Harnessing the power of conversational AI for banking customer service

“In August 2020, This is Money found that – in some cases – it took three hours for customers to get through to a human when contacting their bank. Of course, this was in the middle of a global pandemic, so you can excuse a certain amount of disruption to services, but this is where conversational AI is a boon.

How can banks use it to improve customer service?

  1. Conversational AI can lead to faster resolution times
  2. Using conversational AI can result in a better resolution for the customer
  3. Conversational AI can help generate personalised recommendations”


4 Ways Conversational AI Is Improving the Customer Experience

“Chatbots play an increasingly important role in customer service, support and sales. Pickell reflected that 95% of customer interactions are expected to take place via an AI chatbot or live chat by 2025. Additionally, a Gartner report indicated that by 2022, 70% of white-collar employees will interact daily with conversational platforms.”


Pizza Hut demonstrates why intelligent virtual agents are the future of customer service

  • “‘Gartner is suggesting that 85% of customer interactions will start by self-service in 2022, which is only six months away,’ he explained. ‘But most importantly, of those interactions, 70% will start with speech interfaces by 2023 which is also not too far away.’
  • ‘This has led to 42% of companies planning to enhance digital self-service functionality, which had traditionally been out of reach of all but the largest enterprises,’ Schebella added.
  • ‘Before you even say anything, the IVA can play back to you the status of your order,’ explains Branley. ‘So it can say ‘Hey Calum, your pizza’s in the oven, and the ETA is 6:35.’ No interaction needed with a person; we’ve serviced that request before you’ve even asked for it.’”


AI brings promise and peril to customer relations management

  • “At the moment, one of the chief complaints aimed at companies large and small is the long wait times at call centers and in email replies. A properly trained AI-driven CRM platform will be able to handle most common queries with little to no delay, sending the more complicated requests to service reps, who should have greater availability. AI will also be able to more effectively communicate with customers over the web, social media, and mobile platforms.
  • Faulty data management is a key factor in poor customer relationship outcomes, with more than 85% of sales agents citing it as the cause of embarrassing mistakes, according to marketing analysis firm MarTech Series.
  • Upwards of 2.5 quintillion bytes of data are being created every day, 90% of it unstructured, so the mere task of putting all of this data into context is functionally impossible without AI.”


How Artificial Intelligence Has Transformed The eCommerce World

  • “Artificial intelligence is sweeping through the eCommerce sector. In fact, marketers report that there’s been a 186% increase in AI adoption since 2018.
  • 79% of organizations say that marketing and sales AI has increased revenue for their companies.
  • Artificial intelligence also helps eCommerce companies to offer better customer service. For example, 51% of marketers are using social listening to get quickfire information about the conversations that influence their target audiences.
  • For example, 15% of companies are using AI to optimize yield, energy, or throughput in manufacturing, while 12% are using it for predictive maintenance.
  • Here are some of the most influential ways that AI has transformed eCommerce in recent years.
  1. Sentiment analysis
  2. Multi-channel personalization
  3. Customer service chatbots
  4. Dynamic pricing
  5. Retargeting adverts
  6. Assembly line optimization
  7. Risk management”