Artificial Intelligence, Banking & Financial Services, Customer Experience

Reimagining Customer Experience with Conversational AI

Author: Anirban Guha

Industries are betting big on Artificial Intelligence (AI), especially Conversational AI, to expand their customer base and reduce operational costs at a massive scale. Companies are leveraging AI to improve customer experience and drive greater efficiencies through automation. Customers too have adopted technologies like Siri, Alexa, and Google Assistant with genuine interest and admiration. Conversational AI is riding on the success of these three technologies.

Given the success and the rising popularity of Siri and Alexa within such a short span of time, it’s safe to surmise that by 2020, almost 85% of the conversations between humans and enterprises will take place via chatbots without any human interaction (Gartner).

What’s so imperative about AI that a majority of the companies are catching up on it so fast?. For one, AI chatbots and similar services have been found to render flawless interactions all over the world by deciphering a wide array of different languages. By 2020, almost 40% of mobile conversations will be done via virtual assistants.

Another factor is their ubiquitous nature: every industry has some or the other use for AI and its variants, with conversational AI being applied in IoT (Internet of Things) appliances, devices, customer experiences or different operations within organizations. To top it all, conversational AI chatbots can converse in different languages, run 24/7 and render human-like conversations.

Conversational AI in Enterprises

When it comes to enterprises there are additional challenges. The bots need to be trained to interact not just in different languages and impart an experience similar to human conversations, the conversation should clearly occur across any channel. It should be able to stay with the users even if they change services and devices over the course of a day. It should provide a response based on personalized data with the help of collecting information from the back-office databases or third-party interfaces to provide a response that is comprehensive.

A virtual customer assistant is hugely beneficial in assisting office staff with sales and providing a helping hand in desk jobs. It is like a full-time digital employee that can help in product marketing and is critical for the success of a business.

Chatbots are perfect for resolving simple customer queries and administration tasks that require minimal human intervention. When about 30% of the inbound queries are deflected to automated channels, it can significantly help in reducing costs.

Most enterprises integrating chatbots within their call centres services have reported a huge spike in first call resolution rates and quicker resolution times in inbound queries. Companies battling high staff turnover rates can deploy bots as support in determining that candidates give the correct answer even at the first stage of the recruitment process.

So what should companies take into account when planning an enterprise-wide chatbot implementation:

Multilingual bots

Even though English is one of the most popular languages all over the world, it is important to realize that merely 7.5% of the entire world's population comprises native English speakers. The ability to interact in different languages is the reason why AI chatbots are able to relate to a wide audience and empathize with the audience from different parts of the world.

German, Italian, Chinese, Croatian, Spanish, Czech, Danish, English, Estonian, Dutch, Finnish, French, German, Greek, Georgian, Hebrew, Hindi, Icelandic, Indonesian, Hungarian, Italian, Japanese, Latin, Lithuanian, Korean, Macedonian, Norwegian, Malay, are some of the most popular languages in which most AI chatbots operate.

However, to enable conversational AI to interact in different languages it is important to take note of the language syntax and cultural awareness. There is a lot of effort involved in creating a bot and programming it to interact in multiple languages.

Platform Agnostic

The success behind any company lies in its ability to create a facility that can enable customers to interact with the business using the channel or medium or platform of their choice. Chatbots, as well as voice assistants, can be easily integrated with their respective apps and provide the customers with seamless and human-like interaction. Engaging with different service offers is a breeze with AI chatbots and virtual assistants just as it is with popular platforms such as Facebook and Whatsapp. Facebook has already been used to create about 30,000 bots.

Instantaneous Response and 24x7 Availability

In the world of online sales, the expectations of the customers are as it is high. Especially, in the e-commerce sector, instant responses play a crucial role in generating revenue. By serving round the clock, chatbots have made 24x7 services a lot easier for e-commerce businesses.

The strides made in the field of Machine Learning (ML) and Natural Language Processing (NLP) is due to virtual assistants that are AI chatbots. Digital marketing has given the bots a niche so that they can serve the customers 24x7.

Reimagining Customer Experience

Digital exclusion needs to be addressed by making bots intuitive and building a better relationship with customers. They can be the voice of a business, that too, in the chosen native language. As AI bots will be able to interact in a wide variety of languages, the language barrier will almost disappear. Trained intuition and conversations based on that can revolutionize the technology. These can recycle leads, automate sales and analyze employee data and create a holistic environment to interact with customers.

Integrated Solutions Approach

As AI chatbots don't follow a traditional approach, companies can easily integrate them with the existing technology and enterprise CRM systems. They are economical as they can accommodate into the current framework without much disruption. AI plays an important role in transforming the way an enterprise converses with customers. It brings together various automated touchpoints and creates a personalized conversation to make the customers return. So, it is high time you utilize the untapped potential of AI chatbots and let the power of AI work wonders for your business!

Would you like to know more about Conversational AI and its impact on Banking, download the Whitepaper now.

How Chatbots Can Elevate Your Bank's Digital Transformation Efforts - Blog

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