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/

A Wave Of Billion-Dollar Language AI Startups Is Coming

https://www.forbes.com/sites/robtoews/2022/03/27/a-wave-of-billion-dollar-language-ai-startups-is-coming/?sh=591347da2b14

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

Auckland artificial intelligence company raises $105m to create ‘digital people’ for workforces

  • “The five-year-old company was founded by technology entrepreneur Greg Cross and Academy Award winner Mark Sagar, and has been using AI to create ‘autonomously animated digital people’ for digital workforces.
  • ‘Global brands are investing more in how AI can create an intimate, personalised experience with their customers at scale.’”

https://www.newshub.co.nz/home/new-zealand/2022/02/auckland-artificial-intelligence-company-raises-105m-to-create-digital-people-for-workforces.amp.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/