The current generation of conversational AI assistants are more sophisticated than their “chatbot” label suggests. They can accurately mimic human voice and intonation, understand speech patterns and make data-driven decisions in real-time. These systems can be scaled quickly to handle a surge in call volumes while providing a customer experience that is efficient and tailored to individual needs.
These features are especially important now, as millions of Americans deal with the financial effects of the pandemic. Here are a few use cases.
The customer experience can be enhanced through channeling and adaptive learning, so customers can quickly take the actions they want each time they call. Advances in speech recognition also enable the use of tonal analysis, so that the language a customer uses with a virtual voice assistant directs them to the right place. If a customer is angry, for example, they might be transferred immediately to a live agent.
They can also achieve significant cost efficiencies. Conversational AI can be used for routine calls, making human operators available to handle customers that need more attention. Collecting payables through proactive automated follow-ups can reduce charge-offs, too. Conversational AI can also help firms advance their business transformation by implementing engagement channels that are aligned with consumers’ growing familiarity with voice assistants in everyday life.
These benefits are among the reasons that AI is seen as a worthwhile investment. According to Deloitte’s latest “State of AI in the Enterprise” survey, 61% of respondents say AI will substantially transform their industry in the next three years, but only 47% say that they have a high level of skill around selecting AI technologies and suppliers.