Conducting transactions, authenticating information and exchanging details has become simpler with the sophistication of mobile technology. The only area where humans have had an upper hand over technology is the personal touch during a chat, especially with relationship-based interactions. However, with technology giants putting more effort in developing human-like conversation experiences, even that edge is slowly diminishing.
Artificial Intelligence (AI) is transforming the way we get things done and chatbots accurately illustrate the human aspiration to eliminate things which do not excite them. A chatbot today learns, understands, and converses like a human and responds to ad-hoc queries in real time. Chatbots are gaining attention of businesses across verticals and are a means to create differentiation in a crowded space.
Strategic Transformation Ushered by Chatbots
With the introduction of chatbots, we are witnessing transformation in the following ways:
- Getting a human-like experience: The advancement in AI and machine learning has made chatbot services like humans, but without any flaws. The improvements in Natural Language Processing has allowed bots to have human-like conversations. Today they can be assigned a personality that fits with the need of the brand while elevating customer experience.
- Quick access to data: The mobile applications whose interface is processed by chatbots and powered by AI could offer quick access to required data and flawless delivery at the beck and call of users.
- Reach out to newer audiences: Chatbots can be used to reach out to first-generation internet users, especially in India. This will bring the benefit of the internet to them without language being a hindrance. Enabling chatbots with vernacular language skills helps a lot in extending the advantage of the internet to the marginalized.
- Help humans handle complex queries: By carrying out monotonous jobs endlessly and efficiently, chatbots ensure employees become fatigue-free. They also give the freedom to professionals to focus on more complex tasks that need their analytical and creative abilities.
- Manage high-volume of queries: Businesses often experience a sudden spike in query generation and humans often fail to handle such large volumes. Businesses must spend considerable funds to train and allocate resources. Through chatbots, marketers can handle large volumes of queries and offer an enhanced engagement experience.
Future of Voice Bots in India
The Indian chatbot market is growing fast, especially since 2015. 2016-17 was declared the “year of chatbots”. Banks have been the first to adopt bots. According to a study, banks would automate close to 90% of their interactions via bots by 2022. Chatbots help get information in milliseconds as well as enhance customer experience.
To fully realize the returns from chatbot deployment, it is important for businesses to define their requirements and identify use cases. They must identify KPIs to gauge the performance of bots, and necessary alterations must be made based on these to achieve desired results. 3i Infotech has done its bit by unveiling its latest service offering, ‘Conversational Banking’ that offers a 360 degree and holistic approach to converse with customers and enhance their experience.