Customer experience can be improved in many ways. One of the reasons why e-commerce and online retail shops are gaining customer's attention is for the reason that their time is saved. Chatbot saves the time of customers by providing the precise information in a short time span. Customers do not mind spending some extra money for extra service.
Today, Chatbots are spread in almost every businesses. Chatbot development has become a part of financial industry as well. There are a few limitations of chatbots, and that is because of the lack of technology and resources. In a few years from now, we can develop chatbots which can interact with customers just as humans do or probably even better than humans. Below mentioned are the 8 top most reasons why chatbots are improving customer experience in various industries.
Delivering Personalized Experience
In any online or offline business, it is important to provide the personalized experience to the customers. Because of the advancement in chatbot app development, chatbots are capable of providing a seamless, personalized experience to the customers without letting them wait for the responses. In case of a human being, customers might face some lag or delay in response while chatbots provide faster responses. Personalized experience shows the loyalty of the service provider towards their customers. This improves the credibility of the company in front of customers.
Save Time and Money
Chatbots can help us save both money and time. According to a Statista survey, the cost of the total salary that a company pays to the customer service executive will be $8 billion by 2020. Chatbots will help us save the money and time of the customers as well as the customer service executive. Also, the resource allocation will be more optimized as now we can use those people into other tasks which are more important to the company as well as the customers.
Enhancing Banking Services
Chatbots have a lot to offer in the banking and finance sector. One of the applications of chatbot in banking is opening new accounts of the customers. This process is done by humans, but very soon it will be taken over by the chatbots. There are a few things which every customer are willing to get when they approach a bank to open the account. Every bank provides the necessities which customer want but, today people are looking for the unique element that one bank can provide and other cannot. That one aspect makes all the difference in creating a good impression in front of customers. Chatbots can help banks achieve the uniqueness that a customer wants.
When a customer enters the website of the bank, they are willing someone to navigate them through all the schemes and benefits or at least guide them through the website itself. At that time a small pop-up from a Chatbot saying hello can help a bank achieve an unbelievable target of conversion rates.
Chatbots can also be pretty helpful regarding banking services. Chatbots are capable of providing services such as automatic update of the bank account statement after the set time, Receive notifications of all transactions and getting regular updates about offers and other miscellaneous services.
Offer Faster Responses
In any business, there is an importance of response time. If the response time is less than the business can sustain but, if the response time is very high, no one can expect high conversion rates. According to a survey, 41% of the failed businesses or start-ups were because of the high response time. To respond faster one must develop live chatting system with a Chatbot. Email is the slowest form of conversation because it does not have enough facility for notifications. Making a chatbot receive all kind of notifications of the customers can help company executives respond faster.
As Chatbot app development is based on the Artificial Intelligence algorithms, they can learn more from experience. More the Chatbot interacts with the customer better it becomes in the conversation. A time might come where a Chatbot will be a better orator than human.
Reduction in Human Errors
A chatbot is a nonhuman technology which acts like a human. It does not have anything in its mind when first started but as soon as it starts working it can learn faster than humans in some cases. As it is a bot, it never forgets or makes any mistake in the tasks assigned to it. Chatbot development has lead companies to reduce human errors to a negligible level.
Improvising Health care
Healthcare industry is investing a lot in chatbot app development. There are a lot of apps available which can be personalized according to our health requirement. The Chatbots stores update the health data regularly and also, instructs us like a real-life instructor while doing exercise and workout.
Chatbot technology has made the change in many industries and businesses. It has almost replaced the humans. It is going to improve the development of Artificial Intelligence further. Chatbots are going to replace all the tedious tasks which are currently done by humans.