What Are Voicebots and How Can They Benefit You?

Voicebot is getting popular among contact centers because it cuts down support costs and customers prefer it.

There are sufficient reasons to say that automating customer interaction is the key to delivering a superior customer experience. For starters, it frees up time for human agents so they can focus on crucial tasks rather than being caught in answering repetitive queries..  

Second, the automation facilitates immediate response when customers reach out to you, which customers always expect and appreciate. In short, it makes your customers happy and increases contact center productivity - a win-win for all. 

The customer service voicebot market is predicted to grow rapidly at 21.30% from 2022 to 2027. Voicebots enhance user experience by helping more customers quickly, supporting an omnichannel approach, and making agents' work easier.

As a result more and more businesses are realizing voicebot benefits and investing in Voicebot technology with time. After all, no company likes to stay behind its competition. 

“More than 75% of companies are planning to invest in automation technologies such as AI and process automation. AI, Chatbots, and Voicebots take care of repetitive queries and support requests”, Says Deloitte 

What is a Voicebot?

A Voicebot is software that enables computers to have human-like conversations with humans using natural language. It uses a set of technologies, such as artificial intelligence (AI), natural language processing (NLU), Automated Speech Recognition (ASR), and Text-to-Speech (STT). 

With advanced Natural Language Understanding (NLU) technology, voicebots can now recognize the intent and context of conversations. You no longer need to phrase your words in a specific way for the voicebot to understand you.  

Voicebots are commonly mistaken as voice assistants. However, voice assistants, such as Siri or Alexa, typically control the hardware and are integrated with smart speakers or smartphones.

Need guidance on how to choose the best Voice AI Chat platform or Voicebot? There are 13 essential criteria you need to consider. Deep dive here.

How Does a Voicebot Work?

When you speak into the voice interface of the Voicebot, the ASR technology detects the voice input and converts it into text. Then, the text output is processed with Natural Language Understanding to understand what the user intends to say.
Once the user's sentence is understood, the Voicebot looks for the appropriate answer/response with the help of a knowledge base backed by AI, machine learning, and deep learning. 

The Voicebot can respond in two ways - through pre-recorded responses or Text-To-Speech (TTS). In the first one, the Voicebot finds the appropriate response from the knowledge base, where the answers are pre-recorded and saved. If you haven't pre-recorded responses, you can leverage TTS technology that takes text as input and convert it into voice - it is also known as Voice synthesis.  

Voicebot Benefits

Because of the evident benefits of Voicebots, businesses across the world have started incorporating Voicebot in their contact centers.

Perfect Choice for a Large Customer Base

Addressing a large customer base through human agents can be tedious, time-consuming, and unproductive. On the other hand, Voicebot can efficiently manage the contact center operations such as: 

• Outbound calling/telemarketing at a large scale 
• Conducting surveys 
• Inbound calls 
• Informing customers about offers 
• Sending reminders 

Voicebots are perfect solutions for businesses that get a large number of service requests. Thanks to them, customers don't have to wait in call queues. Voicebots make customers happy with quick responses. Also, you can run massive campaigns with Voicebots to reach a large number of customers in a short period.

Ability to Easily Scale

Voicebots are highly scalable, meaning they can handle an unlimited number of customer interactions at the same time. This is particularly beneficial for Businesses experiencing rapid growth or seasonal spikes in Customer inquiries.
Unlike human agents who can manage only one conversation at a time, voicebots can manage 1000s of interactions simultaneously without compromising on response time or quality.
This Scalability ensures that businesses can accommodate a larger volume of customer requests without needing to hire and train additional staff which can be both time-consuming & costly.

Assist Your Customers 24x7

Whether it is the middle of the night or a holiday, you can assist your customer with the help of a Voicebot. This way, your customers don't have to wait for the working hours of your human agents. 

• Global Reach: For businesses with customers in different time zones, voicebots ensure consistent & round-the-clock service, making it easier to serve a global customer base without the need for 24-hour human staffing.

• Emergency Handling: During unexpected events or emergencies, voicebots can provide critical information and support, helping customers manage issues even when human agents are unavailable such as filing Claims FNOL.

• Resource Optimization: By handling routine queries and tasks outside of regular business hours, voicebots allow human agents to focus on more complex and high-value interactions during their shifts optimizing resource use Many customers find it convenient to make calls to resolve their issues or ask for services because calling is qui.

Many Customers Prefer Voice Interactions

Many customers find it convenient to make calls to resolve their issues or ask for services because calling is quicker than typing a message. So, having a Voicebot is a way of winning the loyalty of such customers.Let’s take a look at a few examples:  

• Debt Collections: Voicebots can automate debt collection calls by providing reminders, processing payments, and negotiating payment plans. So an efficient and respectful approach can improve recovery rates while maintaining positive customer relationships. Learn more here.

• Digital Onboarding in Banking: Voicebots can streamline the digital onboarding process for new banking customers by guiding them through each step - from account creation to identity verification. Doing this will reduce time and effort required for customers to set up their accounts, enhancing their initial experience with the bank.

Save Time and Money

You need plenty of resources to recruit, train, and operate human agents. With the help of Voicebot, you can manage your contact center efficiently with fewer agents. 

To Sum Up

With time, more and more businesses are realizing benefits of Voicebots and leveraging them to deliver a superior customer experience, increase contact center productivity, and reduce operational costs, forward-looking enterprises must consider implementing voicebots staying ahead of their competition.

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• Get a Boost in Customer issue Resolution Rate by 70%  
• Enhance CX by 85%  
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And more.