The Complex Relationship Between Chatbots and Bank Call Centers

  • “Making digital banking experiences convenient and easy should be a top priority for all financial institutions. With over 75% of the U.S. population banking online in 2022, according to eMarketer, ensuring that digital experiences are frictionless is imperative to providing overall satisfaction with your customer service.
  • Many banks and credit unions recognize the growing pain point, but are attempting to tackle the issue through traditional means. While pursuing costly but straightforward solutions like increasing the size of their call centers, they often miss one of the main cruxes of the problem: About 80% of the traffic directed at call centers are simple, routine transactions.
  • In reality, the 80% majority of call center traffic is really made up of over 350 different user questions and requests. These questions, while all categorized into broader topics, often have nuance and granularity to them that means simple chatbots will prove ineffective at properly diagnosing the specific problem that a consumer is having.”

https://thefinancialbrand.com/138737/the-complex-relationship-between-chatbots-and-bank-call-centers/

Revolutionizing CX with chatbots

  • “According to Forrester, 73% of customers say that the most important thing a company can do to provide them with good service is to value their time.
  • Considering areas of opportunity for reducing customer hold time and increasing the likelihood of getting them to the right person the first time – not to mention the time and workload reduction for human employees – skillful deployment of chatbots offers a winning strategy. While chatbots will never replace the human component of CX, they have shown to increase customer retention significantly, loyalty and overall satisfaction.
  • According to Tidio, over half of consumers (62%) would rather talk to a chatbot than a human agent because of the wait time reduction.”

https://venturebeat.com/2022/04/21/revolutionizing-cx-with-chatbots/amp/

How AI is Changing Digital Marketing

  • “For those of us working in the realm of digital marketing, the impact has become even more clear over the last few years. To put things into perspective, 61% of marketers say AI is the most important aspect of their data strategy, according to MemSQL.
  • Have you ever searched for a particular product and then all advertisements you see after that search are for similar products? That’s AI at work. The power of DMPs (Data Management Platforms) allows AI to gather data from across the Internet – not just a particular website. This data then fuels predictive analytics, which empowers digital marketers to truly personalize their marketing campaign strategies to ultimately generate high-quality leads. Stronger leads = stronger ROI.
  • A Campaign Monitor report found that marketers saw a 760% increase in revenue from segmented campaigns.
  • What’s one AI tool we all encounter on a regular basis? Chatbots. These are used for everything from customer service to driving sales. Chatbots are becoming so sophisticated that according to a study done by Marketing Insider Group, two-thirds of consumers don’t know they’re interacting with these AI tools vs. actual humans.
  • According to a study from Bright Local almost 60% of consumers have used voice search to find business information in the last year. As the world has become largely mobile, voice search enhances the user experience, unlocking hands-free access to accurate data and results.
  • Google’s algorithms can understand human speech with 95% accuracy which is nearly equivalent to human-to-human interactions. With this in mind, embracing a humanistic SEO strategy is more important than ever before.”

https://www.datasciencecentral.com/how-ai-is-changing-digital-marketing/

Artificial Intelligence Is Not a Strategy. It Is a Customer Experience Accelerator

  • “One of the fastest areas of adoption for AI in the enterprise is chatbot applications. It’s often a good place for companies to get started with AI and see quick results. By 2024, Insider Intelligence predicts that consumer retail spend via chatbots worldwide will reach $142 billion– up from just $2.8 billion in 2019.
  • TechStyle, an online retailer, implemented AI to stand apart from the competition. With 5 million members, 6 million phone calls per year and 3 million chats per year, communication is core to its business. By integrating AI, TechStyle saved $1.1 million in the first year in operations costs and achieved a score of 92 percent in its member satisfaction survey.
  • The volume of customer interactions agents handle has increased by nearly 20 percent on average and spiked 35-40 percent in some cases during the pandemic, according to a poll among Genesys Customer Advisory Board members. This puts tremendous pressure on agents and technology on the front lines of these interactions.”

https://www.inc.com/brett-weigl/artificial-intelligence-is-not-a-strategy-it-is-a-customer-experience-accelerator.html

Report: 91% of top data execs agree that managing unstructured language data must be addressed

“There is growing realization across enterprises that unstructured language data is not merely a byproduct of operations but a vital resource to be mined for actionable insights. The ability to extract value from unstructured data is what will separate businesses from their competition via better Net Promoter Scores and reduced manual document handling and extraction costs. NLP and NLU technology have been proven the key to doing so.”

https://venturebeat.com/2022/02/04/report-91-of-top-data-execs-agree-that-managing-unstructured-language-data-must-be-addressed/amp/