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Every year, chatbots are getting more and more advanced. In fact, chatbots are the fastest-growing communication channel for brands and handle almost 70% of chats from start to finish.
As these AI-powered tools become more prevalent, it's important to understand the benefits of having a chatbot that can integrate into multiple platforms.
In this article, we'll cover everything you need to know about using a chatbot for banking and other businesses and why you should consider using them for yours. Keep reading to learn more.
What Are the Benefits of Using Chatbots For Your Business?
Chatbots are starting to become more popular on different messaging platforms. This includes apps like WhatsApp, Instagram, Facebook Messenger, and Telegram. Businesses are moving fast to take advantage of the various benefits of AI-powered chatbots.
Let's take a look at a few.
Improve Customer Service
In the past, customer service was limited to business hours when human representatives were available. With chatbots being available 24/7, customers can get the answers they need within seconds at any point of the day. Being able to get quick responses improves how accessible a business's products are. It also affects customer satisfaction.
Chatbots are also programmed to be proactive with their customer interactions. This means they can reach out to customers before they message in with a question. For example, messages can send to customers after a purchase to see if they need any help with their new product or service.
Lastly, chatbots will always give a positive experience — even to rude customers who might use foul language. All these factors are important in building brand loyalty and scaling your company and its services.
Enhances User Engagement
Using a chatbot for retail stores like clothing or online auto parts helps improve user engagement. User engagement is a vital part of retaining customers.
Chatbots can keep customers updated about different parts of a business, including:
- Products
- Services
- News
- Events
- And other information
These help move customers down the sales funnel.
Gather Consumer Data
AI chatbots allow companies to easily collect and store information about their customers. Just by using a chatbot on your website, you can gather data.
You can then analyze this data to gain valuable insights about your customers, like their preferences and the things they don't like. This leads to better innovation of your service and products.
Personalized Experience
Integrating chatbots allows you to give your customers a more personalized experience. In the end, chatbots are all about giving information in a natural, conversational environment with (what feels like) a real human.
To do this, chatbots gather and store info about customers based on their shopping habits and purchase history. This way, chatbots can automatically:
- Ask if they need products refilled
- Provide help for certain products
- Monitor the delivery of products
All of this helps maintain brand loyalty and encourage repeat customers.
Better Lead Generation
Chatbots are a great way to help generate leads in a more refined way. To help sift through potential prospects, chatbots can make that first interaction with customers.
By asking customers about their wants and needs, your business can automatically segment them and send the best ones to your sales team. The entire time, your chatbots will be providing helpful information to them. This creates a better experience for the customer while helping create sales.
Depending on the product or service, the chatbot may be able to make the sales all by themselves! Either way, they can allow your employees to work more efficiently and focus on more important and creative tasks.
Related article: How To Use Chatbots for Marketing
How Does Integrating Chatbots Help Different Industries?
Advancements in digital technology affect just about every industry. AI chatbots are no different. Integrating chatbots has huge advantages and implications for the future.
Let's look at a few different examples.
Chatbot for Banking
Chatbots have become an essential part of taking banking to the next level of digital self-service. Most customers prefer to carry out transactions on their own without the need for bank employees.
ATMs and kiosks were the first steps toward this self-service need. Now, banks are using artificial intelligence to give customers personalized services.
By integrating chatbots with a banking data center, customers can access information easily. This includes personalized information like their account status, recent purchases, balance, and more.
Chatbots help streamline different transactions. By using a conversational interface, chatbots can guide customers through simple processes. Actions customers can make without a human agent include:
- Balance checks
- Receiving bank statements
- Getting bill and payment notifications
- Activating suspicious activity alerts
- Transferring money
- Reporting stolen cards
All of this can be done with a simple conversation with a chatbot. This not only allows for greater customer satisfaction and loyalty but also frees up employees to focus on more important tasks.
Chatbot for Telcos
Most telecom companies have large user bases and receive a constant flow of customer requests. To cater to their customer base that typically expects instant solutions to their problems, these companies often maintain huge, costly customer support services that run 24/7.
Telecom companies are using AI-powered chatbots to improve customer experiences with better service quality and speed at a fraction of the cost.
Some tasks that chatbots can perform without a human agent include:
- Streamline bill payments
- Handle simple customer requests like answering questions about pricing, coverage areas, basic setup steps, and recharge plans
- Provide information about data usage
- Change or update plans
- Perform payments
- Manage user information
Chatbots can help raise user engagement and customer satisfaction while saving money.
Chatbot for Retail
Using chatbots for retail companies can make life easier for both customers and the business.
Nowadays, shopping is no longer regulated by what time it is or where they are located. People shop at all hours. Chatbots allow customers to get necessary information whenever they need it.
For example, if someone is shopping for a computer in the middle of the night, they might need a few questions answered before she makes a purchase. With a simple message to a chatbot on WhatsApp or Facebook Messenger, she can get the info she needs quickly.
Repeat customers can also get quick, personalized experiences when shopping with their favorite companies.
For example, a customer might buy diapers from a company every month. They can quickly message a chatbot to "order two packs of diapers." Because of the chatbot's integration into the company's database, it will automatically remember and order the product quickly.
Chatbots can also help guide customers through sales by helping them find what they need for their budget. It can assist them to find the perfect product for their needs.
After the purchase, chatbots can send mobile alerts and updates on when a package will arrive at their house. Even after arrival, chatbots can continue to nurture the customer relationship. It can do this by asking if there's anything else that it can be helped with.
In short, this is what a chatbot for e-commerce can do:
- Showcase product offering and catalogs
- Promote deals and campaigns
- Set reminders for abandoned shopping carts
- Perform product exchange and returns
- Apply Up-selling and cross-selling techniques
- Manage user information
- Provide information about order / purchase / delivery status
Chatbot for Marketing
Chatbots have become increasingly popular in marketing as well. Marketing chatbots help streamline sales and can automate conversions for your business. It can learn customer preferences and personalize their journey along the way.
The great thing about it is that it can engage and convert customers at scale. Marketing chatbots can proactively engage customers and drive them towards purchases without the need for human interaction. No matter what platform they're on, they can guide customers' shopping experiences and answer questions.
AI-powered chatbots don't stop at the first message. The more they help a customer, the more they gather feedback and learn preferences. They can ask for information and recommend products based on the feedback.
Related article: What is Conversational Marketing?
The best part is that these interactions can take place on any channel that the customer prefers. Whether it's on your website, Facebook Messenger, WhatsApp, or more, the experience can be made as comfortable for them.
All of this allows your sales and marketing teams to focus on more important and creative tasks.
Use Chatbot Integrations For Your Business
As AI continues to be refined, conversational chatbots will become staples of most industries.
Today, AI-powered customer solutions are already helping create outstanding experiences in several industries. Integrating a chatbot for banking, retail, e-commerce, education, telecom, health, and utilities has already been shown to be incredibly effective.
If you're ready to start automating outstanding customer experiences for your business, book a demo today!
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