Top industries that benefit from conversational AI bots

Nowadays, we see the AI revolution happening right before our eyes! The conversational AI bots are taking the world by storm and transforming many industries.?

AI-powered chats are helpful in many sectors. They're helping patients book appointments, giving users personalized product recommendations, and assisting travelers with booking flights and accommodations.?

Conversational AI bots are the real game-changers, reshaping how businesses across industries interact with their customers. In fact, 50% of respondents in the McKinsey&Company survey said that they had adopted AI solutions in at least one business area in the last few years.

In this post, I want to discuss the benefits of conversational AI bots in several areas. Let's take a look at it.

This article is a short overview of top industries that will benefit from conversational AI - for a more detailed dive-in and specific data head over to the full article on the SentiOne Blog.?

Which teams are implementing AI?

First, it's worth considering which company departments are really getting the most out of adding conversational AI bots to their operations.

Two of the most prominent areas are sales and customer service. Why is that? Well, conversational AI bots can significantly improve response times and customer engagement. By taking care of FAQs, customers receive faster and more accurate responses. This can lead to higher satisfaction and better revenues because happy customers usually mean more sales.

Additionally, AI bots are like your 24/7 support team, ready to help anytime, whether human employees are around or not. This kind of availability is essential for businesses that operate globally or for those that have customers in different time zones.

Industries that benefit from conversational AI

There are many industries that are already taking advantage of conversational AI. I want to show you some of them and give you a better understanding of AI chatbots’ potential.

BANKING

Using conversational AI in the banking sector can reduce costs and improve customer experience. According to the article on Business Insider, there are billions of savings in the most prominent channels:

Source: https://www.businessinsider.com/ai-in-banking-report?IR=T

Bots not only help helps block clients' cards in case of fraud but also answer questions like a human assistant.?

There's even more! Banks can use chat- and voice bots to make personalized recommendations, process loan applications, or provide financial advice. They help customers with online purchases, payments, and transfers, so they don't have to wait in line or call customer services.

Some great examples of these banking bots include Bank of America's Erica or Ally Assist from Ally Bank, but more and more institutions are implementing AI-powered solutions, so it's only a matter of time before all banking customers will have access to this technology.

INSURANCE

Another one is the insurance industry, and using AI bots is making life much easier for everyone involved. Take, for example, the claims process. Customers can easily report a claim through a chatbot, provide necessary details, and even upload photos or documents.

AI bots can automate routine tasks like policy renewals, handle customer service inquiries, and even take steps to prevent fraud. And let's remember the sales aspect. Conversational AI bots can help potential customers find the right insurance policy by analyzing their needs and suggesting the best options. They can even guide customers through the application process, making it smooth.

Any examples? One of the most popular is Geico's virtual assistant, which welcomes visitors to the site and immediately provides assistance.

HEALTHCARE

AI-powered bots have made a real difference in healthcare since the coronavirus pandemic. Chatbots and voice bots are not just revolutionizing the way patients and healthcare providers interact, but they're also making the whole experience more efficient.

For example, AI chatbots can help patients book appointments with doctors, find the nearest clinic, examine symptoms, and provide medical advice. But that's not all! These intelligent bots can even help healthcare professionals by providing quick access to patient data, streamlining the referral process, and keeping everyone connected through automated messaging.

So, whether it's making appointments or checking symptoms, conversational AI in healthcare is a game-changer. It's improving patient care, making life easier, and giving everyone a little more peace of mind—a classical win-win situation.

An exciting example is Florence, which acts as a virtual nurse, reminding patients about taking medications or searching for the nearest pharmacies. Still, the potential of AI in health care is much greater, as the near future will show.

UTILITIES

AI-powered bots are totally taking over the utility industry. They're making life easier for customers and companies alike. These bots can help customers with various tasks, from paying bills to reporting outages.

Additionally, they can schedule visits, offer products and services, and provide customer support. But it's not just the customers who benefit from these bots. Utility companies themselves can save time and money by automating processes and reducing the need for manual labor. That means more efficient operations and a smoother experience for everyone involved.

One example is E.ON – a huge energy company that serves millions of customers across over a dozen European countries. To make things more convenient for their clients, they've designed chatbots and voice bots to help them. These bots help with tasks like checking energy usage or updating account details. They can handle more than 100,000 conversations every month – 70% of all the questions they get from customers.

HOSPITALITY

Let’s talk about AI-powered chatbots in the Hospitality industry. Have you ever booked a hotel online or used a mobile app to make a reservation? There're chances you've interacted with an AI-powered chatbot without realizing it.

Chatbots are becoming increasingly popular in the hospitality industry as businesses strive to provide better service to their customers. With AI automation, chatbots can handle routine inquiries and reduce service staff workloads.

They can answer common questions like check-in and check-out times, room amenities, and even make restaurant reservations. Chatbots can also provide personalized recommendations based on the customer's preferences, such as suggesting nearby attractions or restaurants.?

Overall, chatbots are helping to improve the hospitality sector by providing fast and efficient service to customers while reducing the workload of service staff.

Marriott hotels began using chatbots as early as 2017, but the technology has evolved considerably, and now more and more properties are using such a solution.?

For example, OYO Hotels & Homes – a hotel chain that started back in 2013 and has since grown into a global brand, recently came up with an awesome idea to improve their customer support by using a virtual assistant in WhatsApp. The chatbot was a hit, with 55,000 unique users each month, and it even reduced call center traffic by 15%!

AIRLINES

Airlines are increasingly adopting conversational AI solutions to shift their services online and provide better support to their customers. Since the COVID-19 pandemic caused many canceled flights and changes to travel plans, airlines are using AI-powered chatbots to help customers reschedule their tickets and get quick answers to their questions. These chatbots use complex AI algorithms to understand customers' requests and provide personalized assistance.?

According to Precedence Research, artificial intelligence size in the aviation market will double within two years.

Source: https://www.precedenceresearch.com/artificial-intelligence-in-aviation-market

This reflects the growing importance of AI solutions in the airline industry, as exemplified by Finnair, which uses a chatbot to contact, among others, a large group of its Chinese customers. They can book a ticket, check the status of a flight, or find answers to questions using WeChat (a popular Chinese platform).

Are you interested in implementing chatbots in your industry?

If anyone is currently researching conversational AI solutions, possibilities of chatbots and voicebots or looking for equally powerful AI tools like ChatGPT - but for businesses, especially those highly regulated - then look no further. Feel free to contact me, check out SentiOne conversational AI solution or our blog.? SentiOne bots provide 24/7/365 service and, with advanced Natural Language Understanding (NLU) capabilities, can understand and interpret the meaning behind a user's message, regardless of the phrasing or language used.