Chatbots are the new in-thing for communicating customers. A vast majority of major companies across the niches has jumped in the chatbot bandwagon to stay ahead of the competition. Chatbots are also getting increasingly intelligent and intuitive. They now have more predictive power to strike a conversation and speak out things that customers are more likely to hear.
Slowly, we are entering a new world of business communication where more precision-driven chatbot communication will replace all the unpredictabilities of human communication. Chatbots are changing the way business communication is carried out. Any chatbot app development company in India has to give attention to these changing spectrums of customer communication through Bot apps and interfaces.
Chatbots are changing the customer experience
Just think how many times you felt indecisive and left the shopping cart before completing the transaction? Well, as per the findings of the Market Inspector, more than 50% of customers leave shopping carts being indecisive about the buying decision.
By addressing this indecision, companies can boost up sales to a great extent. To do this, online stores need to get to the bottom of the problem. For most buyers, the indecision stems from the unavailability of simple and straightforward answers to questions from ecommerce websites, and this is a serious customer service issue.
Through chatbots, you can educate customers about products and company's offerings and drive sales. The chatbots these days are becoming extremely sophisticated with instant visual help to answer questions. This, in the long run, will address indecision of customers and boost business conversion.
Chatbot call centre transforming customer care
When it comes to answering simple questions with straightforward and simple answers, Live chat bots come as effective tools. In fact, these chatbots are more apt and responsive than expert customer care executives in answering a whole array of regular questions.
In spite of this, Live Chat Bots cannot just replace humans in a call centre environment simply because they do lack any discreet tone and ability to pick up subtext and other contexts of a conversation. This is why chatbots in a call centre environment can add immense value in respect of answering all simple and statutory questions while human communication handles deeper explanations that require deeper logical understanding.
Chatbots work great for starting a conversation and answering the initial round of queries. This allows the call centre to save a lot of manpower hours while not undermining the quality of communication. With chatbots taking the responsibility of initial communication, human intervention can only be required only when the situation demands.
Chatbots are changing the banking sector
One of the biggest beneficiaries of the modern chatbots is the banking and financial sector. Just consider the huge financial crisis that happened in 2008 due to lack of access to information about financial liabilities. Following the collapse of the Lehman Brothers Bank, the panic that gripped the banks and financial market all over the globe made many banks learn the intricacies of security the hard way.
Today, Artificial Intelligence is being adopted by major banks and financial institutions to process financial data and make crucial insights concerning the liabilities and investment accessible to investors in real time. AI-based chatbots are making life easier for the investors and stakeholders when it is about getting informed about financial risk and portfolio of companies and organisations.
The best thing about the chatbots is that they require limited manpower and professionals to deliver customer service with intelligent chatbots. Instead of deploying huge resources in training manpower banks now can concentrate on upgrading chatbots with new and latest technologies to deliver better customer service. According to the anticipation of Juniper Research, the service cost will continue to decrease at least $8 Billion per annum from 2022 thanks to chatbots.
Another significant change that chatbots are bringing to the customer service if banks are the shift to social media platforms from regular customer care phone numbers. The chatbot communication across social platforms is helping bank customers to leave phone communication and embrace social media chatbots. Social media chatbots providing instant and often real-time answers to customer queries and concerns are increasingly getting popular for banking communication.
In the recent past, major banks like HSBC and Standard Chartered are coming with their chatbot apps to communicate with the customers easing out the customer service of the banks. As people spend more time on smartphones and social media apps, banks will enjoy nearly an omnipresent communication with customers through chatbots.
Blockchain the Surprising Ally for Chatbot
The rise of cryptocurrencies and their underlying technology Blockchain arrived as a powerful force for the digital interfaces and apps all over the world. The Blockchain knew for its hyper-secure technology that doesn't allow many interfaces and apps has already embraced any data tampering or deletion.
The next promise of the Chatbot is the integration of Blockchain to boost the security and accessibility of communication data further. With Blockchain integration companies can create more value proposition for their customer communication with enhanced security and accessibility of communication data across the board.
To conclude, chatbots will continue to evolve with new technologies and advancement. Chatbots are already inseparable from customer service and communication of many companies and their business processes. In the time to come, the role of chatbots will be more rigorous and multifaceted across industries and business niches.
