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9 Best Chatbots in the Financial Services Industry
As user’s expectations grow, AI is playing an increasingly important role in the financial services industry to keep with the expectations. Many financial companies are experimenting with chatbots both for offering new and better financial services to their customers and for general customer service. The chatbots in the finance industry add significant value to the user experience and cost management budgets. In any business, customer support and satisfaction are fundamental pillars. Hence, it is important to build a strong foundation of these pillars to have a successful business. By incorporating AI chatbots in the finance industry, the chatbots can handle routine requests such as balance inquiry, payment information thereby, reducing the workload of call center employees so that they can focus on other challenging tasks and strategies which require a higher degree of expertise.
According to a report from , 90% of customer service leaders agree that personalization is the need of today’s business. It is the future of automation and the next generation CX revolution. In every industry, Chatbots have established themselves as the best tool and helped companies provide more value to the users and reduce business expenses.
A report from business wire says that one-third of customers revealed they would consider switching companies after they experience a single case of poor customer service. To avoid such issues, brands are adopting new ways to provide excellent customer service to their users.
To help you in your venture, we have compiled a list of the top 10 best financial chatbots on various use cases such as:
- Banking and account services
- Customer service agent assistance
- Voice-enabled virtual assistants
- Requesting and managing refunds
- Flexible chatbot platforms for multiple uses
- Self-service insurance transactions
Read on: How personal finance chatbots can help users redefine money management
Best Chatbots in the Finance department
Kasisto:
Kasisto has an AI chatbot platform called KAI. They claim to help financial institutions by creating chatbots for them. The chatbots can be used to make payments, review account details, and ask questions. Kasisto’s chatbots can also help users to manage their funds from multiple accounts. In case the chatbot is unable to solve a customer’s problem, then KAI software can send a chatbot conversation to the customer service department, where the employees take over the task and assist further.
Chatbots of Kasisto’s platform can be integrated into desktops, apps, and dashboards for backend employees. The Chatbots are trained to converse with customers regarding financial tasks. Customers can also schedule and send payments, or update the terms of claims through Chatbots. The software can send a chatbot’s conversation to a human agent in case the bot cannot solve a customer’s problem.
Chatbots developed using Kasisto’s platform can integrate into smartphone apps, websites, and dashboards for backend employees. The company also claims to have a deep learning tool for business banking chatbots that helps train new machine learning models, however, they do not offer a detailed explanation of how multiple neural networks would work to make a chatbot more effective.
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Tars:
Tars are known for its chatbots templates for every situation and in any industry. Particularly, their chatbot templates in the finance industry are more popular. The other good thing is that Tars have used their chatbots on their website. Working with Tars chatbot doesn’t need any coding experience. The chatbots are programmed in such a way that they immediately catch users’ attention, invite them for a conversation and encourage them to take the required action.
If any company wants a customized chatbot that is made just to solve their problems, Tars can do that too. Tars have a powerful AI integration feature, which can be integrated with any business management application. Tars say that if you use their financial services and banking chatbot then your conversion rate will increase up to 2–3x. Financial services chatbot helps you reduce the retention rate, saves money, and offers personalized engagement with the customers.
Haptik:
Haptik is one of the best emerging Chatbot tools that work on the Smart Skills technology, custom-made for the finance and other industries. Haptik has a rich library of smart skills that are derived from key-learnings and best practices of the financial services industry.
Haptik offers pre-built integrations where the IVA can be effortlessly integrated with other contact center infrastructures like CRM, ticketing systems, and ERP. Haptik has a Native Python-Based code editor that performs all the tasks. The information between the IVA and the other applications can be transferred easily using open APIs, and open, flexible Webhooks.
Haptik’s financial services chatbots can be used across multiple channels such as WhatsApp, SMS, Messenger, Google Business messages and provides seamless integration with IVR systems such as Genesys, Avaya, Zendesk, Freshcaller, Cisco, and more. These chatbots converse in a natural, engaging, and personalized manner across various platforms that make the customer experience delightful. Haptik also helps in maintaining a unified and consistent brand voice across marketing, sales, service, and support.
[Expert guide] — Factors to Consider While Implementing Conversational AI for Financial Services
Hybridchat:
Hybridchat is a live chat software that integrates chatbots and connects them bi-directionally to a messenger that the company prefers. Hybridchat boosts digital adoption and streamlines banking operations and helps in reducing costs by automated FAQs and customer service inquiries by saving time for your customer support team.
It is a self-service software which means the new clients can easily be onboarded on the platform by helping them during the user registration, authentication, and account registration process.
The employees in the financial services industry often have to hear the same questions again and again. To save customer support time, chatbots can answer customer inquiries and help companies to sell everything from credit cards to insurance policies.
Growthbotics:
Growthbotics offer different services like Chat Apps, Whatsapp API, CV, CRM, OCR, Payment Gateway Integration, Discord Bots, Alexa Skills development, Twilio API, WeChat API integration, and AI security.
They offer to reduce employee headcount and operational inefficiencies by 30%. Their chatbots include NLP powered chat support and price/product recommendations.
Growthbotics AML and KYC Automation features can stop fraud. Their AI OCR Image and Recognition detect fraud and automate, compliance, KYC and e-loans.
They help in improving the customer experience with customization AI face and Voice Assistant.
Their AI feature can point out non-paying clients and also find ones with bad credit scores.
Growthbotics make customer onboarding easy with AI sentiment assistants.
Their AI tool helps to recommend products and estimate prices based on data.
Kore:
Some of the key stats that Kore talks about:
- 40% of repetitive accounting and finance tasks can be effectively automated by chatbots.
- A 90% increase in accuracy can be achieved by eliminating the inefficiencies and complexities inherent in traditional accounting processes.
- 50% reduction in payroll costs can be achieved by implementing chatbots to augment your existing finance or accounting staff.
Kore.ai bots help companies in the financial services industry to be more productive and efficient. They make invoicing easier. Their chatbots can be trained in identifying the accounting codes that should be assigned to each type of invoice and automatically update the necessary systems of record. This helps in improving finance visibility, productivity, and cost-effectiveness and reduces the possibility of human error.
Collect.Chat:
Collect.Chat also offers different types of Finance Chatbot Examples and Free Templates for various use cases. The templates can easily be edited, updated, and installed on the finance business website. Some of the templates they offer are:
- Merchant Service
- Insurance Assistant
- Mortgage Survey
- Mortgage Help
Collect.Chat chatbots interact with the customers in a personalized manner that helps in generating leads. These chatbots are proactive and available 24/7 to serve customers. The messaging done by chatbots is 100% automated. Depending upon the user, the bots can easily change the flow of the conversation. Collect.Chat chatbots converse with every visitor and help in capturing emails of the users which can later be used in the lead generation process.
The chatbots can easily be built using a simple drag and drop feature. The conversations can be created with draggable elements. The customer support team will be quickly notified whenever a user finishes a conversation with the chatbot. Chatbots can be used to schedule and book meetings with senior agents. Chatbots made by Collect.Chat is mobile friendly and can easily be used to gather insights on customer satisfaction by asking their opinions & measuring their experience. The bots can easily be shared via social media or in the campaigns with a link that can be used to increase the reach and qualify leads.
Nuance Virtual Assistant
Nuance Communications is popularly known for its AI-enabled voice recognition technology for healthcare. Recently, they started offering services in the financial services industry. They offer a virtual assistant service called Nina. The customers can ask Nina questions by voice or text. The virtual assistant can be integrated into the company’s website or smartphone app. It is compatible with SMS texting applications, smart TVs, or acts as a customer service platform for bigger companies.
New users come across issues while setting up their account which Nina can handle flawlessly just by answering a few questions. Nina can also display highly personalized automatic prompts as per the user behavior. For instance, if a user is spending a long time on a particular financial plan, Nina can be configured to show prompts that offer advice. This way a chatbot like Nina can help navigate the user towards making an informed decision.
Paypal:
Paypal also offers an AI-powered customer service chatbot that can be run through Facebook messenger. For security reasons, Paypal chatbots ask users to log in every time they want to use the application.. The chatbots also bring up a list of the customer’s disputed payments so that the customers can make sure to check the status of each one.
Users can also ask any questions about their Paypal account with chatbots. Common questions include:
Declined payments:
To know the reason why a particular payment was unable to clear or why the users were not able to accept payment that has been sent to them.
Unauthorized charges:
Customers can make inquiries about payments for goods and services that the customer did not purchase, which is followed by how to solve the issue.
Passwords
Passwords section also includes other login information such as the email which is connected with the account and other security questions as well
Account Holds and Limitation
Any condition set on the user’s account that limits how much money they can send or accept and how frequently they are allowed to.
Paypal also claims to use ML technology to detect fraud and risk mitigation on their payments platform. They claim to use hundreds of identifying factors within each transaction to ensure that no suspicious activity is going on. This also includes chatbot interactions like asking certain questions within a particular time frame.
Read On: Why Financial Services Brands Should Leverage Conversational AI for Customer Care
To Sum Up
Finance chatbots can provide support anywhere in the world to any user. They are available 365 days a year and can answer a question 24/7, solve common issues quickly like, resetting a password, managing transactions, or finding the nearest open office. Chatbots can handle multiple requests at a time. They decrease user waiting time and resolution time. Chatbots save 4 minutes per inquiry as compared to traditional call centers.
According to a Juniper study , companies that use virtual agents and chatbots will save $8 billion per annum by 2022. Finance chatbots can help to generate leads, reduce business expenses and turn the leads into buyers. They help reduce the workload and work 24/7.
Want to develop an Intelligent Virtual Assistant solution for your brand?
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9 Best Chatbots in the Financial Services Industry was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story.
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5 reasons why every Lawyer needs a Virtual Assistant
Virtual Assistants — Next-gen solution to mitigate administrative challenges
Law firms and lawyers managing business in a digitally tech-savvy environment, need to consciously capitalize on emerging automation technologies to better manage their workflow and client experience. Typically, lawyers spend about 40% of their time in scheduling meetings, searching for relevant documents and managing volumes of case history databases. These challenges become exacerbated when handling multiple clients and varying client matters, leading to reduced focus on core business activities. A high level of administrative support needed for the seamless functioning of law firms as well as solo practitioners has made Virtual Assistants a perfect solution for the legal industry. In addition to increased staffing costs, difficulties in acquiring skilled talent and communication channels have left little room for law firms and lawyers to find a cost-effective way to stay ahead of competition. In such challenging scenarios, integrating virtual assistants is the most valuable proposition to gain operational efficiencies and provide best-in-class customer experience.
Virtual assistants facilitate lawyers to perform routine legal tasks more quickly, accurately, and in a cost-effective way. In the absence of relevant security solutions in place, accessing legal documents as well as file sharing have become increasingly challenging for lawyers especially outside the office network, considering privacy and compliance concerns.
Virtual assistants built with text and voice capabilities play an influential role in boosting the productivity of lawyers, by providing secure access to client documents from anywhere and on-the-go, substantially improving mobility. These solutions offer attorneys instant and efficient administrative support by providing access to the right information at the right time and allowing them to focus more on critical work. Virtual assistants also provide additional insights to lawyers in formulating their cases and establishing a strong relationship between the lawyer and the client. To summarize, Virtual assistants have a huge potential to radically change the legal industry by supporting lawyers in delivering better and personalized legal services to their clients. Intelligent virtual assistants are disrupting the traditional legal practice and are aiding lawyers in streamlining operations and helping them remain competitive by minimizing their time spent on monotonous tasks.
Challenges Faced by Lawyers Domain-specific Virtual Assistants — “Simplifying Matters” for Lawyers
While intelligent assistants in smart devices (smart speakers, smartphones) are gaining popularity and gradually being adopted by lawyers, they still need to deal with a variety of challenges and associated risks. These devices integrated with AI assistants pose numerous Security & Privacy issues for lawyers. The key functionality of these devices is to capture and store all transcripts and data on external servers or cloud, resulting in Loss of privacy as well as Loss of control for lawyers. These smart devices are not built with enterprise-grade security and have weak authentication, making them easier to hack allowing access to client data and other sensitive legal information.
Lawyers using smart devices for voice search queries must deal with issues of general-purpose assistants, which are typically non-domain specific, resulting in poor user experience. These voice assistants in smart devices often skip interpreting legal-domain specific words that restrict the search results to be more precise.
5 Major Reasons Why Lawyers Should Integrate KLoBot’s Virtual Assistants
More Secure and Compliant
Privacy and data security are major concerns for lawyers, especially with reference to confidential data of clients. KLoBot’s virtual assistant is compliant with data privacy regulations, offering secure transcription services and feature-rich admin console, which strengthen the document security as well as secure access for lawyers. KLoBot’s virtual assistant understands the legal industry contextually, reducing complexity in accessing the relevant information securely as well as enabling on-the-go agility. The enhanced mobility also helps while sharing documents with other colleagues across different channels.
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Automated meeting coordination
KLoBot’s virtual assistant supports lawyers in managing their day to day activities, including scheduling appointments, setting reminders, and other basic tasks. Coordinating calendars and organizing meetings are time-consuming as well as cumbersome for lawyers as they are often reliant on other junior professionals for scheduling important meetings. In addition, KLoBot’s virtual assistant provides automated meeting coordination, resulting in reduced scheduling time and efficiently organized calendars.
Handling customer interactions
KLoBot’s intelligent virtual assistant can handle client interactions by “humanizing” communication through text and voice. The solution can connect with clients, personalizing their experience and provide reminders related to case hearings, meetings, and other case details. Lawyers handle repeated client queries and provide legal advice for the same issues to different clients, which hampers their productivity. KLoBot’s virtual assistant handles FAQs and manages client queries, which reduce the workload of lawyers. KLoBot’s “People Search” helps prospective clients to quickly and efficiently check the lawyer’s or law firm’s expertise. This enables faster access to right the lawyer with the necessary capability and expertise as well as helps in generating targeted leads.
Legal Search
KLoBot’s virtual assistant is helping lawyers to search for important documents, contracts, and other materials of specific cases on-the-go using text as well as voice.
The intelligent virtual assistant can sort through legal documents from voluminous records, allowing lawyers to retrieve old case information. For Instance, KLoBot’s solution “netDocShare” a cloud-based document management service, provides lawyers with access to NetDocuments content on SharePoint by using KLoBot’s text and voice-enabled virtual assistant.
Enabling Smart Offices
Other than FAQs, every client has unique legal requirements that need to be addressed. KLoBot’s virtual assistant is enabling smart law firms that provide lawyers ease of usability, better control over resources, streamlining their practice and promptly assisting clients in resolving their legal issues. KLoBot’s virtual assistant ensures the security of confidential files even in external environments, which makes sharing documents significantly easier. By supporting lawyers in efficiently carrying out basic tasks, KLoBot’s virtual assistant augments operational capabilities resulting in improved productivity.
Benefits of using KLoBot Virtual Assistant Don’t forget to give us your 👏 !
5 reasons why every Lawyer needs a Virtual Assistant was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story.
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3 COMMON USE CASES A CHATBOT CAN HELP YOUR BUSINESS/WORK EASILY RESOLVE
The Chatbot Market was projected to grow from $2.6billion in 2019 to $9.6billion by 2024.* In 2020 however, the market valuation reached $17.17billion**, almost double of what it was projected to in 4 years due to the impact and resultant demand brought about by the global pandemic. A good number of businesses globally and even locally in Nigeria and Africa resorted to Chatbots to handle the extra work load and the market is now expected to be valued at $109billion by 2026.
But Chatbots, and indeed, every other technology is not a one size fits all that we should just adopt blindly and expect to results instantly. No, that would be unwise.
Here are 3 problems or instances that if you experience in your work or business, a Chatbot would definitely help to resolve.
Lots of Repetitive Requests Or Tasks: Repetitive, mundane and boring tasks tend effect a person’s productivity in unexpected ways. Aside from being a poor use of productive time, people tend to make mistakes when they do and expect to do a task over and over again. This often leads to diminishing returns for the person’s output. Chatbots are commonly used to automate these kinds of processes; Whether they are frequently asked questions, or sending a type of message or file, one of the best decisions you can make for your business is to introduce a chatbot to help out with that part of your operations.
Lead Generation: Chatbots are often used to ask questions that can help qualify your leads to know which ones are cold, warm or even hot. You can then pass the most promising ones to your sales reps to follow up while you send automated messages to further nurture the warm and cold ones. According to a study by Lead Connect, 78% of customers buy from the company that responds to their inquiry first.
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Absenteeism: No matter how hardworking or hands-on we are in our work or business, there are moments which we may not be available to answer the requests or inquiries of our customers. In today’s on-demand world where everyone wants things in the now, now now, a 5 minute plus delay in responding to a request can lead to up to 80% reduction in chances of qualifying the lead according to a study done by Drift. A chatbot can help stand in the gap for those moments where you or your staff are not available to respond to an enquiry (such as during closing hours or weekends). You can integrate to your email calendar and instantly schedule a meeting right from your bot.
So do you any questions or comments around chatbots? Feel free to ask below and I will do my best to answer.
(* Source: Artificial Solutions: State of Chatbot report 2019)
(** Source: Researchandmarkets.com Chatbot market report)
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3 COMMON USE CASES A CHATBOT CAN HELP YOUR BUSINESS/WORK EASILY RESOLVE was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Reasons Why Chatbots are Important in CRM?
CRM needs to be a functional unit in any corporate setup. Moreover, the companies’ additional services, such as implementing CRM bots, are considered an excellent way to optimize the relationship. Hence, adopting a chatbot for customer service is the best thing to do for new and budding businesses. Take a step ahead with BotPenguin; after all, customer satisfaction makes a company strive in the market. Here is the detailed blog.
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Why is a Chatbot Important for a Property Management Software?
As a Property Management Software company, consider all the solutions you provide- managing leasing applications, streamlining maintenance requests, keeping track of rental payments, etc. I’m sure you know that most of your solutions are heavily dependent on seamless two-way communication.
https://wotnot.io/blog/chatbot-for-a-property-management-software/
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Alexa Can Measure Your Workout Through Amazon Echo Earbuds
Amazon is overhauling the Echo Buds earbuds with new wellness highlights intended to follow runs and different activities. The voice aide…
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Why You Really Need a Chatbot in Your Mobile App
Chatbots are increasingly used on brand websites, as well as in communication apps. However, they can be implemented in your mobile app, bringing more value to your company and your customers.
What is the function of chatbots in mobile applications?
Will chatbots replace mobile apps?
Read on to learn more about this technological symbiosis.
What is a Chatbot AI?
Chatbots are systems that enable the automation of processes. In this case, communicative processes. Because they have Artificial Intelligence, they can learn and improve their efficiency based on the received commands.
Companies widely use them to optimize their Customer Support services.
They can also be used to automate processes within companies. An example is the automation of Human Resources. To know more about HR Chatbots, click here.
Artificial Intelligence
The artificial intelligence of chatbots comes from technologies such as Machine Learning and NLP (Natural Language Processing).
Machine Learning relates to what the system needs to learn by itself. That is, the necessary algorithms the machine needs to learn autonomously and automatically. On the other hand, NLP relates to human language. This discipline gives the system the ability to understand the language written and spoken by humans. With the introduction of this technology, the system can extract the correct information from the commands it receives. To know the importance of Linguistics for the good performance of a chatbot, click here.
In the course of this article, whenever we mention “chatbots,” we are referring to Artificial Intelligence systems.
What is a Mobile App?
If you have a smartphone, a tablet, or any other mobile device, you’re probably already in contact with apps.
A mobile app is a software program that you can download and access directly from your mobile device. By providing an app, you offer the same services to your customers as on your website. But with the advantage that they can access it anywhere.
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Android and iOS
Chatbots vs. Mobile Apps
As already mentioned, the chatbots came to help companies optimize their services and communications, both with their customers and internally.
These solutions integrate into your company’s website. As well as communication applications, such as WhatsApp or Facebook Messenger.
Chatbots are very effective options to increase your company’s service level since they’re in the most downloaded applications worldwide.
In the same way, it happens with mobile apps. So that customers don’t have to resort to search engines, offer them an app, which leads them directly to your product.
While chatbots need a channel to host themselves, apps are by themselves already channels, working independently.
Still, and although they work without additional systems, your company’s application would benefit greatly from integrating a chatbot.
How Does a Chatbot Complement a Mobile App?
1. Increase User Engagement
An app can be a great solution for customers who are more present on mobile devices.
However, it’s a one-way street. That is, the user goes to the app and looks for what he/she wants. If they have any questions, they have to resort to other channels to clarify them.
Still, this scenario would be much more satisfactory if an agent “followed” the paths that the customer takes. And, for example, suggest products or answers, even before the client has them.
The product recommendation coming from the chatbot is a strategy widely used in retail. But it can be easily taken to other sectors. Click here to know more.
2. Offers Immediate Customer Service
Linked to the previous point, by providing immediate service and support, chatbots allow the client not to leave the app. This is a crucial point because if the user leaves the application, he can be distracted by other issues.
Besides, if the chatbot doesn’t know how to answer the questions, it forwards the request to a human agent, who answers through Live Chat.
Live Chat is a Visor.ai tool that allows your team to intervene through the chatbot.
3. Power Promotional Campaigns or Alerts
An exciting role that chatbots can play is as messengers. In other words, in addition to collecting data from users, such as the products they’re looking for, they can send personalized campaigns to those same customers.
That is, with the Broadcasts tool, your company can send notifications and messages to your customers about specific events and advertisements.
When users go through specific paths on the chatbot, you can also set triggers in those paths. So, when the user goes through a product with a campaign associated, he/she receives it right away.
They’re a great way to make your products and services known without being inappropriate for your consumers. Learn more about these Visor.ai features in Broadcasts and Triggers: How to Sell with your Chatbot.
4. Increase the Number of Commercial Leads
Leads are business opportunities. They’re potential customers who have shown interest in a certain product or service.
Taking that interest into account, the chatbot can cultivate a relationship with the user and guide him to obtain the service or product.
5. Enables Direct Payment
Of course, a client can always go back on his decision and decide not to buy a product. However, if an instant payment method is available, it’s more difficult for them to go back on their decision.
A chatbot is an ideal option for this.
After choosing and subscribing to the product, the payment remains. That’s when, with some integrations in the system, the chatbot offers the option of direct payment. It’s not necessary to resort to other platforms because the bot presents everything.
Will the Chatbots End Mobile Apps?
The answer is simple: NO.
Chatbots won’t kill mobile apps, just like they didn’t end websites where they are integrated.
At most, they bring more traffic and engagement to those channels.
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Why You Really Need a Chatbot in Your Mobile App was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story.
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How Voice Chatbots Boost Customer Service In Telecom
Voice chatbots are designated by almost all industries and business enterprises to handle multiple aspects of their undertaking such as customer service, product suggestions and ordering, business process improvement, scheduled meetings, etc. These chatbots are an innovative breakthrough in the telecom industry too, where catering unruffled service to customers is a predominant obligation. Moreover, In 2019, telecommunications stood second last in customer satisfaction rankings because the lack of consummated communication was one of the biggest challenges then. With the manual procedures, customers had to wait for long hours to route their complaints to the relevant department.
Nowadays the voice processing chatbots, powered by artificial intelligence and machine learning, make the experience much simpler for customers. Around 16,000 interactions are handled by one single bot which eventually improves the customer service in the telecom sector. These conversational chatbots assist the customers virtually by resolving their grievances in a more refined and personalised manner, and liberate them from the web of excruciating waiting games. The customers who are reluctant to interact on phone calls, the chatbots address their issues via messaging platforms.
Learn more : IVR Deflection vs Conversational IVR: How to Improve Customer Satisfaction
Why does the telecom industry need Chatbots?
The telecom industry as a whole is majorly influenced by the quality of customer service delivered by service agents. A telecom company needs to provide proficient customer services to develop customer loyalty for its brand. However, it is an accepted and acknowledged fact that responding to all the customer queries without delay is an immensely challenging task for the telecom companies. To dodge through the inexhaustible pile of tickets and queries, AI-based chatbots come to rescue. Chatbots are an important investment for the telecom operators to address such challenges and here’s why the industry needs them.
Provides services to thousands and even millions of customers: With an ocean of customer base, the telecom operators try their level best to narrow down customer churns. The industry gets loads of boiling complaints every day from the customers. It becomes very strenuous for the service providers to handle so many grievances instantaneously. The AI authorised chatbots are able to administer and resolve them systematically. Chatbots implement simple and individualised consultations for the customers and thus ameliorate their agitations.
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Receives several repeated requests and complaints: Chatbots have enhanced the scope of self-service for repetitive customer queries. With advanced AI technology, machine learning and natural language processing, the persistent telecom queries are settled swiftly resulting in a delightful customer experience. These chatbot services account for the profit of millions of dollars every year for telecom companies.
Needs to provide 24/7 customer service and is required to have enough human resources to support the service. Chatbots are capable of providing uninterrupted services, especially during situations of limited manpower. The chatbots perform their duties throughout the week irrespective of holidays or the weekends. These advantages facilitate smooth functioning of telecom companies by ensuring faster management of customer hassles. However, enough human resources are also required to speculate the unhindered potency of the AI chatbots and also act as their back up for receiving redirection for any unusual issues.
Deals with the customers who like self-service and have a higher chance of resonating with chatbots. According to the statistics of International Business Machine (IBM), 56% of telecom customers prefer the self-service option to select the best plan and 77% of the customers choose self-service for bill payments and recharging their accounts. This data implies that executing an efficiently functioning self-service option will lead to better resonation with the customers. There is no better alternative than chatbots for this agenda. Through chatbots, the customers can communicate their service requirements as per their convenience and, with options to interact via texts or over phone calls.
Provides room to expand sales and expansion strategies. Most often, customers disconnect the call received from telecom service providers. Using chatbots, companies can avoid these communicational disruptions and establish an uninterrupted communication platform . Keeping an account of customers’ past conversations and their preferences, helps chatbots to anticipate customer behaviour and augment appropriate strategies accordingly. If customers do not wish to respond to calls, then they can be reached out via other means. . The chatbots streamline these communication platforms to meet the expectation of each customer.
Provides a platform to establish uninterrupted conversations with customers and also provides them with an omnichannel experience with personalised services accordingly. Indulging customers into personalised interactions yield beneficial results in the telecom industry as there is a wide range of products and services that the customers might be interested in. Chatbot services are not limited to just resolving customer complaints. They also engage in offering profitable deals to their customers, assessing their subscriptions and reviewing their payment records and send reminder notifications to the customers in case of pending payments. Chatbots serve as good listeners to the customer complaints and understand their demands better and accordingly provide individualised information in a secured process.
Case study : How Starhub — Asia’s 3rd Largest Telco Elevated Customer Support with Haptik
How voice chatbots can add value to the telecom industry?
a) Improved customer experience. Customer interactions are evolving and emerging every day. Catering only through phone call service is neither adequate nor affordable. Making customers wait for a long time on call can be agonising and can have a negative impact on the company’s image. Conversational bots can sort out these problems by attaining to numerous problems at a time, thereby improving customer experiences. 24/7 customer assistance of the chatbots yield positive results by providing ease of access to information to the customers, reduces their waiting time, delivers quick response, offers individualised interaction and many more. The AI-based chatbots also use predictive computations based on the customer’s last few activities on the internet and comprehend the issues. By doing so, the bots are able to resolve the queries quickly and satisfy their customers.
b) Save up to 90% support cost. AI chatbots can be assigned with a lot more responsibilities ( by volume) than human employees. This can contribute to overall cost reduction that may be required while appointing and managing the Customer Relationship Management (CRM) workforce. The chatbots save the cost incurred on the CR executive, thereby cutting down the overall expenditures. Unlike manual workforce, AI chatbots are capable of serving customer requirements effectively without taking any break. Moreover, they can sharpen their resolution calibre through machine learning and account for minimal maintenance costs which is much lower than manpower cost. The AI chatbots are capable of handling multiple tasks parallely and do not require any change of shifts. The telecom companies, with such adoption, can reduce the huge customer service costs as the chatbots do not require huge amounts of investment. This cost efficiency advantage of chatbots also accords to transferring of profits to other departments and escalating customer retention
c) Solve technical issues. Sorting out the technical glitches of the customers is yet another major concern addressed by chatbots. AI-enabled chatbots or voice chatbots reduce human interference to a great extent and handle the repetitive yet complicated issues all by itself. Usually, the complaints pile up regarding poor connectivity of the internet which might occur due to numerous esoteric circumstances. Chatbots can be made competent to identify the root cause of these errors and resolve them quickly. However, if still, the problem persists the bots forward the complaint to the staff of the technical department.
d) Improve workforce productivity. Chatbots can increase the framework of workforce productivity through their ability to perform multi-tasking, resolving repetitive queries, sorting out time-consuming issues quickly and many more. Chatbots are mostly engaged to address the complex grievances of the customers. They are also assigned with other significant responsibilities such as training the existing employees of the telecom company to cater to complex queries, regulating back-office undertakings, etc.
e) Boost business opportunities with intelligent prompts. The fierce race among the telecom companies often results in customers switching from one service provider to another. Customer conversion and efficient interaction with them is therefore a significant policy to expand the business. Primary procedures for revenue generation are sales and collections. AI-enabled chatbots prove to be one-in-all devices when it comes to the handling of cross-selling, or up-selling. The bots verify whether a customer is likely to make payment at a time or not, efficiently attend to individual customers, develop context awareness, thereby refine the customer experiences and boost the inflow of profits.
f) Improve customer retention with The omnipresence of the telecom companies makes all other value-added services dependent on them. Along with internet service, the telecom services assemble suggestions of gaming, movies, web series, songs and others for the customers. The AI-based chatbots assess the customer’s search history and based on that information provide a series of relevant suggestions which include the type of games the customer might choose to play, the particular genre of movies or the kind of songs the customer would prefer to watch and listen to. These measures help to boost the number of loyal customers.
Here’s how we enabled customer support automation for the World’s 3rd largest Telecom
How AI chatbots or voice process chatbots are changing customer service in the telecom industry:
Today more than ever, given the high risk of customer agitation, telecom service cannot ignore customer experience. That is where an AI-powered chatbot or voice bot comes into the picture to help the severely overburdened contact agents. Today’s conversational AI chatbots have evolved to drive human-like conversations at scale, understand the context, and hence resolve calls faster, more affordably , with a better customer experience.
In the telecom industry, chatbots can revolutionise customer service without any human intervention by”-
- Reducing waiting time: Unlike human operators, chatbots being software is capable of efficient multi-tasking and can handle more than one customer grievance at a time. It can solve numerous problems simultaneously without making the customers wait for redirecting their call to any specific operator. Chatbots provide instant solutions to customer complaints, rendering them a better experience.
- Redirect customer requests to appropriate departments. Telecom companies can hire a number of chatbots to work as their front desk operators. Thus, they can be the primary respondents to the customer queries. The chatbots provide a detailed set of options to the customers for superior interpretation of their grievances and forward the complex issues to the appropriate departments based on their skillset and chat loads.
- Collect customer feedback. A feedback request processed by AI chatbots receives a better acknowledgement from customers as they can respond according to their convenience. They channelize their feedback procedures mainly to the existing customers to familiarise with their experiences.
- Facilitate smooth and transparent communication. The conversation bot gathers basic information about the customer’s complaint, which encloses details like whether the person is a new or existing customer/ whether they possess an individual or a corporate account/ their account number/ whether their issue is related to general information, finance, technical failure, etc. or other issues such as slow connection, overcharged or others. Based on these data the chatbot resolves the simpler issues and redirects the complicated ones to the operators.
- Overcome language barriers. With the help of machine learning the AI chatbots interpret the natural language and the tone of conversation in which customers feel comfortable to interact, thereby invigorating a smooth communication technique.
- Provide omnichannel service. Enabling customers to communicate through other channels such as Whatsapp, Facebook or messenger, along with phone calls boosts the interaction process.
- Boost conversations. Chatbots collect information from chat history or internet history to interpret the customer behaviour and provide relevant information, deals and offers to make the customer feel prioritised.
- Streamline bill payments. AI-powered bots forward automated messages of the bill payments to the customers through their preferred channels providing them with the options of ‘pay now’ or ‘pay later’ and the mode of payment. On further delay of payments, they give automated calls to the customers extending the same options. The chatbot oriented bill payments reduce the risks of accounting errors and plug the revenue leakage.
Check out our new handbook on Customer Service Chatbots:Swift, Seamless, AI-Powered Support
Things to consider while implementing chatbots to your telecom business:
- Software: Acquire a software platform that helps you in developing a chatbot either on itself or through integrations.
- Intelligence Level: Use machine learning and AI to develop a chatbot that does more than answering standardised questions.
- Organisational Support: Consider resources available in other internal departments like finance, operations, especially IT to support your chatbot.
- Chatbot scripts: Build better scripts and include some personality so that your chatbot stands out.
- Feedback: Seek customer feedback to make your chatbot interestingly interactive.
To ensure customer acquisition and retention it is important for the telecom service providers to embrace the latest technology and leverage it to improve their work efficiency. The AI-based chatbots can be an asset to your telecom company as it can escalate your business and assist you in facing market competition by giving an edge over other brands.
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How Voice Chatbots Boost Customer Service In Telecom was originally published in Chatbots Life on Medium, where people are continuing the conversation by highlighting and responding to this story.
