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

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

Missed the quiz? Take it here.

1 Knowledge of chatbots

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

Even among those who answered ‘yes’ to this question in the quiz, Hayes says it’s important to unpack the level of detail and depth in their conversations.

“I’m having these conversations about digitalisation with people because I’m the main person leading the evolution and adoption of our digital practices. But most of my other directors probably aren’t having these sorts of conversations to nearly the same extent,” says Hayes.

“We want to encourage people to be innovative and encourage the next generation to think about the way we are interacting with our clients or within the market. That’s an important step for us to be able to move forward. That’s certainly something I'm championing at the business level.”

Hayes cautions against being fearful of the new crop of technology tools. Instead, he encourages professionals to be curious, take the opportunity to learn what these tools can offer, and consider how their use might change the way we retain information.

This exploration and experimentation, Hayes says, will enable informed decision-making.

“If people want to learn more about it, I think they’ll naturally find the right path in terms of what they feel comfortable with or how they’ll be able to execute,”

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.

“We need to make sure we are looking after clients’ data first and foremost,” says Hayes. “Risk mitigation is key when you’re gathering data.”

When you’re dealing with people’s financial security and personal data, it’s incredibly important that we look at ways of integrating AI safely. Our profession is built upon trust, and having data exposures is going to be a huge detriment to your business.

“You have to do your homework and research to look at how you will integrate this evolving technology. It’s not just plugging something in because it’s the latest fad.”

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.

“It speaks volumes to the issue of security, and what we need to do to protect people’s data. If we are encouraging prospective or current clients to plug their personal or private information into an AI system, we need to make sure there are security checks and balances in place,” says Hayes.

“There’s a lot to be said for educating the industry about security. A lot of senior directors aren’t embracing new technology, let alone learning about the security that’s associated with it. If you have key decision-makers who don’t understand the technology, we need to identify that gap and find ways to address it.”

Hayes suggests appointing technology champions to plug a knowledge gap – ensuring the champion has time to devote to learning about the tools and the curiosity to do so, as well as the ability to communicate their lessons back to the business.

He is exploring two encryption options for chatbots in his own businesses. For custom and tailored advice that relies on a client’s personal data, information would be encrypted, whereas more generic advice might not require a high level of protection.

“It comes down to whether it’s personal advice that a client requires my input on, or something that they could Google and go to the open market with. If it’s the latter, then it might not be something we need to encrypt. Doing so could even limit educating our potential new leads and clients. It's a balancing act between the two.”

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 your website.

4 Reading reviews of chatbots

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

Before introducing a new tool or process, it’s critical to make sure it’s a reputable and trustworthy addition that will serve clients’ needs.

Finding these reviews should be relatively straightforward – start with a simple web search, and use what you learn from reading reviews to ask business leaders in your network pertinent questions.

“Ask what products they’re using, what they think of AI and risk mitigation factors,” says Hayes.

“Look at what innovative businesses in accounting and in other industries are doing. What software are they using? Look outside traditional solutions and think about how we can solve problems innovatively and effectively.”

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 accounting practice.

If your clients aren’t on board with using a new tool, 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.

Hayes says it’s critical to canvass the opinions of the younger generation who will become clients in the future.

“It’s important to understand what the market desires from you. But are the clients you’re asking the clients of tomorrow? You need to factor that in.”

But evolving your business to meet the needs of your future clients, while ensuring not to alienate your current client base, is a delicate balance.

“These go hand-in-hand: you can't alienate your existing client base, but you also can’t think that your existing client base and the way you do work today is going to be the way that you operate in five to 10 years’ time.”

Hayes suggests emphasising that, while you're considering automating communication and streamlining processes, you will continue to focus on building strong relationships with clients and retaining their trust.

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