Millions of customers. Billions of transactions. The trillions worth of assets. The finance sector, as we know it, is the propelling force of the global economy and the world we live in. In the 21st century, with the advent of digital transformation, the sector has also undergone a sea change. What used to work in the previous century is no longer feasible for the digital generation.
Take, for instance, the change in customer behavior. Accountholders rarely visit banks for day-to-day transactions. Banks have restructured their operations and services to cater to the modern needs of customers as well. It is at this juncture that a new form of transformation is taking shape. It is Artificial Intelligence. …
Artificial intelligence affects every individual’s life, and this changes mushrooms from commercial enterprises and non-commercial organizations.
Before delving into the future of Artificial Intelligence and what it means for enterprises, it is imperative for businesses to leverage the full potential of artificial intelligence in their day-to-day business processes.
Let’s now understand the major upcoming trends of artificial intelligence of 2021 and beyond.
Here are the top 6 trends you need to keep an eye out for.
Words, words, words….Have you ever wondered how significant they are? It is hard to imagine our world without communications, messages, books, songs, telephone conversations, movies, etc. Try to remember the number of text and voice data that you receive on Whatsapp daily.
Have you ever thought about deriving meaning from this data and use it in a meaningful way? The good news is, with the advancement of technology, it is now possible to perform additional functions with our language.
These systems are based on NLP — Natural Language Processing — the perfect combo of artificial intelligence and computational linguistics. …
Humans seek kinship. They thrive on relationships. No matter how empirically we think, our emotions in most cases have an upper hand in our decision-making process. This is especially true when it comes to buying stuff.
What are the needs, wants, or desires of people a brand promises to satisfy? How is people’s experience while inquiring about the product? These are some tangible factors that deeply affect a consumer’s buying decisions. …
Did you know that according to Chatbots life, the 5 industries most benefiting from the deployment of chatbots are real estate (28%), travel (16%), education (14%), healthcare (10%), and finance (5%)?
According to an Accenture study, 79% of executives agree that companies will perish unless they embrace big data.
This holds true for businesses of all sizes and types. There is a prevalent misconception that small and medium-sized businesses and start-ups do not require big data technologies because that would increase their operational costs without substantial benefits.
This can’t be further away from the truth. Big data applications are relevant to any business that wants to make informed decisions in any business aspect like sales, marketing, advertising, branding, manufacturing, investments, and even human resources.
On the contrary, small and medium-sized enterprises run on a specific budget and have limited resources at their perusal. Making mistakes is likely to affect them more than larger organizations; therefore, putting big data analytics to use is all the more critical for them. …
Chatbots are highly potent tools that are easy to use and yield great results. A chatbot uses Neuro-Linguistic Programing, Artificial Intelligence, and Machine Learning to analyze user data and behavior online. This analysis helps them target each customer in a highly personalized way.
Grand View Research predicts that the market for AI Chatbot will hit $1.25 Billion by 2025 accelerating at a rate of 24.3%. Also, Oracle surveyed major companies and found that 80% of brands are planning to use AI chatbot in the near future.
Businesses use Chatbots majorly as a technology to help their customer support executives along with delivering optimum digital customer experience. According to a Salesforce Survey, this is how businesses use AI-based chatbots and also how frequently. …
When it comes to customer service, I do not prefer to leave any stone unturned, and I hope you follow the same ideology. Gone are the days when businesses had a monopoly over the customer.
The tables have turned, the customers are in charge, for good. This is because of serial competition in the market, the customers do not have a multitude of options to choose from, but also the right one, thanks to the free flow of non-ambiguous information over the internet.
So to take care of my customers I apply a host of tools to my customer engagement strategies like live chat, unified inbox, chatbots, video chats, voice calls, Analytics, etc. If you were to ask which tool is my favorite out of all — I would say the chatbot. …
Gone are the days when:
A. Customers would have to press 2 and hold for hours on end to speak to a customer agent.
B. Agents would have to answer the same questions again and again.
All this and more is possible via AI-powered tools such as virtual agents, live chat, etc. The point we’re driving is this: Today, the focus of service-oriented companies has changed from cost-savings to driving enhancements in the customer service process. How, you ask? By embracing the combined advantages and capabilities of an AI-Human collaboration.
We realize this sounds counter-intuitive. You’d think that AI and human emotions would hardly qualify as two peas in a pod, but guess what? With the advent of futuristic technologies such as AI, machine learning, NLP, etc., …
American Economist, Theodore Levitt (March 1, 1925, — June 28, 2006), a professor at the Harvard Business School and also Editor of the Harvard Business Review famously said, “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!”
Humans need a customer experience that is smart, integrated, uncomplicated, works across devices, and more importantly the kind that understands them and is personalized. Artificial intelligence is one of the fastest evolving and potent technologies that allows users with the kind of user experience the customer demands.
According to a report by Digital IQ 2020, 82% of the top-performing companies report paying close attention to the digital customer experience. …