A chatbot is a computer program that mimics conversations with people through Artificial Intelligence.
Here's a quick look at how bots are being used in different industries.
1. Customer Service
Customer service excellence is key to competitive advantage and Digitally-savvy customers look for options that provide seamless support and customer care.
91 % of unsatisfied customers will not return for a repeat purchase
A chatbot dramatically reduces the cost of serving customers while on the other hand enabling customers to access help without needing to call service providers or search through help sections.
Using chatbots for customer service allows your business to respond immediately to customer inquiries. Customers are quickly frustrated when they do not get immediate responses to their inquiries. Using chatbots greatly reduces this frustration as you can use a chatbot to provide immediate acknowledgment of receiving a customer's message.
Through this message, the chatbot can also provide approximate resolution times for the issue as well as other self-help options in as situation where a live customer support is not immediately available.
2. Virtual Marketing
Through chatbots, you can now engage with your customers where they spend most of their time. Chatbots allow you to provide smart suggestions to your customers having "learned" their behaviour, prefences and spending habits.
Chatbots are taking personalized marketing to the next level and creating a huge paradigm shift from one-to-many marketing campaigns to one-to-one conversations with customers.
Chatbots can deliver personalised offers, products, and services to customers based on their profile data or important life events. Highly-targeted offers delivered at the right time via the customer’s preferred messaging app can dramatically increase conversion rates. However, these automated communications need to be properly placed so they don’t become an annoyance to customers.
3. Finance and Banking
AI powered bots are now being used to provide a superior banking experience. For instance, the MoneyGram SendBot offers convenient services such as a "track a transfer" tool and location finder to their customers through Facebook Messenger.
Through the Ongair Barclays bank bot, the bank's customers are now able to access conversational self-help options for most inquiries which not only reduces the time it takes for customers to have an issue resolved but also allows their customer service agents to handle more complex issues.
A banking chatbot can also be programmed to monitor and recognise warning signs of fraudulent activity so it can notify the affected customer in real time via their messaging app. The system reacts instantaneously giving the customer the option to verify suspicious transactions, and then advises next steps for fraud resolution.
4. Personal Assistants
"Personal assistants are no longer just for the few very rich"
Using a personal assistant chatbot allows you to find almost anything you need without leaving your chat app. For instance, a Personal Finance bot will “understand” customer spending habits by tracking and analysing card transactions. Based on this data, it will be able to give budget planning tips and help customers keep their finances under control.A customer may use this tool to check their savings account balance, see where they spent money last month, and ask for advice on how to reach their savings goal faster.