Conversational AI Platform Delivering Business Results Today, Artificial Intelligence (AI) is dominating the headlines and the conversational AI market is driven by a large number of voice assistants and messaging apps. Numerous industries are pumping money in conversational bots. They are also blending AI-based bots with websites to keep the competition at bay, as most customers prefer conversation as the principal mode of communication. The use of conversational AI is expected to grow as more firms incorporate such platforms to offer unified interactivity and deliver tailored interactions to enhance customer engagement. In financial services, conversational AI has become a way to make significant advancements in compliance and cybersecurity, but it is capable of much more. Conversational AI with smart bots and conversational assistants is poised to become one of the most influential areas in the financial services industry. What is Conversational AI? Conversational AI is largely a system for handling data input and output. Customers or users enter data through a user interface or might click on an offer that directs the system to participate. Both ways, the conversational AI system is combining several tools and technologies designed to comprehend and properly act on user inputs.
Subsequently, the system understands the user’s intent to offer correct information to customers or take appropriate action. While doing so, the system has to match the user’s expectations of being fast, personalized, and accurate. Also, it must capture and examine the data from the interaction. This step is both unsupervised and supervised to train the system while offering actionable insights. These insights can later be used to enhance the system’s overall design and eventually add value across the business. Overview of the Conversational AI Platform Market The rampant use of smart speakers is leading to the popularity of smart virtual assistant technology, which in turn is driving the conversational AI market in the North American market. The APAC region is likely to see fast growth due to rising spending and initiatives toward AI. Conversational AI has a huge potential to drive intelligence and enhance efficiency across all channels, particularly for customer service and marketing teams. Delivering the Must-haves for a Frictionless Experience Conversational AI can understand the user, deliver personalized content using information collected from the chat, integration with third-party and back-end databases, known preferences, and more, to deliver the response the user expects. Integration with third-party databases and back end systems is a necessary part of providing value in conversational AI. If a virtual assistant can diagnose a problem, it has to be smart enough to arrange a service appointment as well. Firms today can analyze each conversation while conforming to data privacy guidelines. This information offers immense knowledge that can be used to personalize the conversation while enhancing your bottom line through a better understanding of weak points, trends, and new growth opportunities. How to Listen to and Understand Customers The ideal way to start listening and understanding customers through conversational AI systems is to leverage technologies and Machine Learning tools that can analyze vast amounts of unstructured data. This data includes unstructured texts, emails, webchats, social media posts, conversations with existing bots, and call transcripts. It is easy to identify the purpose and motivation of your customers using these technologies and see how they engage with the conversational system. There is also an option to crowdsource the analysis of the user experience provided by virtual assistants or bots and gather insights. Increasing Customer Engagement with Conversational AI Today several organizations are skipping chatbots altogether and using conversational AI and conversational analytics to target a wider audience across multiple touchpoints. By taking such an approach, firms will be able to improve customer engagement from the first interaction to fostering the current relationship. It is a mandatory step to increase customer loyalty in a place that is becoming competitive as customers opt for convenience and speed over price. With growing expectations and consumer demand, the influence of conversational AI will be felt in all aspects of an organization’s business. Similarly, enterprises will be challenged by a lack of resources, a rapidly maturing technology, and a wealth of misinformation.