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Live Chat: What is it? Why Your Client Need It?

Live chat: What Is It? Why Your Clients Need It?

Customers desire real-time interaction, and they also need quick service. For this reason, a lot of companies are implementing live chat help. However, adding live chat capabilities to your website alone is insufficient. To maximize the effectiveness of your live chat, you must ensure that your support representatives and tools are coordinated.

Live chat: What Is It?

Live chat is a service that links clients with real people who can provide support. This enables users to fix problems right away. Customers can rapidly get answers by using live chat. They’ll spend less time searching through your website’s knowledge base or waiting for a solution.

The only similarity between a live chat and a chatbot is that both are real-time support communication solutions. Customers can communicate with live chat support agents. A chatbot, on the other hand, is just that—a bot.

Chatbots, on the other hand, can help start a support dialogue with customers and then, if necessary, switch to a live chat with a human support representative.

How does a live chat perform?

Live chat establishes an instant communications connection between website users and a company representative in a separate browser window. After selecting a link or button, the user can start a live chat with a support representative. Live chat is a convenient and quick way to communicate that appeals to both customers and businesses.

Typically, live chat software is incorporated into your website’s code as a widget. On your websites, this widget loads an icon or link. A chat window will open when clicked. Which pages you want the emblem to show on is up to you. Most software also lets you alter the chat widget’s appearance.

Here’s an example

Advantages of Live Chat:

Let’s explore the advantages of using live chat in your company.

  1. Omni-Channel Experience

When a customer is on your website, it’s crucial to keep their attention. Your customer might not return if they have to leave the current page to get assistance. Even if you provide excellent help, you risk losing clients if they have to clear hurdles in order to use it.

For visitors to your website, live chat delivers an omnichannel experience. Customers may communicate directly with support or sales teams thanks to live chat’s seamless integration without having to navigate to a different page or leave your website. Live chat can lower your website’s bounce rate, enhance customer service, and open up prospects for upselling and cross-selling.

  1. Reduced Average Handling Time

Customers cite long holds and wait times as the most frustrating part of customer service, according to surveys conducted by Zendesk. Live chat support can help decrease your average handling time.

When using live chat, customers don’t need to wait on hold for the answer to a simple question. They can quickly ask follow-up questions to clarify an agent’s response. There’s no need to file additional follow-up cases to get questions answered.

  1. Opportunities for Automation

Live chat is simple to combine with other customer service tools because it is built right into the code of your website. Your sales and service representatives’ tasks are automated by these products. The consumer may then have a better communication experience as a result of this.

Live chat tools frequently incorporate chatbots. Chatbots can interpret customer inquiries and instantly answer with the necessary information, frequently in response to recurrent queries and typical customer stumbling blocks. This consequently gives your human reps more time to concentrate on challenging problems.

  1. Case Distribution

As more of your customers use live chat support, you can anticipate a drop in the number of cases in your phone and email queues. Customers will start to comprehend which form of communication is most appropriate for their particular type of inquiry.

While urgent and difficult issues should be left to your call centre staff, simple inquiries can be addressed via live chat. Customers have the choice to use your email channel and carry on with their routine if the issue is less urgent.

Now that you are aware of the advantages of live chat, let’s go through certain instances in which it should not be used.

Any business action should be justified by how it will improve the way it serves its customers.

While the majority of businesses’ present live chat usage may provide this impression, the truth is far different. Channels of communication have no inherent value. They support two fundamental categories of value:

To better understand and serve your consumers and prospects, channels help you connect with them.

Channels keep a complete record of consumer complaints and provide context for fresh inquiries from customers. You can modify your business plan using this knowledge.

Live Chat Best Practices
  1. Improve the speed of your entire support network.

Customers want prompt responses to their queries. Although live chat helps speed up communication between consumers and support agents, your clients can only receive responses as quickly as your support team can provide them. Make sure the systems and tools used by your support team are current and seamlessly connected.

  1. Have an offline strategy

There will come a point when your clients are looking for solutions while your agents are off the clock unless you have a support team spread out across the world. You may usually disable the feature outside of business hours with live chat software. You can also send a pre-written answer to inform clients that they will receive service once the team is back online.

  1. Quickly and succinctly respond.

Make sure your customer service personnel feel confident in providing prompt service. To do that, agents must increase their typing speed, make use of text expanders, and incorporate saved responses. Even if it only involves informing them that their query has been received and an answer is on the way, your clients will value a prompt response.

Both replying swiftly and in a clear, succinct manner are essential. Your salespeople should be well-versed in your products and able to clearly explain any ideas. Without the need for filler or fluff, use precise language.

  1. Make it an opportunity to teach

Don’t just answer the customer’s question and call it a day. You can use the live chat experience as an opportunity to teach customers the what and why behind their questions. Share any relevant auxiliary knowledge, and anticipate future needs.

  1. Give them some satisfaction.

Make sure you close out the live chat experience on a positive note. Bring the conversation to a clear and concise closing point. Your reps should confirm the customer’s question has been answered and leave them with detailed instructions if needed. Explain how customers can reach out for further help if questions arise. And of course, thank the customer for their time.

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How Chatbots Can Enhance User Experience

In our research, we discovered that 63% of people are unaware that they are already employing AI technologies. If artificial intelligence, or AI, feels like a far-off phenomenon of the future, you may be mistaken.

Chatbots are a common type of AI that people have started utilizing, both as consumers and as businesses. These straightforward AIs contain branching logic and can be programmed to answer client requests.

If it appears that utilizing robots may drive clients away from your company, keep in mind that 48% of customers already feel at ease with interactions handled by bots, and 71% say they would be willing to utilize a bot if it meant a better customer experience.

How Chatbots Can Enhance User Experience:

  1. Provide support to customers.
  2. Timely answers to simple inquiries.
  3. Decreasing the wait time for customers.
  4. Relieving the pressures of customer service.
  5. Providing constant client service
  6. Obtain useful information regarding the performance of your business.
  7. Personalize the experience.
  1. Provide support to customers

The main method chatbots enhance the user experience is by merely adding more channels for customer care. Customers now have an additional method of contacting your company besides the phone, email, or a physical storefront thanks to chatbots.

By fulfilling existing customer demand, you can improve your user experience. 71% of consumers currently expect firms to provide customer care using messaging channels.

  1. Timely answers to simple inquiries

Customers who contact support teams with basic inquiries want a timely answer. However, because many support teams receive a lot of inquiries, it’s not always possible to respond to queries right away, no matter how simple they are.

The answer to this problem is Chatbots, which can manage numerous conversations at once and respond quickly to all inquiries, especially simple ones.

For instance, a Facebook Messenger chatbot can instantly answer with your open hours rather than having the customer call your company and wait on hold. The chatbot would also understand how to effectively transmit a customer’s question to an available agent if they were to ask a question that required direct assistance from a human representative.

  1. Decreasing the wait time for customers

People want rapid solutions without having to wait on hold or for an email response, therefore it is well recognized that excessive wait times are a leading source of consumer annoyance.

The consumer experience is enhanced in this area through chatbots. A chatbot can be there to help clients right away when they contact you, no matter what kind of query they have. It can offer a quick fix or connect them to a live agent who is more qualified to help.

59% of study participants expect a response from chatbots in 5 seconds or less, which is a high expectation that a human would find challenging to satisfy. So you can speak to this customer’s wants, consider implementing chatbots.

  1. Relieving the pressures of customer service

Support workers are relieved of the pressure of managing low-touch and higher-priority issues requiring more attention when chatbots are trained to respond to frequent consumer questions and offer quick solutions. 43% of companies claim that they chose chatbots because they wanted to automate customer care and save time.

Instead, reps may concentrate on urgent, high-impact issues while chatbots respond to common queries like listing your company’s hours of operation.

  1. Providing constant client service

Another way that chatbots enhance the customer experience is by providing 24/7 customer care; in fact, 64% of customers rank this as the best aspect of chatbots.

Customers no longer have to wait till your firm reopens to obtain a response when help is always available since a chatbot is there to answer a question. A chatbot could even provide the consumer with an estimated wait time if a pressing issue came up while your live support staff wasn’t available. Without a chatbot, the consumer can be stuck waiting for a response and unsure if their question was ever actually answered.

  1. Obtain useful information regarding the performance of your business

Chatbots learn more about clients through chats with them and where they are in regard to your company, such as whether they are qualified leads or simply interested prospects.

By gathering information about leads and determining their interest level in what you offer, chatbots can assist you in this respect to enhance the user experience. Once you are aware of their situation, you can assist them with further business materials that speak to their wants.

In a Drift poll of B2B professionals from a variety of industries, 54.8% of participants said that employing conversational technologies has increased their flow of high-quality leads.

  1. Personalize the experience

By personalizing the dialogue to the client’s precise needs, chatbots enhance the user experience.

With personalization, chatbots can offer clients offers based on their buyer’s journey, propose products based on their queries, and even recommend the best course of action based on their requirements.

Over To You

Your business requirements ultimately determine whether to incorporate chatbots into your customer experience strategy. If you decide to do this, you’ll probably notice that your customer service representatives have more time to focus on urgent problems, that your customers are satisfied and quickly find solutions, and that you’ll develop a thorough understanding of your audience that will enable you to better serve them.

For the best experience of Mfluence schedule demo with us!

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How to Improve Customer Experience with Chatbots in Financial Services

Customer experience has consistently proven to be a game-changer, regardless of the industry your organization operates in. When two companies offer the same products at comparable price points, the brand with the better customer service typically wins out. The competition has never been stiffer due to the increased demand for financial services, notably from consumers trying to handle their accounts at home as a result of COVID-19 and the general digital transition.

In an effort to offer the finest service to as many consumers as possible, this competition has led to an increase in the number of chatbots in the banking sector. The market is changing, and chatbot users are changing with the technology. Let’s examine the motivations for the establishment of banks and other financial institutions.

Key Advantages Of Chatbots

1. Actively  Engaging Customers:

Customers may have to wait until the start of business hours for responses to their enquiries if a bank cannot afford to have a team of agents who are available around-the-clock. Even on weekends and in the evenings, a chatbot will cut down on waiting times and keep customers informed and interested.

Chatbots are not limited to just resolving FAQs. They can also be configured to forward more complex enquiries to a human agent and upsell or cross-sell financial goods depending on prior transaction history. Along with conversing with customers, they can provide website visitors with bank updates or financial guidance.

Customers may have to wait until the start of business hours for responses to their enquiries if a bank cannot afford to have a team of agents who are available around-the-clock. Even on weekends and in the nights, the finest online chatbot will shorten wait times and keep users informed and interested.

There isn’t a more straightforward method to raise website user engagement!

2. More Effective Customer Feedback Collection:

Gathering consumer feedback is usually not a part of the transaction process unless the bank rigorously enforces it. Due to privacy concerns or the notion that their input won’t matter, some customers are hesitant to offer feedback. When they do provide feedback, they like having a conversation to filling out a form.

Customers could be persuaded that the bank will preserve their personal information and take comments seriously with the use of a chatbot that can collect consumer feedback. A chatbot can detect typical customer pain spots and notify decision-makers about the need for adjustments when combined with AI and big data.

3. Reduced Total Costs:

Depending on what you want a chatbot to accomplish, the price may change. The development cost will be reasonably modest if you intend to use the chatbot for updates and frequently asked questions. However, it will cost more for sophisticated transactions like balance inquiries or money transfers.

A chatbot designed for Facebook Messenger will cost a few thousand dollars, however a dedicated chatbot for a company website might cost up to ten times as much, depending on the platform you choose. Nevertheless, no-code technology enables even the smallest company to develop a chatbot in a matter of minutes! All things considered, however, chatbot development costs are significantly less when compared to the costs associated with employing and training a team of customer support representatives, particularly if the chatbot is cloud-based or makes use of existing technologies. A chatbot also doesn’t take vacation days or get sick.

What Are The Most Popular Use Cases Of Chatbots In The Financial Sector?

It’s hard to believe that just a few years ago, industry professionals were still discussing whether chatbots will ever completely replace mobile apps in the financial services sector. It is now difficult to imagine a bank without some kind of chatbot technology integrated into its app or website. Here are a few examples of chatbots that banks have developed as part of their strategy for improving customer experience:

24/7 Customer Support

As a result of the rapid growth of the Chinese banking business, established firms in the sector regularly have to fend off attempts from startups that focus on disruptive technology. Unknown to many, China has been using chatbots since 2013 when Tencent introduced a bot platform based on its well-known WeChat application. As businesses employed the technology to interact with their customers round-the-clock, it soon gained popularity.

Due to the Chinese banking industry’s explosive growth, established companies in the industry frequently encounter challenges from startups that concentrate on disruptive technology. Unbeknownst to many, China has been employing chatbots since 2013, when Tencent unveiled a framework for bots based on its popular WeChat program. As companies started using technology to communicate with clients 24/7, it quickly became commonplace.

Financial Services with a Personal Touch:

Australia is another country that has implemented bank chatbots, with Commonwealth Bank, one of the main financial organizations there, launching a chatbot with the name of Ceba. Getting account balances, paying bills, activating loans, and creating new accounts are just a few of the more than 200 actions that Ceba helped customers with as of 2018.

Ceba’s AI and natural language processing technology, which the bank said would enable it to learn more than 500 activities within a year of its launch, are, nevertheless, its strongest points. In order to accommodate the countless questions its customers ask, Commonwealth Bank anticipates that the chatbot will eventually be able to answer over 500,000 queries.

For instance, the chatbot should be able to understand requests for the platform’s account opening feature such as “I want to open a new account,” “New account,” and “Can I open a new account.” Regardless of the specific vocabulary a user uses, Ceba can deliver tailored service that recognizes their goals.

Automation of back-office tasks:

What takes place when a consumer is not on the phone with an agent is a part of the customer experience. In fact, since they control the outcomes clients receive, one could argue that back-office operations are just as important as activities involving customers.

One of the most frequent complaints among bank customers, for instance, is that they have to wait too long for their loan application to be processed before learning that they are ineligible for one.

The COIN solution from JPMorgan Chase differs from most of the chatbots we’ve discussed so far in that it isn’t customer-facing. It simplifies the work of tens of thousands of attorneys and loan officers who annually log more than 360,000 staff hours on rote duties like reading and interpreting loan agreements.

So why are chatbots changing the game?

Even the smallest banks and financial services organizations may soon be able to afford their own chatbot as they become more affordable and simple to operate. In fact, we anticipate that soon a customer’s decision to create an account with a bank will be influenced by the appearance of a chatbot in that bank’s mobile app.

Our understanding of chatbots’ potential in the financial services sector is still in its infancy, especially when integrated with other technologies like big data, AI, machine learning, and natural language processing.

There are countless options. Using face recognition for zero-touch banking, mobile apps and chatbots integrated with the Internet of Things for voice-powered transactions, or even offering real-time blockchain or cryptocurrency updates are just a few examples.

However, the ultimate goal of all these new technologies should be to improve the consumer experience in the banking industry. Customers can tell if a chatbot serves that goal or is merely there for show.

Use conversational experiences to interact with your customers!