Conversational AI as a self-service

Conversational AI is a technology used by businesses, which operate in different industries, to provide a better customer experience. AI-based chatbot applications give access to information and services to the customers by using natural language processing (NLP). The implementation of chatbots will help you improve customer experience by handling many queries in the shortest amount of time. Doing so will contribute not only to getting new customers and bringing back old ones but also improving your business reputation.

The use of chatbots in different industries is growing significantly. More and more businesses are incorporating chatbots in their customer support service. Research by Drift showed that 92% of companies are using bots as a communication tool. According to Outgrow, 56% of customers prefer using a chatbot, instead of talking to an agent. 87.58% of the customers define their experience with a chatbot to deliver a higher satisfaction rate compared to an agent. (HelpScout) By 2024, the chatbot market is expected to be estimated at $9.4 billion.

What is a chatbot self-service?

The main idea of chatbot implementation for businesses is to give instant answers to customers’ requests without the need to interact with a human agent. Thanks to the Natural Language Processing and Natural Language Understanding, AI-driven assistants create the perfect conditions for a digital self-service environment.

AI Chatbot for self-service

Businesses’ focus should always be excellent customer experience. Usually, customers had to call customer support and wait for an available agent to solve their problem. Self-service minimizes the need for interaction with an agent and reduces the time for problem-solving. The majority of people prefer to handle their issues on their own and reach to an agent if there is no other choice.

According to Chatbots Magazine, 69% of consumers choose chatbots instead of agents because they answer quicker to standard simple questions.

In the past Chatbots were able to only answer standard questions through chat on the company’s website, providing information from FAQ or knowledge base. Bots manage simple and repetitive tasks and often do it faster than the agents.

Nowadays, AI makes it possible for bots to handle even more complex problems. They can recognize human speech, evaluate sentiment, and even reply in a customizable voice. AI enables bots to know when they have to search in the knowledge base, when to ask for clarification, and when to redirect to an agent.

Here are some benefits of chatbots:

• Provide 24/7 support – they are available all around the clock, 365 days of the year, and wherever users are. Chatbots can handle a request from the beginning till the end with 79% accuracy. (IBM) According to Reve Chat, 21% of the customers consider bots as the easiest way of communication with an organization, as they are always available. Chatbots can handle up to 80% of the frequently asked questions without the need for human interaction.
• Increase customer satisfaction and engagement – chatbots provide conversations in real-time and reduce wait time as they give instant solutions to problems. Customers value speed and convenience. Due to NLP, they provide a more personalized experience. According to Deloitte, 62% of the customers believe that good customer support is a great competitive brand differentiator. And 68% would go to your competitor if they are not satisfied with the current customer support.
• Reduces operational costs – they save money and time for your business as they reduce the need of hiring new human agents. According to IBM chatbots can save up to 30% of customer support costs. For businesses that require heavy customer support focus, bots can make considerable savings. Jupiter Research found out that chatbots are going to save up to $8 billion per business by 2022.
• Customizable according to the company’s needs – chatbots are made following the company’s needs.

• Monitor customer data– they collect customer information (name, contact details,) and create profiles for your clients

Takeaway:

Providing good customer service is essential for every business. Being available at any time of the day creates a positive impact on both customer satisfaction and the company’s reputation. The self-service option is always considered positive because it allows clients to find a solution faster. By automating repetitive tasks, for example, FAQ, bots save organizations significant costs. Moreover, chatbots free up human agents, enabling them to focus on more complex problems. For the last 10 years, the interest in chatbots has risen 5 times and it is expected to continue growing.

Read more in DigiTech’s Whitepaper Virtual Assistance in Call Centers