Chatbots are intelligent computer programs that can stimulate conversation with humans via sound or text and could change the way in businesses all around the world operate when they realize the potential savings that could be involved. Now, Facebook is now offering a platform for businesses that want to use this type of technology to serve their customers and some of the first to jump on board with developing these chatbots are the Bank of America and TD Bank.
The chatbots will be able to act as a representative of the company by answering queries from customers regarding their accounts, advising balance information, where the closest bank or ATM is located, and assist with taking payments, all via Facebook. By introducing the use of chatbots opposed to human customer service staff, the banks are set to save themselves a lot of money once fully developed and integrated into their business models. Being cheaper to acquire and maintain, the chatbots are also relatively quick to build too. In a monetary comparison, an average customer transaction that is completed via a human over the phone is around $2.50. With the chatbots online, this comes down to just $0.17, which over the course of just 100 transactions is a saving of $207!
But, will consumers feel as excited about the chatbots as the companies that are looking to introduce them? Even though the robots will be able to personalize cross-selling offers and perform transactions just as quick and flawless as a human, if not better, they still lack that human touch which customers may not be able to warm to and still end up having to call a real person. There is also the security issue to think about as a significant number of personal data will be transmitted via Facebook so regulators will certainly be involved to ensure there is no concern of data breaches.
Although there are still a few things that need to be ironed out, we will see more of chatbots in many businesses across the globe, not just banks, as various companies are investing heavily in their development, including HP, CNN, and 1-800-Flowers. The bots will, of course, change the way in which customer service is both delivered and received but whether the people will immediately embrace that count, the customers, is still to be seen.
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