Digital disruption through Artificial Intelligence will have a significant impact on the future landscape of any business, first in importance being Conversational AI driven assistants. Banks, Financial Institutions and many other industries have started to use chat/voice assistants to interact with customers and solve their problems without any human staff intervention. Research says that “almost 85% of global executives believe that AI will allow their companies to obtain or sustain a competitive advantage and going to a play a much larger role in enhancing organizational work productivity”. Conversational AI, the front runner in this space, is revolutionizing the B2C and B2B organizational scenarios. Offering a ‘conversational self-service experience for their consumers and employees i.e., providing answers in real time’ is currently one of the primary initiatives which Enterprises are taking up as a part of their Digital Transformation journey across every industry.
Though the technology behind Conversational AI is pretty evident in the market nowadays, the innovative aspect which can be brought in is by customizing the technology for improved efficiency and satisfaction, something which can create an actual differentiator in the coming days. Customer Service as a vertical being the largest adopter of conversational assistants will not only ensure customer satisfaction by providing ‘an interaction without delay’ to its users but can see great rewards with these assistants performing actions/transactions. The Natural Language Processing engine, which is the backbone of conversational AI, makes it even more difficult for the customers to realize whether they are conversing with a human or an AI interface. The application of Machine Learning to this technology makes it even more intriguing. Understanding the context, the sentiment behind the utterance, seamless integration with back-end data & third-party databases and finally, to ‘run the user through a journey’ without a single hiccup will be the biggest value add for the consumers and the perfect selling point for the Conversational AI platform companies.
With the entry of WhatsApp (one of the best customer touchpoint for any business as of today) as a channel and, more than 1.5 billion people in over 180 countries using WhatsApp already, there can be a significant adoption in new-age technology which can be observed. These Conversational AI assistants, which are also “Omnichannel virtual agents” can help drive higher delivery, open and conversion rates, greater engagement, save enormous operational cost and infrastructure effort of maintaining huge call centers for customer engagement.
Gartner predicts that:
- “The global market for conversational AI, which stands at $4.2 billion in 2019, is expected to grow to $15.7 billion by 2024, at a CAGR of 30.2 percent.”
- “By 2020, automated assistants or chatbots will account for 25% of all customer service support.”
- “By 2022, 85% of customer service requests will be handled without a human.”
It is pretty evident from the above predictions that every industry would start using AI specifically to achieve operational efficiency and better customer interactions. Conversational assistants are already being extensively used in the banking and few other industries to revolutionize the customer relationship management at a personal level achieving great customer satisfaction and retention numbers. Artificial Intelligence is eventually going to impact a large number of industries and as of today, BFSI, Utilities and Online Commerce are few of the early adopters of this trend.