Tag: chatbots

The Future of Contact Centres: How Chat GPT 4 is Revolutionising Customer Service in the BFS sector

The Future of Contact Centres: How Chat GPT 4 is Revolutionising Customer Service in the BFS sector

May 11, 2023

Customer service is a crucial function for most BFS (banking and financial services) entities, particularly since it directly influences customer satisfaction and engagement. There have been concerted efforts made by leading firms in this space towards ramping up service operations. What is the future technology for contact centres? Chat GPT 4 has come into the picture, presenting a compelling case for BFS players in terms of effectively handling customer service. Contact centres have a vital role to play in the contemporary business environment, enabling support and service to a diverse customer range.  Yet, the management and operations of contact centres can be difficult, taking the increase in customer inquiries into account, along with the need for efficiently and swiftly responding to queries. Chat GPT can completely revolutionise customer service, enabling greater benefits for BFS firms. Here’s how. A little on Chat GPT How is Chat GPT used in banking? Can Chat GPT be used for customer service? Before answering these questions, it is pertinent to note that Chat GPT is an acclaimed large language model that has been created by OpenAI. It is based on the GPT-4 and GPT-3.5 architectures, while being tailored to simulate conversations like human beings and enabling automated customer query responses. Chat GPT can also understand natural language, while being trained on diverse aspects, making it suitable for deployment across contact centres. How can Chat GPT contribute towards enhancing customer service and contact centre functions? Here are some of the ways in which Chat GPT can greatly enhance customer service and contact centre operations: It will also greatly boost customer experiences, while scaling up customer satisfaction levels considerably alongside. From recommendations to custom offers, Chat GPT can do this and more. It will help BFS players handle sudden increases in inquiries at peak times, making sure that customers get responses in a timely manner. Chat GPT for boosting the performance of contact centre employees Chat GPT can not only enhance customer service levels, but also enhance the overall performance of employees at contact centres. Here are some of the ways in which it can ensure the same: Chat GPT 4 can thus automate various tasks, thereby enhancing efficiency and overall productivity levels at contact centres. GPT-4 can completely transform communications with customers along with the total engagement levels alongside. Companies in the BFS space can automate their entire customer support functions and response/answer generation, while scaling up accuracy levels simultaneously. Businesses can take care of higher customer inquiry volumes without incurring extra costs. GPT 4 can also help BFS players build more engaging and customised customer experiences through a deeper understanding of their queries and tailoring responses accordingly. It can ensure superior customer communications through quicker content creation that saves time and resources greatly. It can generate content that is updated and accurate for customers, while keeping the relevance quotient high. Hence, it can be stated that Chat GPT 4 can be a propeller towards better functioning of contact centres in the banking and financial services segment, along with considerably ramping up customer service for better efficiency and productivity alike.  FAQs 1. How does Chat GPT 4 improve customer service in the BFS sector? Chat GPT 4 can greatly boost customer service in the banking and financial services space by automating customer responses with more personalisation and relevant answers. It can also handle a higher volume of inquiries without additional costs. 2. Can Chat GPT 4 handle complex customer inquiries and provide accurate solutions? Chat GPT 4 can easily tackle customer inquiries of a complex nature with deep-language learning and provide accurate and updated responses to queries that are increasingly relevant and not run-of-the-mill. 3. What measures are taken to ensure the security of customer data when using Chat GPT 4? Some of these measures include ensuring that there is user awareness about data usage, encryption and access control. Data regulations and privacy laws should also be adhered to by companies while using Chat GPT 4. 4. How does Chat GPT 4 reduce customer wait time and improve response times? Chat GPT 4 lowers waiting times for customers and boosts response times through generating quicker answers to customer queries along with higher accuracy levels. Customers can get answers via Chatbots and voice-bots without having to wait for human responses.

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How Chatbots are Changing the Insurance Industry?

September 18, 2017

Chatbots are the new holy-grail of augmenting customer engagement and brand presence. They are proving to be very useful in most industries including the insurance industry. With the help of intuitive chatbots, insurance companies are able to explain complex products to their customers, drive brand engagement, and improve sales and distribution. The retail insurance companies have low revenue per customer and the majority of them have an email or IVR based phone network for customer service. Thus, providing a personalized experience instantly becomes a struggle leading to high dissatisfaction.  In the Chabot Customer Readiness Index published in 2017 by PWC, they highlighted that the current impact of a chatbot is pretty low as the industry is yet to accept it completely. However, they also highlighted that the ability of chatbots in handling user information and providing instant help about insurance claims and approvals assures that the future is significantly bright. Here, we have covered some of the insurance companies which have already implemented chatbots to manage their operations efficiently. 1. NEXT Insurance California-based insurance company, NEXT Insurance has launched an insurance chatbot on Facebook Messenger with which small businesses can get quotes and buy insurance. The insurance company partnered with insurance software development SmallTalk to tailor the attributes of the chatbot. The chatbot can provide tailored insurance policies which match small business owners’ needs. The chatbot gives quick and precise responses which drive customer engagement. 2. Lemonade New York City-based peer-to-peer (P2P) online insurance firm Lemonade is becoming prominent in the InsurTech space as the company heavily relies on its app-based chatbot Maya and Jim which are alter-egos of the company’s real-life employees, Maya and Jim. Backed by Artificial Intelligence, the chatbots can craft personalised insurance for customers right in the Lemonade app. The chatbot responds quickly to every type of customer query. Customers can enter the details of belongings that have been stolen or lost for getting their claim approved in no time – the whole process is carried out by the AI-guided chatbots. 3. Trov Trov is the first on-demand insurance for personal items such as electronic gadgets, home appliances, sports equipment, and musical instrument. Trov is based on the mobile platform and is a platform for larger insurers. The company has integrated a chatbot in their app which handles customer query and claims. Prior to validating the claim, the chatbot asks customers about the incident. And after accepting the claim, item(s) are either replaced, repaired or provide reimbursement to the users. 4. Bajaj Allianz General Insurance Co. Ltd The insurance sector in India is adapting fast to new technologies. Bajaj Allianz General Insurance Co. Ltd, a private general insurance company (a joint venture between Allianz SE and Bajaj Finserv Limited) has rolled out a chatbot named “Boing.” Boing has been designed to offer 24/7 customer assistance by responding to customer queries. The chatbot is at its initial stage and has an easy to use interface. The chatbot can currently address queries such as Registering a motor claim Locating workshop Locating Branch Locating Hospital Checking claim status Checking policy status Boing currently is active on the company’s official website. 5. GEICO American auto insurance company, GEICO (The Government Employees Insurance Company) had rolled out a new “virtual assistant” (which is basically a chatbot). The chatbot, called “Kate,” is available through the company’s mobile app. Kate allows customers to get their questions answered quickly, view billing information, and inquire about policy coverages. Apart from answering queries, Kate can even help customers navigate the GEICO mobile app. The chatbot is available 24/7. 6. ICICI Lombard General Insurance Ltd ICICI Lombard General Insurance has launched a chatbot platform known as MyRA which has been designed to answer customer queries regarding insurance policy proposals.  Through the chatbot, the company can now answer customer queries in real-time. With the use of Artificial Intelligence, the company is now able to automate the query management process without human intervention. Since its launch, the chatbot has come as a great help to over 60,000 customers as it has been utilized in almost 4000 cases. MyRA also allows customers to compare products which make it easy for customers to make better decisions. If the chatbot is unable to address customer queries, then it transfers the chat to a customer care executive.  7. Birla Sun Life Insurance Birla Sun Life Insurance (BSLI) is the first insurance company in India to launch a chatbot. The chatbot is known as Disha and it has been designed to communicate with customers in a natural way to provide an enhanced customer experience. The chatbot can help customers with their basic needs, issues, and obtain instant premium quotes. With a personal interface, BSLI’s chatbot is faster and makes query-solving interesting. Customers can enter their query either through the menus (which the chatbot shows) or by typing messages. The chatbot is available 24/7and customers can access it through various platforms including the desktop website, mobile, and Facebook. 8. Insurify Online car insurance shopping platform Insurify has leveraged social media and Artificial Intelligence by implementing an intuitive chatbot (“virtual insurance agent” as they call it) on Facebook Messenger. The chatbot can help customers compare car insurance quotes from top companies. The chatbot can match the right coverage package for customers according to their needs. The virtual insurance agent even monitors rates and let customers know about the best deals. Best of all, it is available 24/7. 9. Excalibur Insurance Excalibur Insurance has integrated a chatbot named “Aiden” which appears on the home page of the insurance firm’s website.  According to the CEO and president of Excalibur Insurance, Jeff Roy, the acronym “AIDEN” stands for “Artificial Intelligent Digital Excalibur Navigator.” The chatbot has been designed to help customers navigate the website 24/7. Apart from being able to handle multiple customers at once, AIDEN also provides consistent service. Jeff Roy foresees the future iterations of the chatbot as “Robo-advisors.” 10. GetInsured California-based health insurance company GetInsured has launched a chatbot that works on Facebook Messenger. The chatbot has been designed to help the customers

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How Businesses are using Chatbots today?

May 9, 2017

Exactly a year ago, Mark Zuckerberg had said that people will be able to talk to Messenger bots just like they talk to friends. Since then, there has been a lot of chatter about the evolution of chatbots and how these automated computer software programmes will make our job easier. Presently in the world, messaging apps have become the easiest and most effective form of communication. In this age, chatbots, powered by Artificial Intelligence (AI), has become the key method customers interact with business.   Chatbot is the newest kid in the world of tech. Chatbot is just like your personal customer service assistant. And, everybody (read: big, small and medium-sized companies) is obsessed with it. From booking dinner reservations, ordering flowers to renewing insurance policies, chatbots have certainly made our life manageable, easier and productive. What is a chatbot? According to ChatbotsMagazine.com, “A chatbot is a service, powered by rules and sometimes artificial intelligence that you interact with via a chat interface.” You can explain your needs via text messages and chatbots, powered with AI, will help you to organize your life in a better way. And the best part is: the user does not have to download and install an app. All he/she needs to do is type some text and they will get answers instantaneously. From WeChat, Slack, Kik, Telegram to Facebook Messenger and Amazon Alexa, bots are becoming the main interface between humans and machines. Chatbots have surely become the biggest thing in the world of technology. 2016 saw the evolution of chatbots in the business world, especially companies dealing with a huge database. Though chatbots are still in the early stages of adoption among the masses, however, the way chatbots are influencing the tech world; it’s only a matter of time that the masses and businesses become increasingly dependent on this computer software programme. According to a report (Humanity in the Machine) from media and marketing services company Mindshare, 63 % of people would consider messaging an online chatbot to get in touch with a brand or business. Yes, that’s the enormous power of chatbots today.   Biggest players such as Facebook, Google, Amazon, Apple, and Microsoft are already in the race of chatbots. Microsoft tested its new AI chatbot, “Zo”, in December 2016. Understanding the disruptive potential of these chatbots, several companies across the globe are jumping onto this bandwagon of ‘chatbots’ and provide interesting services to customers. Today, intelligent AI chatbots use machine learning so that the chatbots can understand the reference and perform much more intricate tasks than what a bot does.  AI-powered chatbots are not only helping consumers save time at work. They have given a huge thrust to the digital ecosystem, especially when it comes to e-commerce advice, automated customer support, and conversational experiences.   Phil Libin, managing director at General Catalyst is all praise for bots. “Within a few years bots will be in the fabric of everything,” he had reportedly said.   Evolution of Chatbots Chatbots aren’t new. They have been in existence since 1966, when an MIT professor, Joseph Weizenbaum, developed an AI agent named ELIZA. In the early 2000s, Chatbot Smarterchild became popular when it was made available on AOL Instant Messenger and Windows Live Messenger (previously MSN Messenger). As mentioned, 2016 was the year when the world started taking chatbots seriously. Today, chatbots are giving tough competition to mobile applications. According to an article in engadget, chatbots are new-age mobile apps. Businesses all across the globe are investing heavily in the chat economy. And with the exponential rise in AI, tech companies are hell bent to develop functional and interactive bots to engage with consumers in a superior and effective way. Chatbots can be found on platforms: WeChat Facebook Messenger Kik Telegram Apple iMessage Slack SMS In a recent survey by Oracle, 80% of business owners stated they want to implement chatbots by 2020. So, what are the main factors favouring chatbots? Chatbots are always available unlike customer care executives, which work on hourly basis. This results in better customer interaction and increases the brand’s engagement with the customers.   Businesses can use chatbots to engage in one-on-one conversation with countless customers via messenger Unlike a mobile app, you don’t need to download a chatbot. Just search for a chatbot from within a messaging app and start chatting. Hence, it reduces the number of apps on your phone. Developing a chatbot is less expensive and hassle-free in comparison to developing an app for a business The simple and easy interface makes chatbot easy to use Depending on the relevant data collected by the chatbots from the customer, the business owners can customize messages for the potential consumers, thus achieving higher conversion rates Chatbots can help you streamline the operations of your business, analyze customer data and improve marketing and sales. Chatbots can be useful to promote new products by notifying the customers. Though this hottest young technology is still finding its ground, it goes without saying that today large brands and also small businesses are rolling out chatbots to streamline their working operations. Here are the 5 key sectors where chatbots are creating maximum hullabaloo: Banking and finance Travel and hospitality Restaurants Healthcare Ecommerce Chatbots in banking and finance   The banking and financial sector is one of the earliest adopters of chatbots. From handling everyday payments, balance enquiry and updates, history of transactions to the renewal of insurance policies, fraud redemption, and money transfers, AI-powered chatbots have moved out of the labs and is redefining the financial and banking operations. With chatbots, the banking and insurance officials can have a more effective customer engagement. Also, the work force replaced by chatbots can be employed for other crucial activities in the banking sector. In March 2017, Next Insurance launched their first chatbot for Facebook Messenger. This definitely benefitted the small businesses to buy insurance via chatbot. Next Co-Founder and CEO Guy Goldstein, was quoted saying, “70% of our customers are buying insurance on their phones. Enabling

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