Chatbots and voicebots improve the customer service experience by providing quick responses by voice or message around the clock

Chatbots and voicebots are becoming increasingly relevant in an environment defined by interaction through smartphones and mobile applications.

Nowadays, users expect to resolve their concerns without having to leave the digital environment, so the incorporation of these technologies allows for an immediate, automated, and efficient service. At the same time, it frees up call-center agents, who are needed for providing more specialized information. 

The basic task of these robots is to improve problem solving, handle customer inquiries, and even generate sales.

Chatbots are software that simulates an online conversation—or chat—with a user through messaging, websites, or mobile applications. They are also a natural progression of systems for answering frequently asked questions from users. Depending on the use case, they may use artificial intelligence (AI), a script or a combination of both. 

Voicebots are an evolution of chatbots. Thanks to AI and natural language processing (NLP), they can hold a coherent conversation with a natural voice.

Some advanced solutions can even sense people’s intentions and emotions, providing a tailored response to queries. The robot is constantly training to be able to predict and improve its answers in the future. 

Chatbots vs. voicebots: Which one is better?

Before adding a chatbot or a voicebot to the customer service channel, it’s necessary to evaluate which one fits best with the institution’s strategy. The choice will depend a lot on the channel you want to reinforce and the customer’s journey.

While one is clearly a means of written communication, and the other allows for telephone queries, it’s important to look beyond that. 

In terms of transmitting information, a chatbot allows users to also send images and products (in the case of an e-commerce transaction). Voicebots, on the other hand, are less effective if the customer wants to share images.

However, whereas in a chat the user needs to type long sentences (and doesn’t always use correct spelling, which can make communication difficult), voicebots can convey much more information in a shorter period.

And from the receiver’s perspective, listening to answers and routing options can be quicker, while reading, especially long and complex answers, can be unappealing and even boring for the customer.

Can’t choose? In reality, both options will often end up complementing each other.

Benefits of chatbots and voicebots for the banking industry

Considering each function, voicebots are a solution that fits into the “hands-free” trend of digital banking that’s also seen in biometrics. They are a quick option that’s easy to use, and they don’t require customer requests or queries to be typed.

This is an important asset, especially for groups that present mobile banking integration challenges, such as the elderly, who are not in the habit of sending text messages.

Another important benefit is that both chatbots and voicebots can respond in multiple languages, and they also hold the entire history of interactions and queries to further improve communication. They are an intelligent omnichannel solution. 

In addition, both solutions reduce payroll costs because they can handle frequently asked questions, especially during peak call traffic hours.

Lastly, let’s remember that both chatbots and voicebots are available 24/7, which is something that new customers are increasingly demanding. They can also provide immediate answers to several users simultaneously, without geographical or time barriers.

Andy Tran