Chatbots are 24/7 helpers that can help companies save time and money while achieving better customer satisfaction. With the help of Artificial Intelligence (AI), chatbots have gone beyond just answering basic questions and are providing advanced experience.
A study by Spiceworks found that 40% of large businesses – those with more than 500 employees – expect to implement one or more chatbot technology in some form or will have done so by the end of 2019.
Chatbots have been shown to improve companies’ Return on Investment (ROI) by serving multiple customers at the same time with instant responses. Companies primarily implement chatbots to reduce the cost of maintaining large customer service departments and to provide instant feedback to customers when they have questions without having to wait in queue to be connected to human agents. Chatbots do this using artificial intelligence and natural language processing to match key words and instantly answer frequently asked questions.
Which industries have implemented chatbots and are reaping the benefits?
- Bank & Finance
According to Gartner, by 2020, 85% of our engagement with businesses will be done without interacting with another human. Instead, we’ll be using self-service options and chatbots.
iLink Systems previously built a chatbot for an international bank to lower their processing time and facilitate faster query resolution. This has led to increased customer satisfaction and has helped the bank reduce their operational costs through better utilization of its customer service agents. You can check the case study here.