Crisis Management Chatbots Archives - BotCore Enterprise Chatbot Fri, 15 Mar 2024 09:49:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://botcore.ai/wp-content/uploads/2020/02/cropped-favicon-32x32-1-70x70.png Crisis Management Chatbots Archives - BotCore 32 32 How Banks Are Leveraging Conversational AI Amid COVID-19 https://botcore.ai/blog/conversational-ai-amid-covid-19/ Wed, 06 May 2020 06:04:00 +0000 https://botcore.ai/?p=5805 How Banks Are Leveraging Conversational AI Amid COVID-19 The onset of the COVID-19 pandemic has brought some unprecedented business issues to the forefront. One of the major industries that is compelled to accelerate its digital transformation initiatives is banking. As social distancing becomes the new norm, the need for digital banking services has increased manifold. […]

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How Banks Are Leveraging Conversational AI Amid COVID-19

The onset of the COVID-19 pandemic has brought some unprecedented business issues to the forefront. One of the major industries that is compelled to accelerate its digital transformation initiatives is banking.

As social distancing becomes the new norm, the need for digital banking services has increased manifold. With businesses significantly impacted due to the disruption, a large number of customers are seeking extensions on loan installments and mortgage payments.

Customers are also seeking small-business loans, thus giving rise to a significant number of applications awaiting approval at the banks. A delay in grant of loans affects the customer’s ability to continue business. Moreover, some retail customers may want to capitalize upon the business opportunities created by the pandemic.

For instance, governmental regulations like the CARES Act passed by the United States Congress are putting immense pressure on banks to process two decades of small-business loan applications in a single month. This massive surge in demand has overwhelmed banks which haven’t adopted automation in their operations.

All this has led to an unprecedented increase in the number of customer calls to banks’ contact centres. This causes hours of wait time to connect with an agent, delays query resolution, causes dissatisfaction among the customers, and hence tarnishes the bank’s reputation. In times of uncertainty, limited access to banking operations can also severely hamper customer morale and alleviate anxiety levels. 

In times like these, deploying conversational AI platforms can infuse agility in day-to-day customer service operations. This enables agents in improving their productivity as they can focus on the crucial tasks, while leaving virtual agents to deal with basic or repetitive queries.

Navigating the Pandemic: Key Challenges facing Banks

In the wake of the pandemic, the banks are facing several critical challenges in servicing their customers –

  • During crises, customers prefer the human touch, thus resort to verbal communication channels to resolve their queries. However, customer care centers lack the capacity to serve the increased volume of calls;
  • Shortage of contact center staff due to stay-at-home orders or workers falling sick;
  • Contact center staff may lack the expertise to answer the wide variety of questions;
  • Remote working poses additional operational challenges related to device, technology, network, etc.
  • Dependence on legacy systems

To tide over these problems, it is imperative for banks to opt for conversational AI to support the evolving customer needs.

What is Conversational AI?

Before delving deeply, let us first understand the concept of Conversational AI.

Conversational AI is an advanced technology that enables computers to process, understand and respond to text or voice inputs in natural language. Conversational AI platforms can be used to build conversational user interfaces, chatbots and virtual assistants which can be integrated with messaging platforms, social media platforms, SMS, and website chat.

Conversational AI in Banking

As discussed above, the current scenario is posing some tough challenges to banks.

It takes years to build brand loyalty. Inability to service the customers during a crisis can negatively affect the bank’s brand image.

Some areas where banks can leverage the functionality of conversational AI are as follows-

  • Conversational IVR:

    Conversational AI platforms that use natural language processing technologies can be integrated with the IVR systems. These conversational IVR systems will answer repetitive questions, handle a sudden surge in calls and prevent panic among customers.

  • Website Chatbot:

    Banks can detect the top reasons customers are reaching out to contact centres and deploy a dedicated web interface chatbot which can address these concerns and related FAQ. Routine questions which the contact center receives can be routed to this web chatbot. This will allow the service agents to focus on complex queries and reduce wait times.

  • Assisting customer service agents:          

To assist the customers in a speedy manner, contact center agents can use chatbots to draw up the relevant knowledge and background information from CRMs and any relevant banking apps. This will improve first call resolution rates. Additionally, conversational AI technology can monitor conversations and inform agents about what customers are asking frequently.

Learn More: CRM Chatbots

  • Scheduling appointments and meetings:

    In order to comply with the social distancing rules, banks need to restrict the inflow of customers into their branches. Firms may use chatbots to schedule the customer appointments.

  • Transferring calls to the relevant agents:

    For complex queries that need human attention and based on the nature of the queries, bots can be optimized to transfer the calls to the right agents. For instance, a highly complex query can be transferred to an agent with a low average handling time. In addition to this, video calls with the agent can be initiated for the most complex service requests.

Learn More:

Examples Of Banks Using Chatbots To Tackle COVID-19 Challenges

Several banks have already implemented chatbots in their customer service operations to fight the COVID-19 disruption, including –

  • Bank of America – Bank of America introduced ‘Erica’ inside its mobile banking app. From providing balance information, tracking spending trends to suggesting ways to save money to providing personalized recommendations, Erica has been helping customers address their banking problems via text or voice.

Due to the increased number of customers looking for personal finance services amidst the pandemic, Erica added 1 million users a month from March through May 2020.

Since March, Erica has assisted 350,000 clients who had trouble meeting their credit card, auto loan and other payment obligations. The bot also learns from the conversations and can now understand more than 60,000 COVID-19 related terms and requests – thereby reducing the call volume to the bank’s contact centres.

“We think of Erica’s ability to deliver insights as the ability to deliver advice at scale,” says the bank’s CIO, Aditya Bhasin.

Learn more: Customers bank on BofA chatbot amid pandemic  

  • Standard Bank (South Africa) – Standard Bank South Africa launched a COVID-19 chatbot on WhatsApp in April 2020. This chatbot provides information about – (i) banking services available during the lockdown (ii) answers to FAQs (iii) debt relief offered by the bank to clients whose income is affected due to the virus (iii) measures taken to curb the spread of the disease at Standard Bank locations (iv) the bank’s contribution to the economy and the government, and (v) updated information on COVID-19 in South Africa.
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Introducing BotCore

We, at Acuvate Software, are enabling clients to build AI-powered bots through our low-code, intuitive bot-builder platform called BotCore.”

BotCore offers several benefits:

  • Intuitive, no-code interface simplifies and accelerates the creation of chatbots;
  • Users can build bots to handle the most complex conversations
  • Using “Cognitive Abstraction”, BotCore can leverage any available AI service. It can aggregate LUIS Bots, QnA Maker Bots, Power Virtual Agents and other third-party bots;
  • It allows the creation of virtual assistant network through connection of existing bots across different departments;
  • It is a globally competent solution that works seamlessly with existing legacy systems and LOB apps;
  • It enables users to customize bots to match the branding and culture of the organization;
  • It works well with any kind of data source and also integrates with your existing Microsoft AI cognitive services.

BotCore is platform-independent, and hence deployable on both on-site and cloud (Microsoft Azure) environments.

Get Started

The new normal  necessitates the intervention of conversational AI in banking. It is essential to reduce call volumes and waiting times in day-to-day functioning of customer support centers. This will allow agents to focus on more critical tasks that require human judgement. It will also ease the financial burden of banks to deliver superior service and pave the way for stronger and more positive customer relationships post COVID-19.

If you’d like to learn more about this topic, please feel free to get in touch with one of our experts for a personalized consultation.

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Leverage Microsoft Power Virtual Agents To Accelerate Your Crisis Response https://botcore.ai/blog/power-virtual-agents-crisis-response/ Thu, 30 Apr 2020 11:43:00 +0000 https://botcore.ai/?p=5519 Leverage Microsoft Power Virtual Agents To Accelerate Your Crisis Response As the world continues its struggle amidst the COVID-19 pandemic, the onus on staying connected with employees in an increasingly remote work environment is the utmost concern for businesses. They realize that ensuring the health and well-being of their employees is critical to improving the […]

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Leverage Microsoft Power Virtual Agents To Accelerate Your Crisis Response

As the world continues its struggle amidst the COVID-19 pandemic, the onus on staying connected with employees in an increasingly remote work environment is the utmost concern for businesses. They realize that ensuring the health and well-being of their employees is critical to improving the stability and productivity of all business functions, especially in times of crisis and isolation. The need to efficiently communicate, collaborate and stay productive has never been more important.

AI technologies like chatbots are playing a critical role in building a collaborative work environment during the world’s biggest remote working experiment. In addition, to the numerous ways chatbots drive business value e.g service desk management, HR automation, sales support etc., they can be life savers in times of crises.

Microsoft customers looking to accelerate their crisis response strategy should look no further and start implementing Power Virtual Agents – Microsoft’s low-code chatbot builder platform. However, before diving into the potential of Microsoft Power Virtual Agents in times of crises, let’s understand the solution itself.

What is Microsoft Power Virtual Agents?

Microsoft Power Virtual Agents simply put is a platform that enables anyone to build chatbots easily without coding or development experience. In fact, according to Techcrunch, “Microsoft Power Virtual Agents make building chatbots almost as easy as writing Word documents”.

Power Virtual Agents’ low-code interface enables anyone – from a regular business user to an experienced developer – to build and implement chatbots, and minimizes the dependence on IT and technical teams. The Power Virtual Agents platform was developed as part of the Dynamics family of products and was primarily built for customer support use-case. However, the chatbots built using it can be deployed for your internal customers or employees as well.

How can Microsoft Power Virtual Agents Accelerate Crisis Response?

1. Crisis Communication

In times of crisis and uncertainty, employees have several doubts about a variety of topics. Businesses receive a humongous amount of messages at an unprecedented rate through multiple channels. Chatbots built with Power Virtual Agents can answer crisis-related FAQ and  deliver critical information across multiple channels – social media, email, IVR, web or mobile chat etc. Repetitive questions related to remote work, public health information, companies policies etc. can be answered instantly 24/7.

Chatbots are essential not only because they answer FAQs of employees, but also for their ability to conduct human-like conversations – something very desirable when people are isolated and going through difficult times.

As a Microsoft Gold Partner, we’re helping customers deploy the Crisis FAQ chatbot built using Power Virtual Agents.

 

Power Virtual Agents

2. Streamline Internal Processes

As the crisis evolves, your organization might need to modify internal workflows or corporate policies. You might need a new leave management system or modified reporting process or a new cancellation tool. Once you deploy a chatbot using Power Virtual Agents, you can constantly update its skills to facilitate the new workflows. This way you don’t need to have new multiple apps or siloed processes.

3. Improve Productivity

It’s important to ensure your workforce is highly productive when they’re working remotely. In the past few weeks, we have seen IT help desks and HR teams in several companies struggling to manage the sudden unprecedented surge in issues and requests. Employees are being kept on hold for hours before their issue is resolved. Just imagine the loss of productivity. Chatbots act as the first line of support agents to address repetitive and low-value requests. They’re available 24*7 and can handle multiple requests simultaneously. If the chatbot is unable to handle a particular query, it can always hand over the conversation to a human agent.

This will allow your IT staff to focus on productive and proactive tasks. In the same way, your employees don’t have to wait for hours to get their issues resolved.

Learn More:

4.  Proactive Communication

Proactively communicate and update your employees about the changes in your company before they seek information – A chatbot lets you schedule alerts and push notifications with which you can keep employees informed about the state of the business. Thereby, you can build employee trust and let them focus on doing their work without worrying about the situation continuously.

Learn More: How Chatbots Are Helping The Fight Against The COVID-19 Crisis

5. Easier Access To Information

Quick access to information is imperative when employees work remotely. Chatbots built with Power Virtual Agents can be integrated with SharePoint intranets, business intelligence and LOB systems. From there, employees can access the information stored in these systems via natural language conversations with the chatbot. They don’t have to open or switch multiple apps to find information – a chatbot acts as their single point of contact.

Learn More:

Power Virtual Agent Botcore

Get Started

A chatbot’s range of applications, scalability, and ease of implementation are some key drivers for its adoption amid this crisis. With Microsoft Power Virtual Agents, organizations can build and deploy custom chatbots within days. The bots’ capabilities can be constantly updated with the changes in internal process and to solve emerging challenges posed by the pandemic.

We’re helping several organizations leverage Power Virtual Agents to deploy chatbots for crisis management, HR and help desk operations, and remote work support.

If you’d like to learn more about this topic, please feel free to get in touch with one of our chatbot experts for a personalized consultation. We’d also be happy to share our success stories and how we can help you implement Power Virtual Agents effectively.

You might also be interested in our COVID-19 Essential Apps Suite:

The post Leverage Microsoft Power Virtual Agents To Accelerate Your Crisis Response appeared first on BotCore.

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How Chatbots Are Helping The Fight Against The COVID-19 Crisis https://botcore.ai/blog/how-chatbots-are-helping-the-fight-against-the-covid-19-crisis/ Mon, 16 Mar 2020 10:28:00 +0000 https://botcore.ai/?p=5138 How Chatbots Are Helping The Fight Against The COVID-19 Crisis As the impacts of the pandemic deepen and governments continue to enforce social quarantine to “flatten the curve”, it is innovative technologies like chatbots that are coming to the rescue. Their diverse range of applications, cost-effectiveness, and ease of implementation, is resulting in more and […]

The post How Chatbots Are Helping The Fight Against The COVID-19 Crisis appeared first on BotCore.

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How Chatbots Are Helping The Fight Against The COVID-19 Crisis

As the impacts of the pandemic deepen and governments continue to enforce social quarantine to “flatten the curve”, it is innovative technologies like chatbots that are coming to the rescue. Their diverse range of applications, cost-effectiveness, and ease of implementation, is resulting in more and more organizations readily adopting them. From customer support, crisis management, internal communications to remote work support, organizations are using these conversational interfaces in different ways to fight this pandemic.

Let’s look into this in detail. 

Functions Where Chatbots Are Making  A Difference

1. Crisis Management

Chatbots are essential not only because they answer FAQs of employees, but also for their ability to conduct human-like conversations – something very desirable when people are isolated and going through difficult times. 

In regards to crisis management, chatbots can help in

  • Sending public health information to employees from sources like WHO and CDC

  • Performing employee health checks

  • Keeping employees informed about the company’s latest advisories, and news

  • Sending work from home tips for remote workers 

In fact, Global Telecom, a Filipino telecommunications company, has implemented a chatbot named Digital Usher for Disasters and Emergencies (DUDE) to keep the management updated on its employee’s health and well-being. The chatbot does daily health status checks for its 8000+ employees.

Read More: Essential Apps For Enterprises To Fight The COVID-19 Disruption 

2. Human Resources (HR)

The lockdown has put a huge burden on HR. The economic downturn has piled up their inboxes with emails from employees concerned about their work status, paycheck, and lack of procedural clarity. Moreover, managing the hiring and onboarding process has become incredibly difficult in the remote environment, resulting in offers being rescinded and talent choosing to join competitors. In such a scenario, chatbots can play a major role in streamlining the HR workflows. 

Not only can chatbots answer FAQ, provide policy-related information to the workforce but also automate the hiring process and run virtual training programs and assessments. For instance, in industries which are aggressively hiring, chatbots can screen applications, conduct background checks on thousands of people, collect candidate data and help the HR team to focus more on productive tasks. Moreover, chatbots can make the training and onboarding processes interactive and interesting by ensuring active participation. 

Learn More: HR Bots, Chatbots for Employees, 

3. IT Services Management (ITSM)

In the past few weeks, we have seen IT help desks in several companies struggling to manage the sudden unprecedented surge in incidents, issues and requests. Needless to say this is largely due to the sudden shift to remote working.

A huge volume of these requests are usually ‘basic’ or ‘simple’ questions that take a lot of time to answer. A chatbot is a powerful solution to address repetitive and low-value requests. They’re available 24*7 and can handle multiple requests simultaneously. If the chatbot is unable to handle a particular query, it can always hand over the conversation to a human agent.

This will allow your IT staff to focus on productive and proactive tasks.

Learn More: IT Helpdesk Bot 

How Different Industries Are Leveraging Chatbots Amid COVID-19

1. Government

Chatbots can enable governments to relay critical and accurate information to the public as and when they require it, providing much-needed clarity on some FAQs related to lockdowns, COVID-19 symptoms, testing locations, and the affected areas.

Interestingly, the British Government has launched a WhatsApp-powered chatbot, to prevent misinformation and spread reliable health information by sharing the latest news updates and health guidance, as per the chosen option, reducing the burden on the National Health Services (NHS). Additionally, WHO has also started to utilize chatbots in its app to prevent misinformation and spread reliable health information. The chatbot also conducts interactive quizzes in multiple languages.

2. Healthcare

In these testing times, with people facing a global recession, financial uncertainty, and increased health anxiety, their mental health is taking a beating. In such a scenario, AI-powered chatbots can not only help relay vital information but also help to cope with the increased stress 24×7. As the health industry continues to champion our fight against the pandemic, chatbots can also ease the burden on it by directly helping people through guided meditations, diet, and fitness programs. 

Chatbots also help in communicating with digitally disconnected front line workers and sending the latest information right to their mobile messaging apps. Another popular use case amid this pandemic is remote patient screening. 

Jefferson Health, a leading academic health system in the USA, has deployed a conversational chatbot to remotely screen patients and prioritize cases without the risk of exposure. The chatbot also digitized the patient intake process to streamline appointment scheduling for COVID-19 testing.

3. Consumer Packaged Goods (CPG)

With a drastic fall in physical store traffic, much of the demand for CPG has shifted online, with many executives publicly stating that they are zeroing in on digital commerce to target their customer base. With convenience and accessibility as the driving factors, they realize that implementing chatbots can be a vital step in this direction.

Not only can chatbots be used internally to manage restocks, track orders, and research promotions but also for online customer support to enhance the customer experience.

Britannia Industries, a leader in the CPG space, has launched a GPS-powered WhatsApp-based chatbot in light of the current social quarantine and rising demand. The chatbot is helping consumers locate grocery stores which have the organization’s products. In fact, the chatbot also sends notifications to the customers automatically whenever the store’s stock is refilled.

Learn More: CPG bots, Chatbots for CPG 

4. Retail

With physical stores being open only for a few hours and supply chains hampered, retailers are changing their policies related to shippings, products among many others. A chatbot can be used to inform customers about these changing policies and keep them updated.

Learn More: Retail Bots, Chatbots for Retail industry, 

5. Restaurants

With restaurants transitioning into takeouts only, their menus, service offerings, pricing, and timings have changed. Letting people know about these changes is important. Moreover, with them operating with limited staff, order taking and tracking can become a handful. Chatbots can be used to relay any changes and updates to customers, as well as collect orders from them.

Conclusion

Any doubts that businesses may have had about chatbots prior to the COVID-19 pandemic, have been put to rest. With the market dynamics changing in face of the social quarantine, chatbots are growing in popularity. Their use case is no longer limited to customer service, they are becoming an integral component of an organization’s operations, both internally and externally. A chatbot’s range of applications, scalability, and ease of implementation are some key drivers for its adoption amid this crisis.

If you’d like to learn more about this topic, please feel free to get in touch with one of our chatbot consultants for a personalized consultation.

The post How Chatbots Are Helping The Fight Against The COVID-19 Crisis appeared first on BotCore.

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