How to choose a Chatbot and how much will it cost?

Year on year, the interest in Chatbots increases, both on the side customers’ and businesses’. It is estimated that by 2020 as much as 85% of customer relations within the framework of customer service may take place without the participation of a consultant[1]. This space will be filled with Virtual Assistants and Chatbots. The market offers myriad solutions to automate customer service. All these options bring to two very important questions— Which one to choose and how much will it cost?

Ever more industries are opting for Chatbots – from insurance, through airlines and banks, to government agencies. That’s not surprising in regards to their utility. Virtual Assistants are with customers 24 hours a day, 7 days a week. They answer questions on demand and immediately. They help you book a ticket at the movies, order your favorite pizza or manage your bank account. Some can do much more. Thanks to advances in artificial intelligence, they can now hold realistic conversations in the virtual world.

So which Chatbot to choose? Among the available options are:

• Chatbots from free platforms
• AI-Chatbots, or Virtual Agents supported by artificial intelligence
• Hybrid chats combining the advantages of AI-Chatbots and consultant software – Live Chat.

Chatbot from the box – just for a moment 

There are a few ready-made platforms on the market which offer companies the possibility of launching a simplified Chatbot. Thanks to these types of platforms, you can build a Virtual Agent from scratch without even knowing the HTML links.

Companies whose customer service is struggling with a relatively small set of simple  customer queries start their adventure with Chatbots with ready-made, “boxed” solutions. Chatbot will deal with basic questions of customers. However, the conversation will be one-sided, because Chatbot does not use advanced AI technology, but instead, a simple, programmed, linear dialogue.

These off-the-shelf Chatbots do come with their limitations, however. Most often, they concern the number of subscribers or Chatbots themselves. Choosing this option, the company can not count on technical support. It will also have to prepare its own knowledge base, i.e. a list of ready-made questions and answers that Chatbot uses. In higher and more popular solutions, such a database is developed by specialized professionals.

Launching Chatbot from free platforms is possible within as short a time as  24 hours. The cost of maintaining such a solution (supplier’s subscription) is several thousand euros a year.

AI-Chatbot – even 40% replaces Call Center consultants 

Depending on the industry, companies may receive up to tens of thousands of questions from customers every day. Consultants answer the same questions many times, using already proven formulas instead of taking time to advise the customer or to finalize a reservation or a sale. AI-Chatbot is the best way to automate the answers to many repetitive questions.

Thanks to artificial intelligence algorithms AI-Chatbot automates business processes. Chatbot can even learn slang customers use just like people do. It learns their needs and behavior and analyzes problems accordingly. As a result, Chatbot has such extensive knowledge  that it can conduct a virtual dialogue with the client, proposing the best solution to the customers problem. Moreover, it does so fully automatically, saving consultants up to 40% of their repetitive questions [2]. Chatbots can perform this function perfectly well in an online store, customer service and marketing.

Did you know that….

An intelligent advisor can reduce the cost of solving one client’s problem to as little as 1 cent? At the same time, it guarantees an 11% increase in conversion and invaluable customer satisfaction for every business[3].

The use of natural language processing technology (NLP) significantly increases the effectiveness of InteliWISE’s AI-Chatbot. The client asks a question using their natural, everyday language. Virtual Advisor immediately provides a ready-made solution to the problem. The answer is clear and precise and personalised. This is how Chatbot builds a close relationship with the client—by providing excellent service.

The Chatbot’s database of questions and answers is created under the supervision of specialists who prepare possible scenarios of conversations. The size of the database influences the monthly maintenance costs. These start at tens of thousands of euros a year. An additional benefit is the provided training and technical support, which guarantees stable and smooth operation of AI-Chatbot. The time to launch a dedicated Virtual Advisor is 1-3 months.

AI-Chatbot with Live Chat – special task software

Hybrid – a keyword describing the connection between Chatbot and Live Chat. Hybrid is a combination of at least two independent elements into a well-fitting and working whole. This is how the hybrid chat from InteliWISE was created. It combines the strengths of AI-Chatbot and Live Chat:

• smooth and natural conversations
• rapid response time
• availability 24h/ 7 days a week
• support for consultants in more complex cases.

How does it work? Chatbot, guided by AI algorithms and a database of previously-prepared answers and straightforward questions. With each question, AI-Chatbot can broaden its knowledge base concerning its client’s problems. It analyzes the answers and intentions of customers, which results in a short response time and improved conversation quality. Support is instantaneous – waiting time is only 1 second – and dialogue natural, so customers feel that they are talking to a friendly salesperson, not Chatbot.

However, if the question is too complicated or there are concerns that are not solved by the Virtual Assistant, he immediately redirects the client to the Live Chat or the correct form to fill out. Meanwhile, in Live Chat, a consultant is waiting for him/her, and sees the record of the conversation the Chatbot had with the customer, and knows what problem the customer is facing, so he/she can react quickly.

Did you know that…

The InteliWISE solution has proved its worth in one of the largest insurance companies in Poland – TUiR WARTA S.A.?

Chatbot and Live Chat is one of the tools that clearly increases the customers satisfaction in using Warta insurance. Answering customer’s questions at any time of day, or reporting damage by Messenger are only some of the features that can be used by visitors to Warta’s Facebook profile[4].

The effects of smooth integration of both services are much higher user satisfaction rates, full control over customer behavior, the customer’s environment and solving his problem e.g. about the product, complaints or requests for return of goods, all in the shortest time possible.

Hybrid chat meticulously archives all conversations. They are a source of valuable information about customers and their behavior, as well as the consultants themselves. Thanks to them, companies learn, for example, why some products sell worse and others sell better or which messages best reach the buyers.

The biggest advantages of Hybrid Chat are:

• robust artificial intelligence – adaptable conversations with the customer and automation of work some salesmen/consultant work
• Live Chat – professional software for increased conversion and cheaper customer service
• customization – 100% personalization and adjustment to each company’s needs
• integration with customer platforms – IT, CRM, e-commerce or marketing automation platforms, Call Center
• protected customer data – advanced SSL encryption, secure servers and a proven security policy.

Why is hybrid the best choice?

Implementation of a hybrid chat can cost from a few hundred to tens of thousands of euros per year. Plus the consultants’ salaries. These are not big expenses, especially since the Virtual Advisor will take care of the client at any time—day and night. Additionally, Chatbot constantly improves his knowledge about clients.

The time needed to launch it is at maximum 3 months. The deadline depends, for example, on the required integration and the size of the knowledge base.

The employment of a Virtual Assistant and qualified consultants generates concrete savings. Hybrid chat will replace the helpline without any problems. It will relieve experienced consultants from routine and repetitive activities, which they now lose time on. It will provide reliable data about customers and on the basis of this data, will surpass their expectations for solving a problem or choosing a product.

[1] Data from Gartner.com

[2] InteliWISE own data

[3] InteliWISE own data

[4] Data for the report “Polish Chatbots 2018”