We have witnessed the world’s vast transformation linked with digital technology. Many new tools have been invented to improve human-computer interaction, especially in the business industry.
In the current time today, besides putting a focus on the quality of products and services, it is also crucial for a business to give the best experience for their customers. This is where chatbots are coming in. These features can be considered as an integral part of customer service automation. In finance, chatbots and virtual assistants are some of the industry’s newest devices designed to streamline human-computer interaction.
What is ChatBot?
A chatbot is an artificial intelligence (AI) program that can simulate a natural language conversation (or chat) with a user through messaging systems, blogs, mobile devices, or by telephone.
A chatbot is one of the most advanced forms of human-computer interaction. However, from a technological point of view, a chatbot only represents the natural evolution of a Q&A system leveraging Natural Language Processing (NLP). It helps to formulate answers to questions in natural language.
This computer-based AI program simulates human conversations. It is often referred to as robotic assistants that recognize human limits. Bots interpret and process user requests, and send appropriate responses promptly. Bots can be implemented through voice and text and on websites, applications, and messaging platforms like Whatsapp and Facebook Messenger.
It is predicted that by the end of 2020, 80% of companies would use a chatbot on their website. Automation technology will help reduce labour costs, and advancing artificial intelligence would only continue to enhance chatbots production. In this digital age, it is possible to foresee the imminent chatbot revolution.
Types of ChatBot (Facebook Messenger, Whatsapp)
1. Scripted/Quick Reply Chatbots
A scripted chatbot is the one where customer contact occurs through a series of predefined questions. This type of chatbot is either generated by a questionnaire collection, or a rule-based chatbot is built where each user behaviour pushes the bot to act or react.
2. NLP Chatbots
Chatbots are considered one of the most significant AI applications. They use AI technology to provide experience to the customer. NLP chatbots are capable of measuring user feedback, recognizing the purpose, and then creating the most appropriate response before delivering the message to the user.
3. Social Messaging Chatbots
Chatbots under this group incorporated into social media and messaging apps like Facebook Messenger, Slack, Telegram, WhatsApp, etc. They can be installed easily.
4. Serve/Action Chatbots
Those chatbots focus on one domain. Service chatbots are easy to navigate, quick to complete tasks, help to create personal customer relationships, and simplify the management of sales funnels. They have services such as browser history, flight status checks, and ticket bookings.
5. Contextual Chatbots
These chatbots use the strengths of Machine Learning and Artificial Intelligence to evaluate past interactions, refine responses appropriately and continuously enhance the conversational experience with customers.
Chatbot Scope of Work
Creating computers capable of understanding Natural Language has always been an incredibly difficult task and today Natural Language Understanding (NLU) is considered an AI-hard problem, meaning that the complexity of such computational problems is equal to solving the core artificial intelligence problem having machines as smart as humans.
Natural Language Processing (NLP) is a discipline that describes the interactions between computers and human languages within data science. Its main scope is to program computers to process and analyze large quantities of data in the natural language.
Natural Language Comprehension (NLU) deals with structuring raw data into a worm that machines can understand. Usually, NLU carries a set of recognition and named entity recognition tasks. In other words, NLU is a machine’s ability to fully understand what the user is saying.
Here some of the typical chatbox scope of work:
- Design full chatbot sequence and automated flows
- Welcome message
- Chatbot greetings pop-up
- Connect staff personnel with a chatbot (if the person requires to speak with staff)
- Get machine learning insights on users’ interests and preferences
- Monthly report on the performance of chatbot and the sentiment of your customers
- Analyze Frequently Asked Questions (FAQs) and add answers to automated chat replies
Check out this video on Chatbots
Chatbot pricing in Malaysia
The pricing may differ depending on the features you want to use on the program. You can expect the costs for chatbots to fall between RM0 and RM4,500 per month or more. Here are three basic things you can keep in mind while looking for your chatbot and weighing the price:
- Free: Create an in-house chatbot and have a basic, functional chatbot to answer customer requests and questions.
- RM0 – RM250 per month: Use visual chatbot building software to create an in-house chatbot to generate new business, capture instantaneous leads, upgrade Facebook ads, and increase sales.
- RM2,200 or more per month: Hire a chatbot agency to create and manage lead generation, conduct sales, and provide you with customer service and remarketing.
Every chatbot software comes with different features and packages. You might want to choose depending on your business’ needs.
The benefit of Chatbot services in Malaysia
Chatbots are getting popular for quite a long time and have experienced large acceptance from many businesses. It offers companies to connect with the world and, most importantly, with their customers through messaging apps with the help of digital technologies and Artificial Intelligence (AI).
If you’re a business owner, here are the benefits you can get by implementing chatbots a part of your running business:
1. Stay updated with the current trends
Based on the data gathered by Business Insider, it has shown that in the first quarter of 2015, messaging applications had more users than social media. With more people engage with brands via chat, it can be concluded that companies have a better opportunity to reach more customers through Chatbots.
2. Practical customer service
With the help of chatbots, customer service processes can be enhanced. Chatbots can be programmed to immediately provide automated answers to repetitive questions and forward the request to a real person when a more complicated action is required. This helps members of human customer service to save time and assist in more critical situations.
3. Improvement of customer engagement
Research has proven that companies that engage with their social media customers have been able to increase customer engagement. While social media does its job, chatbots can contribute by making the engagement more interactive. Chatbots don’t overwhelm users with irrelevant and redundant details. They keep your customers on your site to maintain its performance better and keep the content flowing through the conversation.
4. Better lead generation
A bot will be able to ask the appropriate and relevant questions, persuade the customer and generate a lead. To get higher conversion rates, chatbots ensure the flow is in the right direction. This comes with a personalized message that is used to assist customers on their buying journey, through this process, chatbots will receive customer’s information.