AI Chatbots for Banking

Chatbots make banking as easy as sending a text, instantly responding to queries from mundane requests to complicated tasks — whether it’s on a mobile app, website, or Facebook page. We’ve worked with various e-commerce companies, from $450 million behemoths to Shopify startups. All have seen various benefits from using a chatbot for their platforms. We’ve seen a lot of different industries using chatbots for different use-cases. So we’ve decided to identify the top ten industrial adopters of chatbots applications.

Bots can collect information, such as name, profession, contact details, and medical conditions to create full customer profiles. They can also learn with time the reoccurring symptoms, different preferences, and usual medication. And if the person wants to keep track of their weight, bots can help them record body weight each day to see improvements over time.

Chatbots and messaging apps

Chatbot for Real Estate is a great way to cut down routine work from real estate agents while providing a better customer experience. Many businesses try to contact cold prospects and get them interested in the products and services that the company offers. However, nowadays, companies use another practical approach, called « warm leads, » which is focusing on people who are already interested in their products. Warm leads usually answer sale questions and are engaged with the website of the company. They can also collect leads by encouraging your website visitors to provide their email addresses in exchange for a unique promotional code or a free gift.

E-commerce businesses spend approximately $1.3 trillion answering customer service questions per year—with the application of AI chatbots, that cost could be reduced by about 30%. While conversational AI has become highly popular in cars with smart AI speakers, it is used to drive happier customer experiences. The modern consumer performs extensive research before committing to a purchase decision today. They educate themselves about the car’s features, specifications, brand perception, after-sales services, customer support and more.

Financial Services

This chatbot helps people evaluate their reasons for being depressed and creates session rooms where people can talk about their problems openly. The chatbot recommends different meditation and relaxation techniques to help people overcome anxiety episodes based on the session. However, your chatbot must have the ability to integrate with a knowledge base solution so it Chatbot In Different Industries can fetch the correct answers and reduce resolution time. There are multiple areas in the support process where a chatbot can prove to be useful for a business. In this section, we will cover some of those common chatbot use cases in the support process. Now that we’ve identified different types of chatbots, let’s look at how they can be implemented for your business.

• Or someone who enquires about service and is showing interest in the same.
• Dating App BuilderCreate an online dating app and let your app users find the perfect match with just a swipe.
• The needs and requirements of your audiences require adaptable marketing channels.
• They would be able to automatically ask the user what they want to do, how much they’d like to send, and the receiving account’s information to complete the task.
• With a Chatbot for Logistics, you can automate up to 80% of support queries and reduce support-related costs, tickets and staff.
• Some of the best chatbot apps also help their users show product availability to customers.

Let us comprehensively discuss how the application of chatbots has transformed alleys across different business functions and industries of sizes. More and more major companies continue to announce their support for chatbots within their own business, such as LinkedIn, Starbucks, British Airways, and eBay. As chatbots continue to reduce operating costs for enterprises, the market size will likely continue to swell.

Industries →

In 1988, Rollo Carpenter created Jaberwacky, a British chatterbot that was built to « simulate natural human chat in an interesting, entertaining, and humorous manner ». This application was one of the first capable of learning new responses instead of being driven by canned dialog from a database. To solve a single problem, firms can leverage hundreds of solution categories with hundreds of vendors in each category. We bring transparency and data-driven decision making to emerging tech procurement of enterprises. Use our vendor lists or research articles to identify how technologies like AI / machine learning / data science, IoT, process mining, RPA, synthetic data can transform your business. Therapy chatbots can be an adequate, but not complete, substitute for human therapists due to their 24/7 availability, instant response rate, and lack of stigma.

This case study comes from a travel Agency Amtrak which deployed a bot that answered, on average, 5 million questions a year. You don’t have to employ people from different parts of the world or pay overtime for your agents to work nights anymore. When your customer service representatives are unavailable, the chatbot will take over. It can provide answers to questions and links to resources for further information.

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Another problem needed to be addressed was the traditional booking process that asked for a ton of details from the visitor. According to SiteMinder’s survey, 10% of bookings were lost due to asking too many details. So we needed to make the booking process more efficient, less complicated, and engaging. ISA Migration uses Facebook as one of their primary communication touchpoints. Potential clients who visit their page were looking for information regarding immigration and visa application processes.

This frees up human concierge to handle more specialised and complex requests. But there are hundreds or even thousands of chatbot use cases for businesses like yours. The customers of today expect to get what they want and need as quickly as possible. And when it comes to customer needs, they’re more specific than ever before. And when that happens, your customer or prospect should be able to easily escalate that conversation to a voice or video call with a live agent. Chatbots give your business a 24/7 channel to handle onboarding, support, and more (since they don’t need to sleep or eat), and give your customers the immediate answers they desire.

#3 Hospitality Chatbot

You can use your chatbot to support your travelers in different unexpected situations. For example, if a person loses their passport, you can send them instructions on what’s best to do. Or for instance, if they have a medical emergency, you can navigate them to the closest hospital in the city they are staying at.

• Finance bots can effectively monitor and identify any warning signs of fraudulent activity.
• For example, if a person loses their passport, you can send them instructions on what’s best to do.
• Moreover, chatbots qualify leads by asking questions about property preferences, location, budget for buying a house, etc.
• Depending on the relevance of the report, users can also either approve or reject it.
• As many of these young Europeans are first-time travelers, they naturally find themselves in many situations where they require help on their trips.
• The conversation should ideally end with the customer taking an action in their buyer journey.

You can market straight from your social media accounts where chatbots show off your products in a chat with potential clients. AI chatbots with natural language processing and machine learning enabled help boost your support agents’ productivity and efficiency using human language analysis. You can train your bots to understand the language specific to your industry and the different ways people can ask questions. So, if you’re selling IT products, then your chatbots can learn some of the technical terms needed to effectively help your clients.

• A few examples of these chatbots are Google Assistant, Siri, Alexa, etc.
• Streamline Your Customer Onboarding Process – Customers like to be guided no matter how many support tutorials you offer them.
• More companies are adopting AI-powered technologies to streamline their recruiting efforts.
• Given all the advantages that chatbots have, it’s no wonder they’re taking the world by storm.
• For instance, on Instagram, users like to connect with a brand they like through Instagram Direct Messages.
• This industry requires highly efficient personnel that can provide primary and secondary healthcare facilities dedicatedly.

HR teams are saving almost half of their time usually spent on managing talent and answering questions and queries. Hence, they can spend more time strategizing, planning, developing, and recruiting talent. Replicating your CEO’s quick wit or your company’s team spirit with a custom-made HR chatbot that interacts with your potential employees and new recruits. Answer their questions while engaging employees through interactive feedback loops, pepper it with cute gifs.

Today, travel and tourism companies probably see more international customers wanting to do business with them than ever before. It’s obvious that if you don’t know about some of the features that the chatbot provides, you won’t be able to use them. But you would be surprised by the number of businesses that use only the primary features of their chatbot because they don’t know any better. So, if you want to be able to use your bots to the fullest, you need to be aware of all the functionalities.