- “An APAC survey by Forrester showed that 32% of chatbots were most effective in resolving customer queries. However, the survey also showed that 80% of chatbots produced more negative than positive experiences, while 75% of virtual assistants and 85% of speech-enabled virtual assistants also led to poor customer experience.”
• “4 elements of an effective conversational AI tool
• Tips for your credit union from an AI expert
• 7 questions to ask when shopping for an AI tool
• 3 key considerations for ensuring seamless end-to-end workflow management
• How to start succeeding with conversational AI”
“There are various ways in which conversational AI fits in the hyper-personalised banking for hassle-free customer experience.
Four reaping benefits of hyper-personalised banking system are:
- High number of pages conversion
- Increase in customer trust and loyalty
- Reduction in sales time
- Providing services to ease decision-making process”
- “Microsoft Corp. is in advanced talks to buy artificial intelligence and speech technology company Nuance Communications Inc., according to people familiar with the matter.
- ‘This can really help Microsoft accelerate the digitization of the health-care industry, which has lagged other sectors such as retail and banking,’ said Anurag Rana, a Bloomberg Intelligence senior analyst. ‘The biggest near-term benefit that I can see is in the area of telehealth, where Nuance transcription product is currently being used with Microsoft Teams.’”
- “For financial institutions that have yet to adopt conversational banking, the potential user base already exists. Nearly two-in-five U.S. adults are now users of smart speakers, such as Amazon Alexa or Google Home.
- In November 2020, eMarketer estimated that 128.0 million people in the US used a voice assistant – 44.2% of internet users and 38.5% of the total population.
- The aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023, according to Autonomous Next research. Notably, the front office (conversational banking) and middle office savings account for $416 billion of that total.”