Chatbots – A must have disruption

Chatbots – A must have disruption

A chatbot is defined as, “A computer program that uses Natural Language Processing (NLP) and sentiment analysis to communicate in human language by text or oral speech with humans, especially over the Internet.” (Source: https://www.sciencedirect.com/science/article/pii/S2666827020300062)

Chatbots are being deployed across many industries to provide instant and high-quality customer service, or to engage with customers and prospects from sales and marketing perspective or do both. Customer facing chatbots can function 24x7 tirelessly in various languages to provide automated resolutions to customers, thus providing better customer service at lower operational costs. AI based chatbots can also provide personalized product recommendations based on previous customer interactions and provide insightful feedback to businesses. It can also help in prospecting leads thus helping to increase sales.

Chatbots are proving highly useful in various fields such as - education, banking, finance, travel and hospitality, retail and e-commerce and healthcare. The list of industries is growing further as we speak.

Banking and Finance

• Customers can get information such as their account related details such as balance, transaction details, and payment dues by interacting with a bot on the portal.
• Customers who are looking to apply for a loan can interact with a chatbot to check their eligibility for a loan, view EMI Calculator, application related queries. Other processes such as loan status tracking and disbursement can also be checked by interacting with chatbots.
• Chatbots also find applications in various other areas such as – insurance, wealth management, investment, and credit/debit card management.

Healthcare

• Entire billing and healthcare insurance claims processes can be automated with chatbots.
• Patients can book or reschedule appointments from their mobile devices using chatbots, thus minimising the queues at hospitals and clinics.
• Chatbots can analyse and answer patients’ questions and provide instant, accurate resolutions.

Education

• Chatbots can assist students with their queries related to the library, facility, fee, technology, and device management.
• They can broadcast updates to ensure that students are aware of new updates or policies.
• Universities, Schools, Overseas education consultants can deploy chatbots to assist students with admission applications, student visas, and accommodation.

Travel and Hospitality

• Just like Healthcare, the users can use chatbots to book or cancel their travel as well as hotel reservations. The process can be absolutely hassle free, which results in greater customer experience.
• The entire process of booking or providing refunds in case of cancellations can be automated with chatbots, thus reducing anxiety, discomfort for customers as well as businesses.
• Customers can interact with chatbots to place, track and manage their orders with food delivery services providers.

Retail and E-commerce

• Chatbots can provide answers to questions about the price and availability of products. The chatbots can also give customers a visual idea of what products look like, along with suitable options or alternatives.
• Chatbots can provide notifications to the customers when the products added to their wish lists, favourites, have become available.
• Chatbots can also provide relevant promotional offers prompting customers to make an additional purchase.
• Chatbots can assist customers with the entire process of placing an order and making a payment.

If you are a business owner, this is the right time to start investing in chatbots for your business as they can do several tasks quickly and more efficiently than live human agents. Many brands are already using chatbots and they are enjoying benefits of being early adopters.

At Aress, we have been working on architecting, designing, developing & deploying chatbots through a strong team possessing AI engineering capabilities, AI solution architecture and UX/UI design expertise. Please feel free to get in touch with me at amol.gavai@aress.com with your questions and requirements.

About Amol Gavai

Vice President – Business Development

An experienced business development professional enriched with more than 22 years of experience of working in different industries.

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