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Chatbots In Transactional Enquiries

1. What are Chatbots in Transactional Enquiries?

Chatbots that are transactional in nature are different from other bots. They can do a single task really well but find it difficult to provide information or do other tasks that are not related to the primary task.

This doesn’t mean transactional chatbots are not intelligent. They are not like the automated telephones of yesterday that make their users go through a predetermined path of conversation. Instead, they focus on making the customer experience easy and convenient by addressing one specific purpose.  

With the help of a transactional chatbot, customers would have the ability to make quick transactions by adhering to contextual conversation. It is an efficient way to conduct similar actions like repeat purchases. (For Eg. A popular fast-food delivery chain can use a transactional chatbot by allowing the customers to order food of their choice with the help of an emoji. In this use case, the customers have the ability to use the services of a transactional chatbot to do the work for them rather than going through the tedious steps themselves.)  

 

2. How do you use Chatbots for customer service?

24/7 Support and off-hour availability are some of the most sought-after benefits of chatbots. Your chatbot can be deployed for answering simple questions in case your team is not present or is preoccupied with answering complex questions. If a customer asks your chatbot a tough question your chatbot can be programmed in such a way that it can accept your question and provide your customer with an official email to help them get a follow-up.

3. What is a transactional bot?

In order to accomplish a predetermined task, a transactional chatbot can be used instead of a human agent if the task is a mundane or repetitive one. Transactional chatbots work best when customers ask them questions that are contextual in nature with the conversation that they are programmed to understand.  

Conversational chatbots, Information chatbots are some of the names of chatbots that are transactional in nature. Transactional chatbots are not similar to regular chatbots because their main duty is to provide a fast and efficient experience to the customers who interact with them for the predetermined purpose that they are programmed for. Sometimes websites or mobile applications lead to complicated interfaces, which can slow down the response time, therefore it is very important to use a well-optimized transactional chatbot to carry out specific tasks that are monotonous in nature and do not require human intervention.  

Informative Chatbots are well known to provide the users with boring static answers again and again, but Transactional Chatbots can provide dynamic relevant answers due to being connected to an external server/platform. The data provided on the external server gives them the ability to give dynamic impactful answers to their users.

4. How does a transactional chatbot work?

Just because a transactional chatbot is created to perform a specific task, that does not mean it is limited or basic in nature. A transactional chatbot can be quite clever and can possess the ability to comprehend natural language with the help of relevant technology.  

NLP (Natural Language Processing) provides transactional chatbots to be better at certain tasks than traditional basic chatbots.  

Implementation of Natural Language Processing gives traditional chatbots the ability to understand the queries asked by the users and provide them with relevant answers by choosing between many possible responses.  

A transactional chatbot can go live within a few days because they have the capability to accumulate large amounts of semantic knowledge.  

5. What are Transactional chatbot use cases?

E-commerce, Banking, Insurance, etc. are some of the industries where transactional chatbots can be deployed.

E-commerce: A transactional chatbot can be used to update or cancel an order placed by the user. It can also be used to help users with filtering items and getting the product that they are looking for.  

Banking: Monotonous simple tasks such as confirmation of transfers, identity verification blocking of stolen cards, etc. Which would traditionally be handled by a human agent can now be handled very efficiently by a transactional chatbot.  

Insurance: A transactional chatbot can be used in the insurance industry to give customers the ability to download forms, certificates, etc. Some transactional chatbots even have the ability to generate leads and convert potential customers. For eg., If the insurance quotation provided by the transactional chatbot is meeting the budget and requirements of the prospect, then they can carry out all the necessary documentation within the platform itself.  

6. What are the different types of Chatbots?

  • Chatbots for Support Functions  
  • Chatbots based on Core Skills.
  • Chatbots for assisting users  
  • Chatbots that are transactional in nature.  
  • Knowledge and Information Sharing/Gathering Chatbots.  

7. What is a chatbot and how does it work?

A computer application/program that is created to mimic a real human conversation is known as a chatbot. Users can communicate with a chatbot just like how they would communicate with each other. Chatbots have the ability to interact with users via voice or chat interface. A pre-defined answer is given to the user in the form of a response based on the input given by the user of the chatbot.

Below are the most important points a Chatbot should have in order to work properly:  

1. Learnability: Nowadays Chatbots have the ability to conduct progressive profiling so that they improve the customer experience. You just have to initially interact with the chatbot, once you provide the information, it will take note of it for all future interactions.  

2. Seamless transfer to Live Agent: Chatbots are a great tool to answer mundane repetitive queries but sometimes they get complex queries that need to be addressed by live agents. During such a situation the chatbot should be trained in such a way that it is able to recognize complex queries and seamlessly transfer those to the respective human agents in order to deliver optimal customer experience.  

3. Provide a personalized experience: Understanding contextual conversation allows your chatbot to provide a personalized experience to its users.  

4. Focus on customer’s User Experience: A menu of options can help users ask queries in a much more efficient way.  

5. Accessibility: User Interface designers should take into account visual, hearing impairments, language proficiency, and many other parameters to provide a desirable experience to all its users.  

6. Security: Users should have the option to choose whether they want to share their data or not. Chatbots should notify users in advance on the kind of data that is going to be collected.  

7. Centered on Knowledge: Chatbots should be designed in such a way that it creates an interface that can be improved over time.  

8. Ability to be omnichannel in nature: The ability to be present in the channel of your customer’s preference is a great way to increase customer engagement.  

9. Freedom to explore the net: Provide your chatbot the ability to use internet crawling techniques to provide the most optimal responses for your customer’s queries.  

10. Analytical Capabilities: A chatbot with analytical capabilities will be able to serve customers with greater satisfaction scores.

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