Engaging with customers on digital channels is a huge topic right now. No wonder many businesses are keen to launch conversational Artificial Intelligence (AI).
With a global market size of USD 4.91 Billion in 2020, Conversational AI is fast becoming the go-to solution. This is especially true for companies looking to provide more efficient customer service. In addition, increasing capabilities are making conversational AI a powerful all-in one solution. For example, the integration with eKYC, payment gateways and digital signatures offer a seamless customer journey.
It has already changed the way many businesses operate – #real-timeSupport. Furthermore, it’s driving data-first decision-making allowing more personalised customer experiences.
If you’ve tried to implement conversational AI but haven’t quite achieved the results you’re looking for, or simply want to try a new digital channel, but don’t know where to start, here’s a few tips to help you get started.
What is conversational AI?
Conversational AI is an intelligent and conversational way of engaging with your customers using digital technology. Based on its growing popularity, you’ll likely have engaged with a conversational solution before on a website. In this case, you would have clicked on a chat bubble or avatar on the bottom right of the screen and a chat interface will have opened and greeted you in a friendly tone. If you haven’t, click here to meet NASH, the Nashua Children’s Charity Foundation’s conversational solution.
Chatbots and conversational AI solutions
You’ll find that there are three main differences to note between chatbots and conversational AI solutions.First, is the live chat feature where you engage with a real-life person through an automated channel. Second, is full automation where you engage with a fully automated agent, with the ability to request a call back from a live agent. Third, is the actual interaction you’ll have with an automated agent. Accordingly, interactions vary in sophistication. Basic interactions – ‘how can I help you’ – for instance, usually focus on the automation of FAQs. While more complex interactions – ‘would you like to purchase an insurance policy’ – for instance, solve more specific objectives.
The benefits of using conversational AI
One of the most prominent advantages of conversational AI is the opportunity to reach thousands of users without exhausting your call center and resources. Moreover, conversational AI appears as an extension of your brand and engages users in a memorable way. It can also be accessed from multiple channels at any time of day or night. For example, WhatsApp, Facebook, your website, a QR code, and many more. FinChatBot has found that customers and businesses are reaping the benefits of conversational AI in many ways, including:
- Improved customer acquisition and revenue per customer
- Reduced cost to serve and higher customer satisfaction
- Reduced churn and improved collections
Types of conversational AI solutions
Here are some types of conversational AI solutions you can use for your business:
- Onboarding and sales solutions
- Customer care solutions
- Collection and retention solutions
1. Onboarding and sales solutions
Make it easy for your customers to learn about your offering, register, and make a purchase anywhere and anytime. In addition. offer customers a sophisticated yet efficient experience by integrating your solutions with marketplace partners such as eKYC and a secure payment gateway. Therefore streamlining the sign up process of new customers and increasing revenue.
2. Customer care solutions
Enable customers to self-serve in a cost-efficient manner. For instance, basic routine tasks such as requesting an account balance or updating a beneficiary can be quickly and easily completed on automated chat. This type of automation can result in a 15 – 70% cost reduction for your business, and allow customer service agents to focus on more meaningful, high-value work.
3. Collection and retention solutions
Collection and retention solutions provide customers with the support they need to resolve account and payment issues in a more private way. Importantly, you can personalise the customer journey for quick resolution, increasing customer satisfaction and retention.
Conclusion
Hopefully, you now have a better understanding of conversational AI and how it can add value to your business. Take the time to understand your specific objectives and the types of solutions and partners available to you before getting started. If you have the right plan, implement well and optimise your solution over time, you’ll soon see how conversational AI can deliver high-performance results that boost your business growth.
If you have any more questions about conversational AI solutions, or digital tools in general, click on the let’s chat button below – we’re happy to help you on your journey to success.
