Banks and Credit Unions Bullish on Chatbots for Customer Service

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A survey by Personetics shows that the financial services industry is getting a closer to supporting conversational commerce, supporting projects that use chatbots to improve the overall customer experience. Research reveals that most banking providers will be using automated chatbots to handle a significant volume of customer conversations in the near future. Some are doing it already. Powered by chatbots, conversational commerce (Voice-First Banking) allows organizations to interact with customers over digital and messaging platforms, providing answers to questions, advice and offers in real-time. A survey conducted by Personetics shows that over three quarters of financial institution respondents view chatbots as a viable commercial solution now or within the next 1-2 years, and almost half of the companies already have active chatbot projects in place.


Banks and Credit Unions Bullish on Chatbots for Customer Service

#artificialintelligence

A survey by Personetics shows that the financial services industry is getting a closer to supporting conversational commerce, supporting projects that use chatbots to improve the overall customer experience. Research reveals that most banking providers will be using automated chatbots to handle a significant volume of customer conversations in the near future. Some are doing it already. Powered by chatbots, conversational commerce (Voice-First Banking) allows organizations to interact with customers over digital and messaging platforms, providing answers to questions, advice and offers in real-time. A survey conducted by Personetics shows that over three quarters of financial institution respondents view chatbots as a viable commercial solution now or within the next 1-2 years, and almost half of the companies already have active chatbot projects in place.


Financial Institutions Bullish on Bots

#artificialintelligence

A survey by Personetics shows that the financial services industry is getting a closer to supporting conversational commerce, supporting projects that use chatbots to improve the overall customer experience. Powered by chatbots, conversational commerce (Voice-First Banking) allows organizations to interact with customers over digital and messaging platforms, providing answers to questions, advice and offers in real-time. A survey conducted by Personetics shows that over three quarters of financial institution respondents view chatbots as a viable commercial solution now or within the next 1-2 years, and almost half of the companies already have active chatbot projects in place. A majority of the respondents see a substantial share of customer conversations handled by bots within 3-5 years. Chatbots are becoming more useful on a daily basis and are able to serve millions of customers 24/7--a perfect fit for companies that want to deliver instant customer service while cutting costs.


The six hidden requirements for chatbot success

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For large B2C businesses, reducing costs through increasing the share of service interactions handled without human intervention is a top priority. Research suggests that customers are on board with this – Forrester finding the share of customers self-serving via web increased from 67% to 74% in 2014, with the percent using virtual agents increasing from 28% to 55% over the same period. Deploying virtual agents or chatbots offers greatest scope for increasing the overall share of self-service from current levels. A survey by Personetics found that 14% of financial institutions believe chatbots are'ready for prime time' with another 62% stating they believe chatbots are an exciting opportunity which will become a reality in 1-2 years. Over 60% expect over 25% of current conversations to be handled by a chatbot in the relatively near term.


How to Effectively Run a Chatbot Development Project?

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In our last story, we went over the 7 key factors to consider before choosing a Chatbot Development Platform. Between selecting a particular use-case, choosing a platform, developing and finally deploying a functional bot -- there's a lot more than what meets the eye. This article aims to uncover more around the key factors that determine the chatbot success along with the entire development process. The end goal with the chatbot is to achieve high-quality customer experience and service staff assistance. The noticeable element of chatbots is obviously the technology.