How Generative AI is Disrupting and Erupting Business Services
- Amit Vohra, Chief Transformation Officer at Teleperformance India
- 13.06.2023 02:00 pm #AI
Approximately 1.5 billion people are using chatbots, and by 2027, intelligent chatbots are expected to become the primary customer service channel for one quarter of businesses. In fact, according to Gartner, the average individual will converse with chatbots more frequently than with their spouse.
Generative Pre-trained Transformer’s (GPTs) rapid progression and ChatGPT’s launch fuelled a hype around Artificial Intelligence (AI), with tech companies around the globe quickly hopping on the trend and innovating to produce the most intelligent bot. Chatbots have become a vital business tool through their capability to provide personalised and tailored customer experiences. Today, customers place a substantial amount of value on their experience with a brand, with 74% likely to buy based on customer experience alone.
The banking space has undergone a multitude of changes over the past decade, and bots are supporting banks to adapt to the new customer expectations that have come with this. The fintech revolution has paved the way for banks to digitally transform, meaning banks are utilising conversational AI and machine learning-enabled chatbots to assist with customer interactions. Now more than ever, companies are thinking about how they can leverage AI to provide conversational and customised responses to customer concerns & queries.
Banking Bots
Financial institutions can use bots to augment customer experiences and provide simpler, faster, and safer solutions. In fact, businesses can save 30% on customer service expenses through adopting chatbots. Unlike humans, the chatbot is available 24/7 and can provide instant advice or support. In the banking space, this is essential. For example, it can help a customer who has forgotten their banking details, who has lost their card, or is trying to make a transaction abroad.
A hired employee can only effectively manage one customer at a given moment, but chatbots can manage virtually an infinite number of interactions at once. By responding quickly to consumers inquiries, bots can increase the effectiveness and productivity of employees and quickly scale up support during busy periods. Consequently, they save money, time, and labour during operations. In fact, a study from Juniper Research predicts the use chatbots in financial services is predicted to save businesses $7.3 billion in 2023. Through analysing customer behaviours, firms can then tailor a customer's experience by building a profile based on their previous interactions.
Data privacy is one of the major issues for the financial services sector. Human error resulting in fraud is a risk for banks, and any irregularity in transactions might result in severe losses – in revenue and in customer trust. AI and chatbots can closely monitor spending behaviours and transactions, spotting any indications of fraud early on. Accordingly, a bot can promptly warn both the bank and consumers.
What’s on the horizon for generative AI?
Ultimately, a positive chatbot experience necessitates a delicate balancing act between a human-like touch and efficient information flow. A broad range of queries can be quickly and accurately answered through bots, but it's critical to ensure that human empathy is maintained. There are still situations where a customer needs to be able to speak to a human agent if they require or wish to do so. The human touch of genuine empathy is irreplaceable, regardless of how advanced chatbots become with the rise of generative AI. The objective should be not to completely replace human agents, but for agents to be able to utilise chatbots as a tool to support them and augment their customers experiences. Businesses will then be able to create interactions that are genuinely memorable and forge enduring, gratifying relationships with their customers.
Leaders, teams and customers will all be touched by the change of customer-facing workflows driven by generative AI systems in the quest to remain competitive and best-in-class. Finding a way to blend the convenience of AI technology and human touch will ultimately be what creates memorable and meaningful customer experiences. The focus right now is on GPT, but what AI can do for organisations is only getting started.
