7 industries 7 Chatbots – a look at global applications
After more than half a century of attempts, or due to the exponential acceleration of progress in algorithms, artificial intelligence (AI) and natural language processing (NLP), key industries are starting to use Chatbots in their business processes.
According to Gartner, by 2020 more than 50% of medium and large enterprises will implement Chatbots. The popularity of Virtual Assistants has been affected by the change in consumer behavior – customers prefer chatting than as opposed to physically going to the store or calling a helpline. Statistics on the use of the chat application speak for themselves – WhatsApp already has 1.5 billion users worldwide, Facebook Messenger – 1.3 billion, and WeChat is just behind it – recently having reached 1 billion users.
Users are open to new solutions and people’s interest in Chatbots are increasing – for three years, interest in Chatbots as a term has continued to grow on Google Trends.
Chatbot as a first contact
Sending text messages is a constant part of life both – in personal relationships and in customer service settings. To attract users’ attention and stand out from the competition, Chatbots are a necessity, regardless of the company’s profile.
Chatbot and Virtual Advisor are software based on artificial intelligence algorithms that simulate user interaction (i.e. conversation) with a consultant. These solutions can drastically increase the efficiency of your customer service, e-marketing and e-commerce.
Chatbots in business
While the use of Chatbots may vary depending on industry, the following examples from various companies allow for an opportunity to learn how intelligent algorithms can enhance your company’s growth.
AI in insurance has a wide range of applications – from providing customer support in a damage claim, through to personalized policy valuation systems, to the distribution of new forms of insurance – e.g. micro-insurances as part of so-called sharing economy. The most common AI solution today is the Chatbot in the intelligent automation of customer service processes. By reducing prices, it allows for low-margin policies, in which the margin does not cover expensive helpline contact, to be tenable. Chatbots in insurance can offer personalized policies and estimate the insurance valuation based from a conversation held with a client. Virtual Consultants will also help the user to submit a claim and complete the required forms. Depending on the needs of the insurer and system integration, Chatbots can also handle payments.
- Leading Canadian insurer, implementing InteliWISE
Services provided by banking institutions are changing – banks are moving towards simpler and cheaper customer service (especially the more recent upstarts), as part of the growth in low-margin services. Virtual Assistants in finance support key processes related to granting loans (for example, by examining credit-worthiness), account operations, or sales of financial products. Chatbots, thanks to the ability to conduct a virtual conversation, will allow you to personalize the offer (account, credit, mortgage), faster handling of the most frequent inquiries of the bank’s clients, assisting in concluding transactions (especially more complicated ones) or paying bills. Virtual Finance Assistants may also advise in the context of investment and selection of an investment fund.
- Aviva24, implanting InteliWISE (Poland)
Tourism and transportation
Traveling involves many choices related to the location, lodging, convenient dates or relevant attractions once arrived. Websites have lessened the need for consultants to provide information, but only Virtual Advisors will fuel the next fundamental boon in customer service. Chatbots will prove themselves as Travel Advisors when planning a trip or during the trip. They will facilitate the work of transport companies by, for example, helping to find a route or buying/ exchanging tickets, or communicating with travel and rental agencies. They can even quickly present a location or hotel proposal depending on the needs and preferences of the user. Importantly, Chatbots are more and more often integrated with the IT systems of travel agencies, allowing for more specific information about the offer to be relayed to consultants.
Telecommunications are often associated with lackluster customer service and a helpline that can’t be reached. AI technologies promise to automate answers to repetitive questions and common problems. In telecommunications, Chatbots can instantly reset forgotten passwords, provide instant service when choosing a new phone or changing telephone, television and internet packages. Virtual Advisors will walk the client (both individual and business) through the selection process depending their preferences. Be advised: Due to the high volume of questions about account balances or service contents, integration with customer accounts when planning to launch a Chatbot is crucial. This will allow customers to check their balance, extend contracts or enable/disable additional services.
- nc +, implementing InteliWISE (Poland)
Until recently, medical services have treated communication technology quite conservatively. The introduction of strict regulations regarding personal data (including the GDP) made it easier to plan the use of innovative communication systems and customer service based on AI. Chatbots in medical services can support clients in various areas – from registration for appointments, to receiving results, obtaining information about medicines or their costs and availability at the nearest pharmacies. Virtual Medical Assistants can remind patients to take medicines at specific times, track their health, or find the nearest doctor’s office if necessary.
- Florence Chat
Digitization has not left offices unchanged. Large, integrated IT systems have replaced paper archives, but in many situations, they do not make it easier for citizens to handle simple official matters. This is often because solutions have been until now too complex. As part of Smart City projects and thanks to Virtual Assistants, residents and entrepreneurs can settle matters using colloquial language without having to formulate questions in a formal official language. Thanks to natural language processing (NLP) technologies, users do not have to write or call simple matters to the office. They can solve their problems by using the Virtual Officers who carry them through the website or directly answer the search query.
Thanks to AI, departments or ministries can markedly improve service, also saving taxpayers’ money. Chatbot used as part of one of the most important and overloaded IT systems in Poland – Entrepreneur Support Center at the Ministry of Enterprise and Technology – has contributed to a 40% reduction in phone numbers, taking over 80% of calls in less than 20 seconds and translating into an overall satisfaction with the service at over 80% of users *.
- City of Wrocław, implementation of InteliWISE (Poland)
Fashion and cosmetics
Chatbots in the world of fashion and beauty will prove themselves as presenters of personalized clothing and cosmetics catalogs. That said, they are increasingly playing the role of Virtual Stylists and Sales Assistants, who help in the selection of accessories tailored to the style, preferences and beauty of the user.
- Tommy Hilfiger
Chatbots are a very promising technology created to facilitate business relationships. Virtual InteliWISE Agents allow users to avoid waiting on a helpline and guarantee instant online help. In turn, companies from all industries help sell, collect information and answer users’ questions.
*information from InteliWISE or satisfaction surveys from the Ministry of Development 2018