#conversationalAIchatbot

[ketul99]

Conversational AI Chatbot vs. Traditional Support: Comparative Analysis

Dive into a detailed comparative analysis of conversational AI chatbots and traditional customer support. Understand the advantages and limitations of each to make informed decisions for your business.

[linkfieldsinnovations]

Benefits of Using Conversational AI and Chatbots for Small and Medium Business

We are talking about conversational AI in business today. It’s an exciting area. Actually the whole artificial intelligence, machine learning area has been a hot topic But before I get deep into the definition, and how it can be used in the business.

let’s talk about the precursor of AI assistance. And that is Chatbots. Many of us have probably interacted with a chatbot in the past. Whether it’s dealing with businesses that you’re conducting business with, or even using them in your own business.

And so to visualize a chatbot essentially it’s a chat type window where you’re interacting with this chatbot and you’re doing some predetermined flows. So for example, making a reservation, or checking inventory, or checking your account status. So the chatbot accepts text or text-based requests. It can process those and give you the information back. But beyond that, they’re fairly limited. You’re not gonna have a conversation with a chatbot. It doesn’t have the robust natural language processing capabilities that an AI assistant actually has. And so, if you think about an AI assistant, you think about the ability to interact with that assistant and have it do tasks for you.

And the big distinction is that you have a much broader latitude to have conversations with an AI assistant as opposed to a chatbot. If you go too far out of bounds with a chatbot, it just simply won’t know what you’re talking about and it won’t return any meaningful kinds of results. So with an AI assistant, on the other hand, you could actually get some meaningful work done by employing these software technologies. And the good news is we’re starting to see AI assistants in many of our critical business applications. You’re seeing them in CRMs Customer Relationship Management tools, you’re seeing them in back-office applications like finance, and ERP applications. and so they’re becoming widely used, and really providing productivity gains for those that are actually using these assistants.

So let’s talk about in a little more detail how we can employ an assistant and some of the examples of where they can help. So we are listed a few. From a sales perspective, these assistants can be absolutely, incredibly valuable. So one of the things that salespeople struggle with is reaching potential customers on the phone. Now with an AI assistant, as it learns the customer patterns, and understands more about your business, it can give you deep insights such as when to call a particular customer So how does it find out when the best time, or how does it know when the best time to call a particular customer? Well, the AI assistant is basically scattering your detain the CRM in this case, and trying to evaluate this best time to call by looking at other data points.

When does this particular customer typically open emails? When have they answered your call in the past? These are all indicators that can be put together to form the best time to call. So based on all this information it can come back and tell the sales rep the best time to call this particular customer is between 3 and 5 PM in the evening. So great insight for a sales rep. It keeps them very productive.

The other thing that is always a little bit cumbersome for people in business is to make sure that they’re updating records in their applications. I’ll use the customer relationship management example again. Salespeople would rather be talking to customers closing business, rather than updating records. So if you could tell your assistant to update the records that are a huge productivity gain for that particular sales rep.

And that’s exactly what an AI assistant can do. It can do this based on giving it a command via text, or you can do that through voice. And typically when you’re talking about conversational AI in, you’re talking about leveraging the voice capabilities, or the natural language processing capabilities via voice.

Let’s give you some other examples that are found in some of these modern AI assistants. Dictating notes All of us would rather have somebody take notes for us right? And in this case, an AI assistant can do just that. You can ask the assistant to take notes and put it in a particular customer record so that it’s there for the future as well. You can ask it to set up follow-up tasks, set up calls to be done later, any kind of thing that you would manually do, our AI assistant can be trained to do as well.

Running reports Many of us to spend a lot of time looking for data across our organization. And pulling it together, either through excel or some sort of a BI tool, have to figure out how to collate the information and get to the end result. An AI assistant can do a lot of that for you. Again, it starts to learn about your business, it understands where data is stored, and it can pull together the relevant information to give you the exact report that you’re looking for, in a very timely manner. Chatbots for Small and Medium Business

[mtalkzmobility]

What is Driving the Demand for Conversational AI in Finance?

A new generation of conversational AI chatbots is sweeping the financial sector. As technology advances, it is surrendering to a more powerful force – Conversational AI. Conversational AI mimics human behavior and provides businesses with sophisticated conversational capabilities and experiences. Increasingly, organisations are placing digital at the center of their growth strategies, triggering the adoption of AI-based conversational interfaces within the financial services industry. Thus, AI is used by 37% of enterprises, with the rest planning to use it in the future. As AI and Natural Language Processing (NLP) capabilities have improved, along with the growing pool of client data, conversational AI implementations, such as Robo-advisors, chatbots, and virtual assistants, have grown in popularity.

A shift from Conventional to Conversational

Conversational AI, as a general idea, allows banks and financial institutions to promote direct discussions with their consumers via

text,

chat,

voice messaging, or

online apps.

BFSI Reshaping Customer Service with Chatbots

Several banks already offer mobile apps, and their use is growing rapidly. Mobile apps fulfil basic requirements of a user through its limited functionality and feature-set, that forces users to go to the website or call customer service to enquire about other needs. This is where Chatbots come into play. Chatbots assist customers in managing demands more quickly and efficiently, all while learning their behaviour. They learn a little more about their clients with each conversation, such as their

likes,

dislikes,

plans, or

changes in conditions.

This data is used to provide a tailored experience, such as recommending products or services that are most appropriate for the customer.

Compared to human employees, conversational AI chatbot solutions better understand client requests and respond faster. Daily, banking and financial institutions manage a variety of complicated databases and hold sensitive customer information. This can sometimes become overwhelming. Chatbots make the process streamlined by automating everything rather than hiring extra people to handle the workload. This further allows financial institutions to access data on the system anytime without relying on their employees. It is critical to delivering responsive, quick, and efficient customer service. It takes precedence above price and product, with 86% of customers preferring to pay extra for a positive customer experience.

Benefits of Chatbots to Financial Institutions

Many chatbots that are regularly active on websites may not have the impact that organisations want. When firms want to implement conversational tools in their strategy, they should choose a platform with results-oriented templates. Implementing a conversational AI for finance has several advantages, including:

High-level Customer Engagement

Banks frequently face constraints during opening hours. Even though some companies have 24-hour emergency support lines, others still have long wait times for agents to respond to the previous night’s inquiries. Conversational AI chatbot solutions allow instant conversation in a pre-arranged manner, rather than just answering FAQs. These customised responses can resolve the issue immediately or provide some initial guidance while transferring the user’s information to a team member for a follow-up call.

Back-end Efficiency

A significant amount of financial services is conducted behind closed doors. Chatbot Q&As, for instance, generate a subset of data used in the preliminary qualification phases. As a result, resources are saved by devoting time to more critical tasks rather than those that a bot can handle. This outreach will provide the agents with a solid grasp of who they will be dealing with, their requirements, and how they can best help.

Upselling Opportunities

Banks can use Conversational Banking to find upselling opportunities. For instance, when a consumer buys a flight ticket, it is a fantastic time to contact them and see if they also require travel insurance or currency services.

AI – A Phase of Revolution for the Financial Sector

Banks, insurance firms, and other financial organisations may now improve their CX globally thanks to the rise of no-code conversational tools. Through low-cost, easy-to-use chatbot builders, consumers can get 24/7 service, personalised product options, and speedy response times. Resource reallocation from a commercial standpoint means that employees can be assigned jobs that add real value while bots handle the initial engagement. Conversational AI chatbot solutions help businesses increase revenues by automating processes, personalising at scale, providing unique experiences, and shortening sales cycles. The Mtalkz conversational technology automates a variety of BFSI industry business use cases. Mtalkz powers BFSI firms to conduct faster onboarding and more secure transactions, manage their day-to-day operations, and give seamless customer service support.

[digital1254]

Conversational Chatbot : What Makes a Bot Conversational?

A chatbot is a conversational AI and ML-powered chatbot that handles customer support services. A conversational chatbot is becoming extremely popular as it is used to answer customer's issues, queries, automate the resolutions.

[quantiantech-web-development]

Listed below are 10 key areas where business can take advantage of conversational AI bots:

Immediate Response

Chatbots provided customers with a sense “immediate response”. They always want their queries “now”  service within five minutes of making contact online. Conversational chatbots enables a similar kind of response and behavior akin to talking to customer care personnel.

Drive More Revenue

Intelligent chatbots acts as a guide for customers and take them on a buying journey. This makes sales conversion and revenue. Advanced chatbots can remember “context” and thus provide customers with preferences and provide advice, tips and help, while gently providing recommendations that results in upselling of products.

Reduce Costs

According to reports use of virtual assistants cut need for queries handled by human agent by 40%, and often deliver first call resolution (FCR) rates far in excess of live agents. Chatbots will reduce costs by handling more customers at a time.

Maximize Staff Skills

Conversational bots can be used to automate a portion of call, email, SMS etc, that would have required human involvement. This gives time to employees to engage in  higher-value customer engagements.

Reach New Channels

Chatbots provide personalized customer experience and try to solve customer’s query before initiating a human involvement. These bots can be simultaneously deployed on various platforms like social media, calls, SMS etc. This reduces the overhead required to deploy a support to team on each new channel or network.

Increase Loyalty

Conversational bots can increase brand loyalty as well as customer retention. This happens due to fast and frictionless answering of customer queries. Use of conversational AI reduces the cost overheads of the company as well as increases customer retention.

Available 24/7

Customer want service 24/7 and 365 days. Delivering this kind of support by human agents seems impossible. However, conversational bots can be available all the time. The customers can get their queries solved using conversational bots anytime and even on holidays.

Increase Engagement

Customers tend to spend 60% more per purchase and also report an increased frequency of purchase. As customers start to favor online methods of communication, chatbots provide an opportunity to reignite the customer experience with increased engagement, personalized customer service and improved customer satisfaction.

Understand the Customer Better

Apart from providing customers with quick query solving, these bots can also provide meaningful insights into the company’s customers. They can be used to understand trends and better interpret customer sentiment, providing invaluable insight that informs product and service development.

Need help with Conversational Bot?

If you want to build Conversational bot or integrate to your existing products and need help, advice, or developers, feel free to contact us @ https://quantiantech.com/contact-us/

Read Full Article @ https://quantiantech.com/ai/conversational-bots/

Contact Us

Quantian Technologies

313 City Avenue , Wakad, Pune – India  411057

Mobile no: +91 9322384609

Websites: https://quantiantech.com

[digital1254]

How to Succeed with Enterprise Automation

We see the use of conversational AI chatbots in our daily lives. Chatbots like Siri, Alexa, And Google are often used with a smartphone or as home devices.