Presented by DefinedCrowd
The customer experience is key to a customer retention rate that leads to more business and revenue. Learn how companies like MasterCard are implementing AI strategies that transform the customer experience when you attend this VB Live event.
Register here for free.
Every year companies spend over $ 1 trillion on customer service calls. But AI and natural language processing solutions are changing the game, says Dr. Daniela Braga, CEO of DefinedCrowd. Virtual agents and chatbots with AI support not only help companies to reduce call center costs, but also significantly improve customer relationships.
Because of this, investments in contact center AI are increasing, explains Braga.
According to a Deloitte study on the future of customer service, 56% of companies are investing in conversational AI technology to improve the cross-channel experience. Increasingly, customers are not interested in spending time on the phone. When they need assistance, they turn to their computers or mobile devices and prefer to seek assistance through self-service databases or messaging customer service representatives.
“AI does require some investment, but these conversational solutions can cut customer service costs by up to 30%,”
By 2022, chatbots and NLP companies will save approximately $ 8 billion in customer support costs annually. For every second that chatbots can reduce average call center turnaround times, call centers can save up to $ 1 million in annual customer service costs.
Significantly reduce waiting times
One of the biggest challenges for customer service centers is the volume of calls they receive – and the difficulty has increased with the downsizing during the pandemic. Customers often wait in long lines for basic inquiries to be answered or may not get a response at all, Braga explains.
A large number of these customer calls are dedicated to routine inquiries, from resetting their passwords to questions about interest rates that can be resolved quickly. When virtual assistants take these calls, more complicated inquiries and questions can be routed to the human agents whose time and attention have been freed.
“Digital assistants can solve 80% of frequently asked questions before they even get to a person, without having to wait for the bank to open,” she says. “Virtual assistants give the people on site an answer, which is already a huge improvement in the customer experience.”
Augmenting human agents
However, virtual assistants aren’t taking over, says Braga.
When a question is too complex for the AI to answer, it can quickly send the customer to the right place and provide the customer service rep with the information they need to help the customer efficiently. Instead of starting from scratch and having to explain a problem again, the virtual assistant can share the data it has gathered, speed up customer interaction and make the overall experience faster and more enjoyable.
“I see it as an extension of the human being rather than a replacement,” explains Braga.
When human agents have the time to provide better service and handle more interesting questions, it also helps make the work experience far more engaging – a huge benefit to an industry where the wear and tear is so high, partly because of the extreme repetitive type of routine calls that can make up the majority of a shift.
Unlike live agents, virtual assistants do not require mandatory breaks or go on vacation or vacation. So by adding virtual agents to live agents, you can avoid downtime for your customer service. However, virtual agents can also be used as a business continuity strategy by intervening when live agents’ hours are impacted by natural disasters – or helping companies operate on ongoing global issues like the pandemic where protecting the Life of the employees is in the foreground.
Don’t miss this VB Live event to learn more about how your company can leverage AI, NLP, and language technologies to dramatically improve customer service, increase efficiency, and improve your bottom line.
Do not miss!
Register here for free.
The participants will:
- Understand the different types of AI initiatives a company can launch to improve CX based on NLP and voice technologies
- Know how to develop these AI initiatives and the role data plays in training AI / ML models
- Meet a case study from a large FI company (Mastercard)
- Dr. Steve Flinter, VP of Artificial Intelligence and Machine Learning, Mastercard Lab
- Dr. Daniela Braga, CEO, DefinedCrowd
- Hari Sivaraman, Head of AI Content Strategy, VentureBeat (Moderator)