More Financial Consumers Tapping BSP's Chatbot

​An increasing number of financial consumers are coursing their concerns and queries through the Bangko Sentral ng Pilipinas (BSP) Online Buddy (BOB), the BSP chatbot that automates handling of consumer complaints.

Complaints and queries processed through BOB represented 58% of total cases during the second quarter of 2021. This is almost four times higher than the 15% BOB usage rate during the third quarter of 2020.

'The increased usage suggests the effectiveness of BOB in providing consumers with an accessible and efficient platform for escalating complaints regarding the products and services provided by BSP-Supervised Financial Institutions (BSFIs),' said BSP Governor Benjamin E. Diokno.

Launched in July 2020, BOB enables the public to instantly send concerns through a webchat on the BSP Website, SMS, and social media (Facebook Messenger) through their smart or mobile phones. Using artificial intelligence, BOB can respond to queries and complaints in English, Tagalog or Taglish.

'We believe more people are now more aware of the BSP's consumer assistance mechanism as well as BOB. The central bank encourages all financial consumers to take full advantage of this technology when raising complaints against BSFIs,' according to Governor Diokno.

Customer satisfaction data from the 2020 BOB feedback portal indicated that 69% of respondents were satisfied with the service of the chatbot.

The positive reception of BOB may be attributed to its availability in digital and mobile platforms. According to a survey by Silicon Valley-based Fair Isaac Corporation, a data analytics firm, almost 6 out of 10 Filipino consumers prefer to use digital and mobile channels in transacting with their banks.

The BSP also noted that due to automation, BOB is able to process and refer complaints to concerned BSFI on a real-time basis, thus, shortening the turnaround time for resolving complaints.

In view of customer comments and early learnings in the operation of BOB, the BSP added features to the chatbot. These include enabling consumers to attach files to facilitate submission of supporting documents, as well as the provision of Frequently Asked Questions and the required minimum number of words for the details of a complaint.

More enhancements are in the pipeline as the BSP endeavors to continuously improve customer experience when using BOB.

'It is BSP's thrust to make use of technological innovations to enable operational efficiencies and improve responsiveness to the needs of financial consumers. This commitment supports our vision of fostering trust in the financial system,' explained Governor Diokno.