Chatbot As a Service - What it is and how does it work | Chatbot como Servicio
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Chatbot as a Service – What it is and how does it work

In recent years, the “As a Service” business model has gained ground in the market for all its advantages. But did you know that it can also be applied to chatbots? Discover the concept of “Chatbot as a Service”, its unquestionable value, and how you can use it in sectors such as banking and insurance.

What does “As a Service” mean?

As we mentioned, “As a Service” has grown exponentially. We find it in the form of Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS), among many others.

This business model is mainly associated with technology companies and refers to a service provided via the web. In other words, there are no on-premises devices because everything is hosted in the cloud.

In this way, the companies that hire these services don’t need to worry about installing, maintaining, and updating the systems, nor purchasing hardware and infrastructure for hosting them. Then, you only need an internet connection to access any product or service.

In addition, most do not require a license; the investment is made in the short term, on a subscription basis, depending on what is effectively needed.

What is “Chatbot as a Service”?

“Chatbot as a Service” has the same premise as the other “As a Service” models. That is, they are provided via the web. However, it doesn’t fall into the “Platform as a Service” category. Indeed, it’s a platform we can customize according to our needs, but it includes much more, that is to say, the “end product” – the chatbot.

Chatbots are conversational robots generally used by medium and large companies to automate repetitive tasks and requests, optimizing customer service.

They’re considered digital contact media, mostly found on companies’ websites and instant messaging applications, such as Facebook Messenger or WhatsApp.

Learn here how a chatbot on WhatsApp can be an asset to your company.

They are solutions that use Artificial Intelligence to have a greater response efficiency and thus also optimize the work of customer support teams.

The model of “Chatbot as a Service” is closely linked to the theme of digital transformation since it allows companies to merge easily into the era of digitalization. They can do it by offering their customers new contact channels with no additional operational costs.

What are the benefits of this business model?

  • Cloud-based

Simply put, when we say something is “in the cloud,” we can access it from anywhere in the world through the internet. That is to say; it is not something physical that we can only use if we are in the same location as the product or service.

“Chatbot as a Service” works the same way. They aren’t “physical” systems that you can only access if you are in your company’s office, for example. They are cloud-based solutions.

This way, the supplier can provide the service seamlessly from one location at the end of the globe to your company at the other.

  • Reduced costs

Because it’s in the cloud and not something “physical,” the associated costs are much lower. For example, you don’t need to worry about issues such as maintenance or having a specialized team to handle the solution.

  • Scalability

Another advantage of this model is the possibility of autonomously escalating the solution to new use cases without hassle, having total control over the platform.

Additionally, it allows easy integration with other systems your company already uses, such as CRM platforms.

  • ROI in no time

Besides being very quick to implement, the ROI (return on investment) is almost immediate since you can see the results in just a few months.

From the moment you implement this type of product, you can see improvements in your teams’ performance and customers’ satisfaction.

  • Fast Implementation

As we said in the previous point, “Chatbot as a Service” is promptly implemented since everything happens over the internet.

Just parameterize the information you want the chatbot to have, make the integrations with the systems you wish, and you’re ready to automate your customers’ most frequent requests and questions.

  • Automatic Updates

Thinking about updates is something you don’t have to do.

There will be updates, indeed, and the solution company you invest in will do them periodically to improve the product they are providing. But you don’t have to worry about anything. You’ll be notified when they occur; but, you won’t even have to involve your IT staff.

Also, suppose the provider is a company focused on customers and continuous improvement. In that case, many of the updates and new features will take your feedback and suggestions into account.

“Chatbot as a Service” in the Banking and Insurance Sectors

“Chatbot as a Service” is an excellent option for those who value a technological service that is efficient, innovative, and doesn’t bring headaches.

They are an opportunity to provide a 24/7/365 service where the user can solve their doubts immediately and assertively. In the event of more complex cases, it is possible to count on the help of human assistants, accessible through Live Chat.

As experts in the banking and insurance sector, we at Visor.ai have helped many companies automate their Customer Care services. Here are some examples of our solutions’ different applications:

In Banking
  • Transactions
  • Opening Accounts
  • Applying for a credit
  • Financial counseling
In Insurance
  • Provision of documents (insurance documents, insurance policy)
  • Hiring insurance
  • Claims’ communication
  • Changes in policies’ coverage

“Chatbot as a Service” at Visor.ai

At Visor.ai, we provide a “Chatbot as a Service”. It’s a cloud-based solution based on Artificial Intelligence coupled with a low-code platform. As a result, anyone with no technical knowledge can parameterize it.

In addition, all our customers’ chatbots have reached 80% efficiency, meaning eight out of 10 requests are solved without human intervention.

In four simple steps – configure, test, implement, and improve – you can have a technology solution that sets you apart and puts you at the forefront of customer service.

Talk to us and learn more about our “Chatbot as a Service” model.

Conversational AI vs. Traditional Chatbots
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Conversational AI vs. Traditional Chatbots: What’s the Difference and How to Choose

What is Conversational AI? Isn’t it the same as chatbots? How do they differ?

As time goes by and new tech concepts and innovations emerge, it can be difficult to keep track of all of them and know what each one means.

Come find the answer to these questions and which solution best fits your company’s reality and needs.

What are traditional chatbots?

Let’s start with the oldest concept: chatbots. Chatbots are conversational robots that communicate with users through text messages and are usually present on companies’ websites or instant messaging applications.

Mostly, they automate communications between stakeholders (companies and customers) in Customer Care services.

There are several types of chatbots. However, in this article, we will only divide them into two: traditional chatbots and chatbots with Conversational Artificial Intelligence.

Traditional chatbots, without AI, are more limited and cannot have a natural conversation since they are composed of decision trees, also responding to pre-parametrized keywords. As a result, they’re typically used by smaller companies with fewer users, where these interactions are sufficient to answer frequently asked questions.

Artificial Intelligence

Artificial Intelligence is an almost infinite technology that allows systems to mimic human actions. This technology consists of different areas, and one of them is Conversational AI, which, as the name implies, focuses on a system’s ability to communicate with humans.

This area of AI allows chatbots to perform better and automatically perceive and respond according to the stimuli they receive.

For this reason, they are used in big companies with large volumes of interactions/customers. The goal is to automate repetitive processes and frequent questions, leaving only the most complex and particular ones to the contact center assistants.

What is Conversational AI?

Conversational AI, or Conversational Artificial Intelligence, takes chatbots to the next level. While most traditional chatbots rely on pre-defined rules and paths and cannot answer questions that diverge from what has been defined in their conversational flow, chatbots with Conversational AI can go beyond.

By relying on technologies such as NLP, Machine Learning, Automatic Speech Recognition, and Advance Dialog Management, Conversational AI allows chatbots to have natural conversations and to jump from subject to subject as if in a conversation with a human.

Unlike traditional chatbots, chatbots with Conversational AI can answer questions that are not identical to what they have in their knowledge base. The chatbot will understand their intention no matter how users type in their queries.

As a matter of fact, the more interactions the chatbot has, the more it learns and becomes more efficient.

Besides, if it can’t answer what the user wants, it will conveniently forward the request to a brand representative.

What are the differences between traditional chatbots and Conversational AI?

We’ve already seen that as soon as you communicate with a chatbot with Conversational AI, you can tell the most significant, most considerable difference: the ability to mimic a human conversation. That said, many more differences may not be as evident to the user but are pretty relevant in distinguishing the two types of chatbots.

Traditional Chatbots:

  • They are based on predefined rules and conversational flows.
  • Most of their interactions are through buttons.
  • Their scalability is very limited.
  • If any question is not in their knowledge base, they cannot answer the users about it.
  • They can understand what they were previously taught.

Chatbots with Conversational AI:

  • They are based on technologies that allow them to understand human language (NLP).
  • Their level of scalability is very high, and they can be implemented in several conversational channels
  • They learn from their interactions with users (Machine Learning).
  • Their interactions may include buttons, but they are able to respond via text or voice.
  • Even if the stimulus is not in their knowledge base, they can understand the user’s intention and provide a response.
  • They can personalize conversations according to the user’s profile.
  • Integration with CRM systems is possible, as well as with different APIs, to automate repetitive processes.
  • The Conversational AI platform allows, when the requests are more complex or too specific, to be automatically forwarded to the Live Chat, where brand representatives are available for customer service.

How to choose the best solution for your company?

The choice between a traditional chatbot and a conversational AI chatbot depends directly on your company’s goal. If the focus is to give an alternative to the Frequently Asked Questions (FAQs) page, then a traditional chatbot can help you.

However, suppose your focus is to digitally transform your company, be at the forefront of innovation, increase customer satisfaction, automate processes and optimize the work of the Customer Support team. In that case, chatbots with Conversational AI are the best option.

Additionally, if you want to decrease or even eradicate phone calls, which can be costly, the solution still is to invest in Conversational AI.

This technology is present in the Visor.ai solution.

Through an intuitive, easy-to-use platform, you can parameterize your chatbot’s interactions autonomously and without technical knowledge. Plus, you can give it the necessary knowledge to answer questions about your company and products/services, thus enriching it continuously.

You can see the answers that the chatbot has given to questions not yet included in the knowledge base using the AI Trainer tool.

In addition, on the platform, you also have access to numerous metrics that you can analyze to improve chat interactions and the Live Chat service.

The tools available in Visor.ai’s Conversational AI platform are numerous. They range from knowledge building and increasing the intelligence of your chatbot to conversations with Customer Service Assistants.

Request a demo and enter the future of intelligent interactions today!

chatbot intelligence
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Life After Going Live: How to level up and optimize your chatbot intelligence

Have you already implemented a chatbot in your company’s customer support, but it still has trouble answering some questions? Check out these five tips we have for you to continuously increase your chatbot intelligence.

Artificial Intelligence

By definition, an intelligent chatbot is a conversational robot that uses Artificial Intelligence (AI). Artificial Intelligence is, in turn, a field that includes all the technologies needed for a machine to copy human actions – in this case, having conversations that are as natural as possible.

The most widely used technologies when it comes to chatbots are NLP (Natural Language Processing) and Machine Learning.

Simply put, with the first technology, the chatbot acquires the ability to understand human language. And with the second, it gains the skills to learn from the diverse stimuli it receives.

Why isn’t your chatbot smarter?

Just after being implemented, a chatbot is never at its maximum efficiency. That is, at the point where no human has to intervene to answer certain questions from customers.

There are two reasons why your chatbot intelligence is not at its peak: it has not received enough stimuli yet (questions) to figure out what answer to give, and more importantly, it has not been trained.

When you create a knowledge base, you feed the AI with the different questions (FAQs) that your chatbot might receive and the corresponding answer.

However, according to the history of interactions in your Contact Center, what your customers will actually ask is an unknown fact; there is only an approximate idea, and even humans have no way of knowing.

Still, you can easily improve your chatbot intelligence and increase its response efficiency.

5 tips to increase your chatbot intelligence

#1 Keep the information up-to-date

Just as you change the information on your company’s website, you must update what is in your chatbot. It’s crucial that what you say in one place is the same as what you say in the other because if it doesn’t, customers and potential customers won’t know which one to trust. And consequently, their trust in your brand will decrease.

Therefore, always keep your chatbot updated with the latest news and procedures.

#2 Train, train, train

On a conversational AI platform like Visor.ai’s, there’s a tool that allows you to train your chatbot’s Artificial Intelligence – the AI Trainer. This feature gives you access to all the questions your users ask that aren’t in your chatbot’s knowledge base yet.

Regardless of what the chatbot has answered, this is where you can confirm, change or assign a response to the received questions.

Once you carry this out, the knowledge base will increase. And consequently, your chatbot intelligence, namely its NLP, will also increase as it adds more colloquial ways of asking about a subject.

Furthermore, the chatbot will know what answers to give to new questions, increasing its efficiency rate. A chatbot may not know the answer today, but tomorrow it certainly will.

#3 Analyze the interactions between users and chatbot

Just like brand trust, it’s equally important that the customers feel special when you address them and show that you are aware of their needs and know who they are. So, the third tip we have for you is to analyze the conversations that have gone through your chatbot. Understand which topics are the most mentioned and which questions arise the most.

Also, try to find out how you can improve the conversational flows and customize them for each user according to their profiles.

#4 Analyze Metrics

In addition to analyzing interactions, keep an eye on other metrics related to your chatbot and live chat assistants.

Related to the chatbot, you can find out, for example, which paths users took most in the chatbot or which buttons were clicked the most. With this kind of information, you can identify the topics of greatest interest and base your campaigns and promotions accordingly.

Regarding live chat, you can see what kind of questions led users to resort to your agents and what are the requests’ resolution times, among other data.

You can also analyze the ratings that customers gave to the service (if you have this rating parameterized) and understand the reasons for the not-so-good scores to act accordingly.

#5 Optimize assistant workflows

Last but not least, optimizing your agents’ workflows is essential. After all, that was one of the reasons you implemented a chatbot, right? Listen to your employees and work together to facilitate and improve service.

Chat support is totally different from on-call support. For example, when writing, your assistants may have to give some long answers, which may take longer and are still repetitive.

In these cases, as well as in cases of introduction or farewell, such as “Hi, you’re talking to Mary, how can I help you?” or “We appreciate your contact; whenever you need us, we’re here to help you!”, make use of tools such as Quick Answers.

By parameterizing these responses, your assistants only need to click a button and send that same message. This way, your customer is more quickly cared for, and your assistants gain time to focus on more complex situations.

Additionally, when assistants receive a ticket they aren’t the best for, redirect it to other colleagues or departments that specialize in the topic.

This process takes seconds and allows you to always provide your customers with the best possible service.

Your Visor.ai platform

In the Visor.ai platform, you can autonomously and intuitively perform all the operations mentioned above.

Increasing your chatbot intelligence is key to maximizing the solution’s potential.

Of course, whenever you need it, you can count on our team to help you overcome any challenges or implement new features.

If you are not still feeling the power of the Visor.ai platform, request a demo today and take your Customer Service to the next level.

How far can banking chatbots go? 5 worth knowing Use Cases to scale your Contact Center
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How far can Banking Chatbots go? 5 worth knowing Use Cases to scale the Contact Center

The challenges imposed by the pandemic were a significant driver and accelerator of the financial sector’s digital transformation. The exponential growth of online contacts and the need to reinvent customer support made many institutions finally start investing in banking chatbots.

This article explains some use cases that you can automate with this solution and how they help address the large volumes of interactions your customer service receives.

What are banking chatbots?

Chatbots, as the name implies, are conversational robots – robots that can communicate with people.

Banking chatbots are chatbots specialized in the banking industry. They are usually available on the corporate websites of each bank and help customers get answers to their questions immediately.

How do they work? Banking chatbots can communicate with their users because they have received information that enabled them to do so. Just as we go to school to gain knowledge, chatbots also need to learn to be efficient in their interactions.

Technologies such as NLP (Natural Language Processing) and Machine Learning are required so chatbots can understand and learn the human language.

These two technologies are part of Artificial Intelligence, which, broadly speaking, is what gives intelligence to chatbots. Thus, they can mimic specific human interactions – in this case, having a conversation as natural as possible and providing a great user experience.

What you can do with banking chatbots: 5 Use Cases

Chatbots are the missing piece in financial institutions that want to reach the next level of customer satisfaction and process optimization.

Nowadays, most people try to solve their issues digitally first, and only then, if it’s impossible, do they resort to other channels.

Consumers are increasingly demanding alternatives to face-to-face channels so they can get answers and reach their goals autonomously and at any time.

Banking chatbots are the solution for those who do not want to waste time. With these conversational robots specialized in banking and available 24*7, your institution empowers customers to:

  • Opening an account

Gone are the days when you had to go to a branch to open a bank account. Now, through a chatbot, your customers can enter their data, authenticate themselves, and have a new account in just a few minutes.

  • Changing debit dates

In addition to the numerous changes they can make related to their data, your customers can also make changes to debit dates, for example, monthly credit card fees.

  • Asking for credit increases

Situations requiring several levels of validation, such as applying for a credit increase, can be easily automated when you have a chatbot to help you. All you need is the customer’s information and compliance with the requirements, and you can automatically and instantly give them a response.

  • Canceling cards

If card cancellation is such a simple process, why does it give your customers and your teams so much trouble?

With a few clicks and chatbot monitoring, show the available cards and make it possible to choose the desired one – all of this without the need for human intervention.

  • Resetting authentication code

With the number of passwords each person has to memorize, many customers forget or lose the access codes to their account or customer area.

Create a use case in your chatbot where it asks for various information to validate that the customer is who they say they are, and after that, immediately send them new authentication codes.

The Millennium BCP story

Banking chatbots are generally used for customer support, automating different interactions that users have with institutions.

However, you can also automate internal support, i.e., provide support to branch office employees.

Banking is one of the sectors with the most information, and its procedures are sometimes very specific, depending on the product. It is humanly impossible for employees to memorize all these processes. However, they need to access them in a matter of seconds.

These are the occasions when internal chatbots come into play, and Millennium BCP opted for them.

After having an automation solution that did not meet their objectives, they decided on the value proposition of the Visor.ai platform. In a few months, the chatbot called MAX achieved interaction automation of around 80%.

Another advantage this solution provides is the possibility of forwarding to a human assistant when the chatbot can’t answer -accessible through the Live Chat tool of the Visor.ai platform, where it can serve several users simultaneously.

Still, MAX’s team says: “It may not know the answer today, but it will tomorrow.” And they say this because, with total autonomy, they can change and add content to the chatbot and make it available immediately.

Conclusion

A solution like Visor.ai allows your institution to have an efficient Contact Center available 24*7. Whether by website, Facebook Messenger, or WhatsApp, be present in the digital channels where your customers are.

Also, optimize the work and workflows of your Customer/Employee Support teams. Automate simple, frequent and quick-solving requests, and leave the more complex ones requiring more detail to your assistants.

With a user-friendly and intuitive platform, you can parameterize the use cases you want in a few minutes and evolve them over time without needing an IT team.

You can also integrate the platform with the systems you already use in your company.

According to Juniper Research, until the end of 2022, about 90% of banking industry interactions will be automated.

How is your journey? Contact us and discover in practice how far can banking chatbots go with Visor.ai platform.

Understanding the ROI of intelligent chatbots: Turn your Customer Service into a high-performance machine
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Understanding the ROI of intelligent chatbots

The amount of investment is possibly one of the most decisive factors when you evaluate the implementation of intelligent chatbots in your contact channels. But, for an assertive analysis, it is also crucial to consider the gains you will make using Artificial Intelligence solutions to automate and optimize your Customer Care services.

In this article, we tell you what ROI is, how to recover what you invested, and much more to turn this area into a high-performance machine.

What is ROI?

ROI (Return on Investment) is a financial metric commonly used to evaluate the probability of getting back the value invested. In other words, it tells us the gain or loss concerning the investment results.

In this case, ROI is calculated based on the investment made to implement a chatbot in your company – either for employee support or customer support.

There are several types of chatbots. However, those that use Artificial Intelligence are the ones you are interested in because they can mimic natural conversations, identical to what two humans would have.

This fact alone is already one of the gains of these solutions because nobody likes to waste time and much less have conversations that don’t respond to what we want. So if we invest in an innovative solution, let it be efficient!

Intelligent chatbots are conversational robots with Artificial Intelligence. Simply put, they are robots that can spontaneously interact with users thanks to Machine Learning and Natural Language Processing technologies.

How do intelligent chatbots help you save?

Chatbots are known for optimizing companies’ services since they easily automate simple programmable processes. Namely, answering frequently asked questions or doing repetitive tasks, such as providing a second copy of certain documents.

Here are some factors that help you improve your Customer Support services:

  • Digitization Increase

With technological evolution, society is updating its likings and skills, and because of these factors, it’s becoming more demanding.

A company that doesn’t keep up with the digital age and its customers’ preferences will be easily outgrown by competitors.

Organizations that offer new and dynamic services, such as intelligent chatbots, enabling customers to quickly and effectively get what they are looking for from any place and time, are undoubtedly at an advantage.

Furthermore, according to a study by Insider Intelligence, about 40 % of users worldwide prefer to interact with chatbots rather than agents.

  • Automated Interactions

If you analyze the interactions in your Contact Center, you’ll find that most of the questions your agents solve are very simple and easy.

However, the time customers wait to be assisted and get an answer are two negative points for customer satisfaction.

By automating the most common interactions with intelligent chatbots, you instantly see an optimization in your team’s workflow, who can devote their time and effort to solve more complex situations.

According to Gartner, by 2025, companies implementing a multichannel platform with AI for Customer Support will increase their operational efficiency by 25%.

On the other hand, your customers will be much more satisfied because they get their questions answered on the spot.

  • Self-care channel

One of the current trends is to offer customers self-care solutions. That is, solutions in which they can resolve their issues autonomously, without a company representative’s intervention.

In fact, according to the Harvard Business Review, about 81% of all industries consumers first try to resolve their issues on their own before speaking with a brand representative.

What can you gain with the Visor.ai platform?

Our vision is that not a single customer’s query should stay unanswered, and our mission is to help you get there through our AI solutions.

We help you implement intelligent chatbots in the instant messaging applications you prefer (Facebook Messenger, WhatsApp) or your website.

If email is a channel that also needs a push, we can help with that too!

Our email bots analyze, categorize, request information and documents when necessary, and route requests to the specialized handling departments in the subject matter. This routing significantly reduces response times and boosts your Customer Service.

We can also further optimize your contact channels with voice bots. Just like email bots, they collect information to finalize requests, saving your contact center assistants much work.

With Visor.ai solutions and technologies, you can:

  • Optimize the workflow of your employees by setting up the bots to handle the most common interactions;
  • Increase customer satisfaction by decreasing waiting times;
  • Increase the accuracy and response efficiency of your services through an easy-to-use platform that allows you to enrich the bot with new questions and answers and make any changes you want autonomously;
  • Potentiate the generation and conversion of leads through customizing and sending certain information to specific users, be it promotions, campaigns, or others.

On top of all these factors, you have, on average, a three-month payback on your investment (ROI) after the solution goes Live. That is, three months after your customers are using it.

How is ROI possible in 3 months with intelligent chatbots?

That’s right! You can recover the entire amount that was initially invested after three months.

You will find that once your customers see that you can handle their issues so quickly and efficiently, they won’t want anything else!

Productivity increases, and agents can begin to take on more strategic roles and respond only to complex situations. They become true No-Code Data Scientists since, for instance, they can “teach” the bot what it previously didn’t know with no external assistance.

After an implementation period of 4 weeks, on average, your chat solution will be ready to start interacting with your customers.

In this initial phase, together with the Visor.ai team, the knowledge base of your intelligent chatbot is created and maximized so that it can answer all your clients’ usual questions.

Nevertheless, for cases where the chatbot doesn’t know (yet!) what the best answer is, you can refer to Live Chat, where your Contact Center agents will be available to answer.

Don’t wait around and learn how your Customer Service can be optimized and get ROI in 3 MONTHS! Ask for a demo today!