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The impact of text bots on banking, real estate and healthcare

Are you looking at ways to increase customer retention? We know it’s hard whatever size your business is, but the technology of text bots has had enormous successes in three high-demand fields. Despite what seems like constant demand for these three industries, they all still need to keep a keen eye on customer retention.

One way to maintain high levels of customer retention is through text bots. The technology is making great strides in ensuring that customers go back to a company. Of those surveyed, 34% went back to the same company after interacting with a bot.

Customer requests, worldwide, run into the hundreds of billions. Adopting chatbot technology saves you time and money by tackling 30% of that workload.

Text bots in industry

Three major industries: Banking, real estate and healthcare all take advantage of text bots. One major aspect they find useful is the ability to increase personalisation.

  1. Text bots can refer to users using their real names, increasing familiarity.
  2. They can view the history of a user’s relationship with their company. Then, the chatbot can give them the opportunity to promote different products or services in line with their previous choices.
  3. A chatbot can be programmed to use casual, colloquial and even local dialected speech.

Text bots in banking

Overall, the banking sector will save up to $7.3bn around the world by 2023. This surplus of cash will come from savings made by industry-wide adoption of Text bots.

In a sector full of very high costs, chatbots’ ability to fully automate customer requests saves significant time and money. As the technology improves, so will the sector’s enthusiasm for it and its cost-cutting potential.

Users can appreciate increased integration with banking apps, simplifying the process to getting help. Also, it has improved usefulness for the insurance sector, collecting post-incident data and learning from it.

Chatbots internet banking mobile phone pen pad macbook water desk

Text bots in real estate

In real estate, text bots are able to save money and time in a similar way. A recent case showed how a messenger chatbot sold 3 apartments in 10 days, at a cost of only €1.60 per lead. The estate agents were able to expedite their normal process. This involves sifting through leads one-by-one and contacting them individually. However, this time they had the chatbot do it immediately and en masse.

The chatbot was able to give leads information about specific properties using personalised information, such as where that particular lead was thinking of buying, how many bedrooms, etc. The chatbot can then get more information on the lead after asking them details and judging the warmth of their responses. Using CTA, the user does not have to manually type anything, replacing something that often feels a little silly when talking with a chatbot.

Crucially, text bots were able to drum up interest and arrange viewings that are then handled by a human estate agent who can seal the deal.

Text bots in Healthcare 

The first chatbot to be offered in the health industry was called HealthTap. It gave users who needed advice the opportunity to talk with doctors very quickly, all from the comfort of their own home. The initial chatbot acts as a triage nurse, directing the user to the correct human specialist, but only after asking a series of questions. The chatbot can be supported by a huge database, matching symptoms to specific advice and if necessary, lead to a doctor.
It is important to recognise that text bots will never be a replacement for a doctor, but they can augment and streamline the experience. This has the result of taking pressure off hospitals and clinics, both in terms of numbers and finances. It also helps people become healthier, as getting access to healthcare advice is now easier.

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The potential for text bots in industry is almost endless. The rate at which they help various sectors innovate in their specific tasks is growing. The power of their interactivity is increasing too, and it’s time to get on board. Start giving your customers the power to connect faster, better and more relevantly.

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