Why Do Institutions Choose CBOT for their Chatbots & Virtual Assistants?
Public institutions and many companies from different sectors and scales have chosen CBOT as their conversational AI partner. CBOT successfully continues its cooperation with many companies on a wide scale, from large institutions to startups. So, why did these institutions choose to work with CBOT on chatbots and virtual assistants?
There are 2,000 chatbot and virtual assistant companies in the world
Since the end of 2016, we have started to hear about chatbot and virtual assistant projects of large institutions. Since then, we have gone through a period in which institutions try to understand this field and start using it step by step. Today, many private companies, public institutions and non-governmental organizations from all sectors and all sizes are implementing chatbots and virtual assistants. These can be structures that provide customer interaction, as well as chatbots and virtual assistants for internal use. Large institutions often take their place on the scene with many chatbots for different purposes and fields.
In such an environment, the number of companies in the market, announcing that they offer chatbots and virtual assistants, is increasing all over the world. According to Gartner, there are more than 2,000 companies in the world that offer chatbots and virtual assistants, but Gartner says only 5% of them can meaningfully deliver and survive chatbots. Therefore, except for 5%, they do not go beyond the bots that serve in a very limited area and are mostly very short-lived.
In short, very few companies in the world can produce successful results in chatbots and virtual assistants. As such, institutions that take their decisions carefully and rationally can work with only a limited number of technology vendors.
CBOT proved to be one of them with its rapid growth. CBOT has been one of the 16 leading global chatbot and virtual assistant companies in Gartner’s report “Emerging Technologies and Trends Impact Radar: Artificial Intelligence in Banking and Investment Services” published on July 1, 2020. This is another proof of CBOT’s recognition. Companies from many different industries and scales choose CBOT for different use cases. Among them are very large banks, as well as small e-commerce companies. Companies that were born as startups and have proven their success also choose to partner with CBOT, even those who are just at the beginning of their journey. Government agencies also rely on CBOT as well as airlines and telecommunications companies. When such a wide scale is in question, the projects that emerge are also diversified: chatbots that answer customers’ questions in a specific area, chatbots that make transactions, personalized service providers, chatbots that answer employee questions and assist them, voicebots that are integrated into IVRs in call centers, classification bots – the list goes on.
1-Providing a time, place and platform independent customer service
It is very important for companies and institutions to offer their customers and users an experience independent of time and place. The increasing digital habits of today’s customers, especially after the pandemic, encourages companies to establish a multi-channel and multi-modal (including text and voice) structure – in a way, compels them. CBOT’s infrastructure covering voice and text technologies and its high channel integration capability are important factors in its preference. Thus, institutions, for example, work with a single technology vendor for their different needs – for responding to customer questions via WhatsApp, making transactions and payments; for an employee bot integrated with SAP that responds to employees and for a voice recognition system operating in the IVR system – these needs are fulfilled holistically by CBOT.
The fact that CBOT is a WhatsApp Business Solution Provider (BSP) that opens WhatsApp Business accounts and activates them for institutions also contributes to the integrity of the service. Thanks to CBOT’s Live Support module, institutions can establish a triple customer service model, including chatbot, live chat support module and Whatsapp channel, and manage their operational costs in the best way.
2- Building their conversational infrastructure in the most efficient and effective way
For a technology provider, instead of developing a separate software for each customer’s chatbot and virtual assistant; it is very important to have a platform to train the artificial intelligence system, including automated and efficient integration structure, test processes and reporting tools. In this case, the effort required for each project decreases, and institutions gain a much more efficient model. For example, CBOT’s FUSION module makes the integrations with the internal systems of the institution very easy, fast and doable by the analysis teams, instead of developers, so the costs for the institution are minimized.
CBOT ANAYTICS, on the other hand, provides monitoring and reporting of conversations made through the virtual assistants built on CBOT Platform.
CBOT’s product CBOT Platform, provides an end-to-end conversational artificial intelligence infrastructure with CBOT CORE, CBOT FUSION, CBOT ANAYTICS, CBOT SPEECH and CBOT LIVE CHAT modules. Institutions can use this infrastructure to provide an efficient customer service system, as well as marketing and sales focused use cases or internal chatbots for the employees.
3- Prioritizing data security and benefiting from the flexibility of service models
CBOT Platform is suitable for many different usage models. According to the preference of the institution, it can be installed on the cloud or on the institution’s own servers and used as on-premises. In the cloud usage option, the personal data written by the users is not stored by CBOT.
In addition, institutions may have different preferences in the building and maintenance processes of chatbots and virtual assistants. CBOT offers flexible options in line with the preferences of institutions. For example, if the institution wants to prepare the bot by its own teams and create its own artificial intelligence system with the necessary intents, CBOT Platform is suitable for this. On the other hand, this is also possible if the institution prefers that artificial intelligence training be conducted by experienced analysts of CBOT. With CBOT’s experience in conversational design, the bot is prepared, tested and launched by its own team.
On the maintenance side, in order to keep the accuracy rate of the virtual assistant above a certain level, two different models are offered flexibly – either CBOT team takes charge or a team determined by the institution itself takes this responsibility.
4- Benefiting from the wide experience gained in terms of sectors and use cases
CBOT, which has been working with large corporate companies since 2017, has reached a very important level in creating conversational experiences. Since then, CBOT, has proven its competency in chatbots and virtual assistants for customers in many different sectors, especially in banking, retail & e-commerce, insurance, fintech, delivery, telecommunications, passenger transport & airlines, digital TV broadcasting, education & public services, security, assistance services; and in internal use bots that it has mostly implemented for large industrial enterprises. Chatbots, which include various corporate integration points and channel integrations in dozens of different topics and scopes, enabled the CBOT team to gain considerable experience. For example, in the banking sector, CBOT has developed virtual assistants for 8 different banks, some of which are still in progress. CBOT gained considerable expertise in the banking sector and e-commerce sector companies operating both as a marketplace and doing their own e-commerce activity. In the public sector, it became the owner of projects that could answer questions from different age and socioeconomic groups and had a record number of dialogues in a very short time, with EBA Asistan and MEB Asistan, which CBOT implemented in cooperation with the Turkish Republic, The Ministry of National Education.
CBOT’s wide range of experience in different fields and use cases, created speed and cost advantage for institutions and became another reason for CBOT to be preferred.
Now, chatbots and virtual assistants are a technology area where both large institutions and small and medium-sized companies, and even public institutions and non-governmental organizations invest globally. CBOT has both the ability to implement large, comprehensive virtual assistants in the most efficient way, and owns the necessary models for smaller companies to deliver more limited chatbots quickly and efficiently. In this sense, it is ready to offer its experience and technological infrastructure to companies from every sector and scale, and to be a companion in the digital transformation journey of both the private sector and public institutions. With the acceleration of digitalization during the pandemic, many institutions have increased their investments in this field. It is predicted that more companies and institutions will invest in this area in the upcoming period. CBOT continues to successfully implement and manage chatbots and virtual assistants with different integrations in different usage cases for varying sectors.
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