“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?
Conversational AI can lead to faster resolution times
Using conversational AI can result in a better resolution for the customer
Conversational AI can help generate personalised recommendations”
“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.”
“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”
“The customer draws the AI roadmap at American Express (Amex), at least according to two of the company’s top AI leaders.
‘We were looking to apply machine learning and advanced analytics to create frictionless and seamless customer experiences.’
Contextual search is rising as a use case for natural language processing (NLP), which is booming overall. This year, Amex will debut a contextual and predictive search capability inside its app. Trained on an NLP model initially intended for the company’s customer service chatbots, the feature will “understand” various scenarios and, if all goes right, predict what customers need before they type anything at all.”