Compare your quiz results: Are you ready to use chatbots?

Introducing chatbots to your business has the potential to save you time, freeing up accountants to engage in higher-level strategic work.

But any new initiative should be introduced with careful consideration to the risks and benefits involved.

Financial Accountant recently released a self-guided quiz to help readers assess their readiness to bring chatbots into their practice.

We’ve collated the findings and asked member Andrew Coombs, who is currently looking into integrating chatbots into his practice, to share his tips for accountants thinking of doing the same.

1 Knowledge of chatbots

Forty-three per cent of respondents haven’t had any discussions or run training about using chatbots.

Coombs says he isn’t surprised that a significant proportion of respondents aren’t actively discussing chatbots.

“Recently at conferences I’ve noticed that there is still a reluctance to adopt new technologies despite their ability to increase efficiency,” says Coombs.

He suggests companies allocate a specific period during the working week to looking at new software and technology.

“Create a situation where people have some dedicated time to analyse what’s already out there and raise awareness within the company,” he suggests. “Find the time to review various findings and use that as a starting point for further development.”

2 Identifying risk

Sixty-two per cent of respondents haven't considered how the chatbot will alert a team member if it identifies risk.

This is a critical consideration to protect both your clients and your business.

“Risk analysis is paramount in the accountant industry,” says Coombs. “As part of our anti-money laundering and compliance requirements, we have to ensure that we’re minimising any potential risk concerning the information we provide to existing and prospective customers.

“We also need to ensure we’re taking action to protect customers who may present a potential risk. There needs to be some kind of process in place for the chatbot to make you aware of any potential risk as a result of a conversation.”

3 Encrypting client data

Encryption helps to protect confidential information, providing clients with a level of comfort and protection when they’re engaging with a service – particularly one they aren’t too familiar with.

That makes it surprising that 35% of respondents said the information a client provides through a chatbot wouldn’t necessarily be encrypted.

“Client sensitive information needs to be encrypted, and be secure due to the scope for hacking,” says Coombs.

“The General Data Protection Regulation requires you to securely store all documentation and personal sensitive information. I believe the chatbot would have to limit questions to responding to non-specific scenarios and answering generic queries unless some kind of encryption was available.”

Accountants could also investigate the privacy settings on their website and ensure they have specific cookies in place. An IT expert can provide guidance on how to ensure you have the capabilities to secure data on the website.

4 Reading reviews of chatbots

Sixty-five per cent of respondents say they haven't looked at reputable reviews of chatbots.

Before introducing a new product into your business, it’s critical to make sure it’s a reputable and trustworthy addition that will serve your client’s needs.

Finding these reviews should be relatively straightforward.

“Most software suited to accountants have reviews and chatbots shouldn’t be any different,” says Coombs.

“There will be accountants out there who are already using chatbots so I’d suggest speaking to them.”

Early adopters will likely have encountered some roadblocks that others can learn from.

“There are plenty of forums on social media where accountants could pose a question to see what chatbots other accountants are using and obtain some feedback. Then there are generic internet searches that can be carried out as part of an accountant’s own due diligence to compare different chatbots.”

5 Gauging clients’ opinions on using chatbots

Seventy-four per cent of respondents haven't asked clients about their willingness to use chatbots when engaging with an accountant practice.

If your clients aren’t on board with using a new product or service, it’s likely the roll out won’t be successful. You could also risk losing clients or compromising your reputation. So make sure to gauge their sentiment before you ask them to use a chatbot to answer their queries.

Coombs recommends creating a feedback form that includes a question about using chatots.

“Give them a 1-5 ranking option on how they would feel about using a chatbot. You can also ask for comments in case they want to share further thoughts.”

In your interactions with clients, reassure them that accountants will still be available to answer any clients concerns and queries. Chatbots won’t act as a complete replacement, and they could even enable accountants to elevate their service offering and provide more strategic advice.

“Chatbots are definitely becoming more common. They can be a useful tool for automated generic requests and speeding up processes,” says Coombs.

“It’s great to use them but it’s important we don’t rely on them entirely.”

The quiz is still open – take 5 minutes to benchmark your practice.