lab results have come back and they should contact their doctor. 

Automated systems can do all of these things, leaving staff to deal with more complex projects. These systems can send notifications to patients via text, email, app notifications, or even a voice note. The patient can even choose what type of notification is best for them. The benefits of automated systems are as follows: 

  • frees up staff’s time 
  • reduces no-show appointments
  • ensures no patients fall through the cracks
  1. Chatbots to Assist Professionals and Patients Alike

Chatbots cannot replace a doctor’s expertise or take over much of a patient’s care, but they can help doctors and other medical staff work more efficiently. Chatbots can help with many things, including the following examples of automation in healthcare: 

  • answer simple questions
  • refer patients to further information sources
  • help staff do initial triaging to prioritize patient care
  • help patients book appointments
  • collect follow-up post-care information from clients

Chatbots are also starting to be used in mental healthcare, with apps like Woebot. Woebot helps users work through common challenges they face with depression, anxiety and mood disorders, based on cognitive behavioural therapy techniques. The app also senses when the user might need a real human’s help and recommends that users talk to a professional. 

examples of automation in healthcare

Automation Will Improve Healthcare

The use of AI will have an impact on the healthcare workforce around the world. Some jobs will change drastically, and some will be improved considerably with the virtual assistance of chatbots and other automation applications. 

If you’re curious about how an AI chatbot could be designed to converse with your medical professionals or patient population, get in touch with one of our seasoned chatbot consultants to discuss your specific use case.