A chatbot is a program on a computer, designed to mimic conversations with human users, usually through voice commands or text defines Bahaa Abdul Hussein. Chatbots make use of the natural processing of language plus machine learning techniques to understand user inputs and respond with appropriate messages or actions. Chatbots can be used for a variety of purposes, such as customer service, and sales, merged into websites, social media platforms, and messaging apps.
A virtual assistant, on the other hand, is a more advanced kind of chatbot, designed to offer personalized help to users. Virtual assistants get programmed to perform particular tasks and reply to user queries in a manner that is conversational, often using machine learning to understand the user’s context/intent. Virtual assistants may be sourced through text messaging, voice commands, or a designated mobile app. Examples of virtual assistants can include Amazon’s Alexa, Apple’s Siri, and Google Assistant.
While chatbots and virtual assistants are both designed for interactions with human users in a conversational way, the major difference between them is the degree of sophistication and personalization offered.
Understanding the Impact Of Chatbots and Virtual Assistants In Retail Banking Customer Service
Chatbots and virtual assistants can enhance retail banking customer service in several ways:
- 24/7 availability: Chatbots and virtual assistants may be available 24/7 to answer customer inquiries, which can help reduce wait times and offer a better customer experience.
- Faster response time: Deploying chatbots and virtual assistants can help respond to customer inquiries instantly. This reduces the need for customers to wait on hold or wait for a response from a human customer service representative.
- Personalized service: Virtual assistants can provide personalized recommendations and advice to customers based on their previous interactions and transaction history.
- Enhanced efficiency: Chatbots and virtual assistants can help automate routine tasks, such as balance inquiries, transaction history, and money transfers, freeing up customer service representatives to handle more complex inquiries.
- Lower costs: Deploying it can help reduce costs for banks by automating routine tasks and reducing the need for human customer service representatives.
- Better customer experience: Chatbots and virtual assistants could help provide a more seamless and convenient customer experience. This in turn can improve customer satisfaction and loyalty.
Conclusion
Chatbots and virtual assistants can help retail banks provide better customer service by automating routine tasks. These tools can help free up human customer service representatives to focus on more complex inquiries and provide a higher level of service to customers.
The article has been authored by Bahaa Abdul Hussein and has been published by the editorial board of Fintek Diary. For more information, please visit www.fintekdiary.com
