Chatbots, short for chat + robots, are computer programs that mimic conversation with people using artificial intelligence. Chatbots have the capabilities to transform the way we interact with the Internet from a series of self initiated tasks to interesting conversations to understanding and improving customer engagement.
According to a recent study, smartphone users spend 80% of their time in using 5 or fewer apps. According to the following chart, in the year 2015, usage of messaging apps surpassed the usage of Social Media. This is a clear indication that smartphone users spend more time in messaging apps, such as Facebook Messenger and WhatsApp.
To reach out to target customers and streamline communication, web giants are now dotting on chatbots ever since Facebook announced availability of its Messenger Chatbot framework in April, 2016.
This bot fever which suddenly hit is not a coincidence: it occurs in a context where mobile apps are used less and less.
Convenience and Conversational Economy
Unlike mobile apps, chatbots require no downloading of any app except for your messenger app. Right from within a messenger customers can interact with your services using a natural language. Some of the key areas where businesses can use chatbots for digitization and to automate their services include 24x7 customer service, information gathering, quick responses etc. - leading to improved customer satisfaction.
Bots open a new era: the era of conversational commerce (also referred as conversational economy). Integrated into messaging apps, bots allow mobile users to instantly access the services they need without having to browse any web pages or download any apps, leading to convenience, efficiency and improved satisfaction.
Customer Experience (CX)
Unlike web pages and mobile apps, chatbots can have huge impact on improving customer satisfaction. An improved customer satisfaction results into better customer retention, improved customer lifetime value, reduced churn and provides better insights into customer requirements.
By centralizing and simplifying the user journey, there is no more need to go search for the product or services, the websites, and so on and on. A product or service comes straight to you from the tips of your fingers. The result is maximum engagement and satisfaction.
CX (customer experience) is the sum of all interactions a customer has with a company starting day one. It goes well beyond customer service
Chatbot Use Cases
Chabots are predicted to replace pretty much all the web pages and mobile apps with its proliferation. Some of the early use cases of the chatbots include quick responses, efficient call routing, human resources, college admissions, airline booking, etc.
Chabtbots: What do People Think?
As per the following survey, consumers are unhappy with navigating ever expanding and complex web sites. There is no way to ask questions, when a question is asked it provided low quality answers that took too long, and most web sites lacked the basic information the consumers really want to know. This shows why the world is ripe to adopt bots as a replacement of chaotic web sites and multiple mobile apps.
Bots unlock immediacy and convenience in online transactions. However, like any other new technology, Chatbots have run into their own initial level of frustration. Most chatbots are trivial and have not been able to live to the customer expectations. Chatbots are portrayed and perceived as a replacement for humans. That is not we believe at Cooldimi. We believe that chatbots and artificial intelligence will not be able to replace humans in the near future, instead they will play critical role in assisting humans in automating some of the repetitive tasks.
Also, the market perception is that it is easy to create and install a bot. Our answer is ‘yes’ and ‘no’. It is a cakewalk to create trivial bots that leave bad taste in the user’s mouth. However, it is complex to create business bots that rightly understand a user’s intention, user requirements and user emotions. For example, how to treat a car driver who just had a bad accident. Obviously, the driver is frustrated and angry and it is human skill to handle the emotions rightly. “How would bots understand the emotions?” is a key question to ask. Cooldimi is addressing these complex problems.
Poncho, the Weather Bot, is a great example of trivial bots in the market. As you see, the bot does not recognize what a user is trying to say, an address.
Following is an example of a simple Cooldimi bot, built for Chabad JCC, Placer County. In this bot, there is planning and goaling. Chabad.org is the web site of one of the largest religious organizations with over hundred thousands pages of information. There are 1,500 Chabad Houses locations around the world. Each location has different times for the Shabbat (the day of rest) that starts Friday evening. This bot answers questions specific to Granite Bay and Roseville California, that can not be found anywhere else or they require extensive surfing of external web sites. Cooldimi re-defined the boundaries so the bot was trained very fast to be in production
Cooldimi platform, using Artificial Intelligence (Natural Language Understanding, Sentiment Analysis and Conversational Analytics), enables customers to build custom bots for their businesses. Businesses have specific requirements that require to treat bots not only as a new feature, but they may want bots either as a new product line or to enhance an existing product line. There is nothing off the shelf that businesses can make use of.
Every simple, good looking product has loads of invisible complexity behind it. Cooldimi’s depth lies in its proprietary method to compute consumer satisfaction and happiness during the entire journey of a user experience - from day 1 to the current moment - in realtime. There is a direct correlation between the Cooldimi’s Customer Satisfaction Score and customer retention, improved customer value and reduced churn. Studies show 88% of all customer expect after a bot only interaction to reach a live person. Cooldimi blends human intelligence and artificial intelligence to assist humans and to provide timely human assistance when a bot runs into its limits. Cooldimi provides ease of training and reinforcement learnings for the bots to be productive quickly.
Cooldimi for B2B and B2B2C
Cooldimi platform provides technology to maximise customer depths for businesses that vary from company to company. Chatbots allow users to get in touch with brands and get the information needed straightaway. Cooldimi’s customer base includes domains such as Insurance, Telco, Call Centers, Infrastructure companies, and Colleges/Universities. The list goes on and on.
Start with a Proof Of Concept (PoC)
A 2016 study found that 87% of bankers say they plan to do something with chatbots within the next two years. That means over the next 2 years there will be a massive adoption of Bots in B2B, B2B2C and branding. This tilts the scale and most companies will adopt.
Chatbots in banking, insurance, telco, colleges, human resource and large corporations is a new concept. Most of the corporations are cautiously interested in understanding and making use of chatbots and artificial intelligence in their products. To keep the risk low and to vet your innovative concepts, we recommend to start with a well defined PoC (Proof of Concept).