The advent of advanced technology such as Gen AI, conversational AI (CAI), and Large Language Models (LLMs) are completely shaking up the customer service landscape. These technologies combine all the benefits of friendly, responsible, and personable human interaction with the efficiency and accuracy of an automated system.
Clunky chatbots are being superseded by a new generation of AI-powered intelligent virtual assistants (IVAs) that use advanced AI technology such as Gen AI, Machine Learning (ML) and Natural Language Processing (NLP) to not only understand the context of a customer’s request but respond as part of a two-way conversation.
For sectors such as banking and finance — where customer service is paramount — advanced AI solutions enable organizations to deliver experiences that matter. From checking account details to making payments, these everyday tasks can all be automated, freeing up staff to focus on more complex tasks.
Beyond automation of simple tasks which helps increase employee productivity and efficiency, IVAs have been found to enable more knowledge-intensive activities like enabling better search, providing summarized answers, and offering employees advice as well. GenAI-powered cognitive search holds immense potential too, as it has the power to transform functions such as product discovery, sales, marketing, and innovating new customer experiences.
What’s more, according to our CX Benchmark Report published in 2023, customers now expect banks (and other organizations) to adopt the most recent automated assistant technology for customer service interactions.
Top AI ML News:
Kore.ai Launches Intelligent Virtual Assistants for Zoom Contact Center
IVAs Exceed Customer Expectations
For a sector once defined by face-to-face interaction, 85% of consumers now rank speed of response as their number one number outcome for a successful customer service interaction.
On every key satisfaction aspect in customer service, IVAs proved to be offering better experiences. Benefits include lesser wait or hold times, quicker and complete answers, and more.
For instance, three-quarters (76%) of consumers said they would prefer to use an IVA to check the balances on all their accounts, including current accounts, savings, credit cards and mortgages. A similar number said they’d be happy to use an IVA for more run-of-the-mill tasks such as finding the location of a bank branch or ATM.
Just under seven in ten (69%) said they would be content to use an IVA to set up automated bill payments while two-thirds (65%) would be happy to use the advanced technology to transfer money.
