I am sure that almost everyone has called the support service at least once and spent much time waiting for the operator to answer and get all the necessary instructions in five seconds and left with a sense of frustration and despair. Perhaps your customers are experiencing the same thing right now.

This problem can be solved by setting up a chatbot. Today, chatbots help businesses address various requirements via a rule-based algorithm or Artificial Intelligence (AI).

A chatbot is a virtual interlocutor, a program that can solve typical tasks: ask and answer typical questions from site visitors, search for information upon request, and carry out simple assignments.

 The new research, Chatbots: Vendor Opportunities & Market Forecasts 2020-2024, forecasts that advances in nature-language understanding capabilities will boost technology’s rise and drive chatbots’ effectiveness.

It is anticipated that over 50% of retail chatbot interactions will be completed successfully by 2024. Moreover, the potential growth rate in banking is 118%. For more information check:  https://light-it.net/blog/chatbots-in-banking-industry-benefits-forecasts-and-more/

The role of chatbots is going to be bigger and better. Far better to begin with a simple solution and evolve from there onwards — and there are four popular types of chatbot you may wish to consider for your business.  

Chatbots Provide Such Benefits for Business

  1. Deliver better customer experience

  2. 24×7 availability

  3. Deliver seamless hybrid support along with a live chat

  4. Reduce customer support costs with bots

  5. Reduce the number of support tickets

  6. Collect real-time customer feedback

  7. Improve productivity of customer support representatives

Types of Chatbots

Chatbots can be classified by purpose, development technology, way of communicating with users, and functionality. They can be as simple as Telegram chatbots that only do one thing. And they can have artificial intelligence like Siri.

 Let’s look at the three main types of chatbots:

  • Social media chatbot
  • Customer service bot
  • Contextual chatbot
  • FAQ bot
  • Bank bot

Social Media Chatbot

Such bots provide useful services and information, such as daily weather forecasts, sports scores, and information dissemination on social networks. The users who interact with them are informed that they’re dealing with automated bots since there are clear disclosures.

Social media chatbots are entertaining, and they can streamline your customer service and marketing, all while potentially cutting down costs.

 Some popular chatbots are:

  • Nitreo
  • Ingramer
  • Instamber

Customer Service Bot

A customer service chatbot is a specially designed bot that uses artificial intelligence (AI) and machine learning to provide answers to basic customer questions via a business messenger.

Bots designed for e-commerce usually help shoppers choose the right product, complete buyers’ purchases, notify about the status of the order, offer buyers product recommendations, promotions or discounts, and provide customer support.

  • WeChat
  • Shopify Messenger
  • BotCommerce
  • Letsclap

Contextual Chatbots

This chatbot is much more advanced as it consists of an exciting combo of AI (Artificial Intelligence) + ML (Machine Learning).

Contextual chatbots can remember the previous interaction (if there is any) and use it to stay relevant while interacting with returned visitors. 

Allo (Google)

With its massive scale in data and years of working at the challenging problems of natural language processing, they intend to make Allo’s conversational commerce capabilities second to none.

FAQ Bots

FAQ bots are designed to answer the most frequently asked questions 24×7. The bot can handle multiple conversations simultaneously, so customers get their questions answered regardless of the day of the week and time.

You can add the FAQ bot to automate the trigger with the first user visit on the website, or it can be developed separately with another trigger, depending on when you want your visitors to see the questions. 

There are three types of FAQ bots depending on the options they provide:

  • Bots that navigate and provide users with directions for finding an answer
  • Bots that answer and give an apparent response to a question
  • Bots that help and assist users with the solution and recommend next steps

Some of the examples of FAQ bots:

  • Botsify
  • Facbot.co
  • Clustaar

Bank bots

AI-powered chatbots have the potential to revolutionize the banking world. Banking bots or robo-advisors extend banking services and provide customer-oriented service. Chatbots can provide information regarding the current state of various services, KYC, and quickly resolve requests. Customers can then transfer money from one account to another, check their bank balance, and access other services with the click of a button.

Chatbots also allow the bank to manage requests without any human intervention. Furthermore, users won’t even feel like they are interacting with a machine, as the experience can be as realistic as interacting with a human. 

Some of the most popular banking bots:

  • Erica (Bank of America)
  • EVA  (HDFC)
  • Amex (American Express)

Conclusions

With a fast take-up of technology, chatbots will soon mainstream across various business sectors, areas, and consumer applications. By knowing your business requirements, you will be able to effectively implement chatbots and improve your customer journey and experience.

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