Business Process Automation Through Conversational AI
The term AI has always been exhilarating to the human mind, for some, it has raised a web of complicated questions which range from what is AI? Can AI take over the world? But for an average human being to understand AI we can say that a machine or a computer is taking over a human task. The need for humanizing and speeding up customer interactions is rising rapidly. Customers expect businesses to assist them 24/7, look up to their needs, resolving their issues rationally. Companies generate AI-powered assistants to manage the interaction between customers and employees. They contribute by being available bots that always pop up whenever we visit the company’s page and can answer all the queries of multiple people at once. We could instantly get all the answers and the solutions that we needed. But sometimes due to lack of information or we can say when bots engage in more keyword scripts, it becomes monotonous and irrelevant for users. Conversational AI addresses these challenges and sets up conversational process automation which is basically a virtual assistant or chatbot. It empowers virtual assistants to understand the queries of different persons and give relevant solutions. They made it more convenient for customers to interact in their own comfortable way because conversational AI can respond to both text and voice commands. To maintain customer experience remarkable conversational AI chatbots take personal and complex interactions and automate them.
Conversational AI systems also further help in reducing business costs majorly in the financial sector. Conversational AI agents make it easier and cheaper to scale up contact center operations. VoiceBots can replace bank IVRs, reducing call waiting times and friction due to multiple hand-offs. Using AI-powered conversational IVR and chatbots balances the automation of the human touch, meets customer expectations, and devises a conversational marketing strategy, on the other hand, it boosts client satisfaction and loyalty. They also link up with suitable online platforms with quick fixes. Banks, financial centers, and similar businesses often take advantage of this automation through conversational AI.
The utility of chatbots goes well beyond just dealing with customer requests. They are powerful enough to advise people on their financial health and help them step by step to take solid decisions regarding investment and savings. Investment and saving are two terms that are done by many but at times people get confused about whether to invest or to save. These are the constant questions that pop up and sometimes decisions create chaos. Investments are subject to market risk, by proper planning and communication with banks or any other financial sources, we come to a certain conclusion and expect valuable returns on our investment. The main thing we require is the best communication and guidance that takes us under confidence. AI-powered financial services chatbots can offer recommendations on the basis of analysis and the financial stability of clients. To find a higher long-term return investment, AI will help analyses by scoring all basic factors that affect the price such as valuation, growth, quality sentiment, and risk, and adjust each factor according to the market situation to get a proper investing ratio regarding your risk acceptable level. With AI-powered banking chatbots, they don’t demand additional paperwork or more effort, instead, there is the highest probability of getting quick loan approval. Bots make it easy to go through the process in their comfortable language thus by just answering a few questions on the loan application. After a quick credit history check, the loan approval arrives and the fund is credited instantly.
Self-servicing for policyholders is another major use of conversational AI in the insurance industry. With the help of an intelligent chatbot, such as safeguard by intone embedded on your company website or in an app, the policyholder can go through the entire insurance purchase journey themselves. Frauds arising out of identity theft are very common in the insurance industry. AI can identify the gaps in the process that leave the claims process vulnerable to fraud. Machine learning algorithms can scan history and find out if anything is out of place. Depending upon the process and type of insurance, using a chatbot the customer can report any incident from anywhere and anytime. The chatbot can intimate the appropriate person for further processing. The customer may need not have to wait more than a reasonable time to report any issue because there will be a dedicated personal assistant for every customer without any delay.
It’s time for all of us in the industry to get smarter about intelligent marketing and sales in technology together. What we learned is that the marketing industry is demanding leaders who can provide on-the-job AI education that accelerates companies and careers. Marketers are overwhelmed as they consider AI will transform their workloads and can prevent revenue acceleration, and increase personalization and insight. Conversational marketing is marketing that engages customers through dialog that put the focus on interaction with the customers through two-way communication in real-time conversation. With the help of conversational AI, brands can establish an omnichannel presence and reach customers where they are already spending time. Mostly everyone agrees that social media platforms like Facebook, Instagram, Whatsapp, etc have become credible sources for them to discover and research products and services before they invest in them. People on Instagram, and Facebook explore business pages and at times, companies start sending API messages to whoever explored the business page and communicate regarding the services one would like to have. Using AI chatbots, brands can engage customers and offer support by being available on all the powerful platforms, thereby nudging them across the sales funnel.
The bot can handle FAQs, manage processes, all communication channels available 24/7 to resolve problems, quick and constant support.
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