Improve your users' experience with the use of chatbots

Melissa López
April 16, 2021

With the pandemic, the online presence of companies increased as well as the need to interact with customers in a more efficient, versatile and easy way, that is why we show you the main types as well as their benefits.

In the worldwide study carried out by MIT Technology Review Insights, it was concluded that 87% of companies have already implemented AI in their chatbots, of these 41% claim to offer a better experience to their customers thanks to this.

A chatbot is artificial intelligence (AI) software that allows you to have a conversation with a user in natural language.

Likewise, the chatbot analyzes the text or makes use of algorithms to determine the meaning of a question and, if necessary, can consult its own or third-party databases.

Thus, it facilitates the best response to the user in writing or through tools that convert text into speech.

Chatbot types

Chatbots based on linguistic models: their interactions tend to be very specific and structured, they are the most common. They are basic chatbots that allow you to answer frequently asked questions following a predetermined script, so the user must choose between explicit options.                                                                                                                                                         

Chatbots with machine learning (AI): they stand out for being more predictive, interactive, personalized, offering a more sophisticated conversational experience that improves the more it is used by learning from previous patterns and experiences.

Hybrid model: this system allows chatbot solutions to be built even without data, maintaining a consistent personality with behavior aligned with the company's expectations.

This technology facilitates increased operational efficiency, improves the customer experience, reduces costs and waiting time, which translates into great benefits for both the company and the users.

Business benefits of using chatbots

Customer service: allows you to answer questions, review the status of a request and, if necessary, transfer it to a real agent that is available and adapts to the type of customer.

In this aspect, its versatility is enormous, it can help users to make purchases in electronic stores, answer questions, or even take orders.  

Gartner revealed in its latest report that customer service organizations that integrated Artificial Intelligence into their multichannel platforms increased their operational efficiency by 25%.

Increase Loyalty - This technology has been proven to increase customer loyalty by enhancing their brand experience while providing valuable data for the business.  

Brand-engaged customers buy 90% more than average customers and spend 60% more per purchase.

Speed ​​of service: chatbots can recognize, understand, and respond to inquiries as well as problems in seconds.

According to Gartner, a chatbot is capable of responding within five seconds after the initial contact with a customer, as opposed to an agent that will take an average of 51 seconds. 

Personalized service: the most advanced chatbots can remember the preferences of their customers and based on this offering advice, promotions, suggestions for greater user satisfaction, increasing the number of customers by predicting purchase intention.

Cost reduction: waiting times, personnel training costs are reduced since a chatbot can handle several conversations simultaneously while maintaining the same standard.

A new study from Juniper Research has found that operational cost savings from using chatbots in banking will reach $ 7.3 billion worldwide in 2023, up from an estimated $ 209 million in 2019.

Also, the most advanced systems can resolve 80% of queries automatically due to their high level of understanding.

Benefits in financial services

The financial sector has been one of the niches where the use of this technology has been mostly wasted to improve the user experience when using these services.

This is because for financial institutions it implies an organizational and strategic challenge that allows most doubts and questions to be resolved by chatbots.

Likewise, this system allows instant response 24 hours a day and likewise offers the possibility of automating the promotion of offers, executing transactions, and advising on better financial decisions with more natural interaction.

Consequently, this will translate for the institution into a reduction of human errors, savings in jobs, time, and resources necessary to serve clients, while the staff can dedicate themselves to less monotonous tasks.

Besides, this chatbot system allows the collection of data that can be used to create more cognitive banking that offers more personalized experiences.

Help in making financial decisions: taking advantage of cognitive skills, chatbots can offer the financial product that best suits the needs and profile of the client, offering a more personalized service.

Fraud prevention: if the chatbots detect fraudulent use of a bank card, it would be canceled instantly, also, it could analyze the activity of the cards to evaluate if there is a risky or dangerous activity and block it.

Simplify operations: being able to check an account, report a card, renew a policy, and even request a refund is only part of what a user can do autonomously through chatbots.

At Antit we are your ally to advise you on the system that best suits your company, FinTech development experts will help you to take the step towards the digital transformation of your company in the best way, strategically and competitively.