BUSINESS TRANSFORMATION
Is Conversational AI making the FinTech industry more humane?
The present-day customer is brand loyal much more than before, but only as long as their preferred businesses deliver personalized operational conveniences, that too, at a few clicks on the mobile. Conversational AI ticks all these boxes comfortably.
Conversational AI typically refers to technology tools, such as chatbots and virtual agents that people can interact with. With the key components of Natural Language Processing (NLP) and Machine Learning (ML) advancing in capabilities by the day, chatbots and other virtual agents are also turning more sophisticated in their abilities. NLP and ML processes are in a constant feedback loop to continuously improve the AI algorithms that process, understand, and generate responses to customer inquiries as close to human conversations as possible.
According to Gartner’s AI and ML Development Strategies Study, by 2023, 80% of consumer apps will be developed using Conversational AI. With an estimated success growth rate of 3,150% in chatbot interactions between 2019 and 2023, and an estimated 862 million hours saved for businesses, chatbots are the most used medium of choice now.
Prioritizing the experience of customers with superior interaction avenues is important from the revenue perspective as well. According to Forbes, a one-point decline in a business customer experience score can mean nearly $120 million in lost revenues for multi-channel banks, which have embraced Conversational AI to smoothen several key customer engagement touch points with hyper-personalization, such as fraud detection, cross/up-sell, loan dispersal, and so on.
Hyper-personalization
Conversational AI bots, with inbuilt sentiment analysis and smart analytics, support several different languages and dialects that enable customers to converse in their preferred language, mimicking the experience of visiting a branch. They help overcome barriers of language, familiarity with devices, and texting. Voice-enabled virtual assistants can handle deposit and transfer of money functions, adding/updating beneficiaries, credit card activation, password reset, pay alerts and reminders, and customer KYC, allowing customer service teams to focus on more complex customer inquiries, and thus enhance productivity. They discover the customer intent and facilitate frictionless interactions, with a high level of contextual engagement.
Similarly, a voice-based platform can assist borrowers in exploring numerous loan choices, help determine the customer’s eligibility for it, and enable hassle-free disbursal, while keeping track of EMIs as a post-loan disbursal service.
Voice chatbots today are also able to collect and process large amounts of data regarding the customer and can offer great insights into customer behaviour patterns that can enable organizations to create personalized customer journeys. They can also be programmed to track spending habits, financial history, voice, and behavioural biometrics, thus reducing the risk of money laundering or other fraudulent activities.
Smarter Customer Support
Conversational AI also improves customer support systems while collecting data on recurrent problems, user demographics, and common pain points. This data facilitates targeted product development along with faster issue resolution.
Conversational AI provides faster, personalized & more accurate customer support that is available 24/7 and improves itself over time with higher accuracy and structuring of collected data. It is easier to self-navigate and integrates seamlessly with other tools.
It is found that approximately 65% of customer queries are repetitive. It is then logical to deploy a voice-enabled bot to respond to such queries. They can answer frequently asked queries quickly and refer customers to a human agent for complex queries. Chatbots can also be integrated across various messaging channels such as WhatsApp, SMS, Instagram, Meta Messenger, etc. Over time, smart agents will find patterns in the information requirements of customers and deliver them proactively. According to Jupiter Research, virtual assistants and chatbots are expected to result in savings of $2.3 billion by 2023.
In all, Conversational AI can be a worthy tool to employ to engage with your customers, partners, and your staff easily and conveniently. With this technology in place, your business is now available to listen and respond in real time, just like the friendly next-door neighbour. The world is coming closer; about time you join the circle.
