Consumer AI: Future of Consumer Experiences

Consumer AI: Future of Consumer Experiences

By | 2019-02-13T15:20:30+00:00 January 31st, 2019|AI, Technology|0 Comments

Consumer AI – “The robots are coming, the robots are coming!” said Kimberly Naveda, an AI expert in her new eBook – “Making Sense of AI”. And what can we say, she seems correct. In regards to digital transformation and customer experience, AI has already established a concrete foundation and is all ready to set up a colossal building on top of it.

IDC has analyzed that by the year 2019, AI will support 40% of the digital transformation. For example, Servion predicts that by the year 2025, 95% of customer interaction is going to be so effective, that consumers won’t be able to differentiate a bot or a human. Juniper Research shows that chatbots’ interactions will be responsible for a cost saving of more than $8 billion every year by 2022.

Successful Implementation of AI in customer experience requires three fundamental capabilities:

  1. Data Unification – This is important for every behavioral analytics. And AI works based on the information. More information, better it gets. Due to this, the new process of data unification makes this task cheap, fast, and pain-free.
  2. Real-time Insights Delivery – In customer experience, insights need to be conveyed in the moment of engagement. Finally, analytics platforms are now filling in the gaps to deliver comprehensive, real-time insights at minimum investment.
  3. Business Context – Companies should give AI some context, in order for AI to deliver value. That means, it should know KPIs, which were subsequently impacted by that customer behavior, to derive high-value business performance.

Decondia - Futuristic Outlook on Artificial Intelligence

Consumer AI – Artificial Intelligence can be a great boon to customer experience and digital transformation. AI can greatly improve the response time and provide a personalized recommendation. As well as, include sentimental responses and eliminate bottlenecks in addressing queries. Freeing up the humans to deal with much more complex tasks. In fact, a cohesive approach – combining human and machine can be the key to avoid errors and mistakes.

Consumer AI – Virtual Assistants and Chatbots

First of all, AI offers two options: front-end bots handling transactions from start to finish and AI-assisted systems. Mostly, the front-end bots handle the first level of queries by addressing the simple questions and FAQs. Therefore, automation responses allow organizations to decrease the training time for service reps and reduce the number of employees required to handle repetitive tasks. This way, organizations decrease in call handling times and service costs. Plus increase first call resolution.

Consumer AI – China Merchant Bank has shared that they have handled up to 2 million customer conversations a day, mostly related to credit card balances and transactions. Additionally, companies can use the human reps for route inquiries, when blended with AI assistants. Plus, interpreted incoming messages, and to develop initial responses. This overall reduces both: calls waiting time and call handling time.

Decondia - Human Interaction with AI driven Chatbots

Tip: Do not follow the cost-saving trail. So far, this increases the rate of customer dissatisfaction. Opting only bots to handle all the interactions. Particularly that has complex issues and can cause frustration for both customers and the human agents, who will eventually have to deal with them.

Most of the customers enjoy interacting with bots

Alexa, Siri, Google Home, and more. These devices can do anything from setting out the appointments to creating a shopping list. As well as, taking notes of the forecast, or answering questions. Taking on a step further companies have set up bots. So that their clients can streamline their interactions with the brand.

Example – Capital One allows customers to access their bank accounts through Alexa. Liberty, an insurance company makes it easier for their customers to check the status of their claims through Google Home. Instead of wasting time on phone calls, customers can easily communicate with the organization with simple voice commands or texts. Finally, these devices help in saving time and customers can easily keep up with their busy lives. And the capabilities of these devices are simply going to grow as technology is evolving.

Personalization increasing customer interaction

AI present one of the biggest advantages – Personalization. Today’s customers expect solutions according to their needs. Unfortunately, a blast email with a general offer no longer appeals to the customer. And drafting a personalized email for every client is not a human’s cup of tea. But, AI can analyze that data and can find out exactly what matters the most to the customer and draft a personalized email.

Grasping Important Insights for Businesses

Consumer AI – AI has changed how companies get their customer insights. Using the vast amount of data that is being available through customers, AI can find trends. As well as predict trends, that can benefit the business in the near future.

Example – Spotify uses data provided by their 100 million customers to create an eye-catching ad campaign. Spotify uses AI to sort through the data and highlight some of the unique trends around the world. Their campaign had provided a humanized approach and this way many organizations can make use of AI to gain customer insights to improve future experiences.

Decondia - AI improves Customer Experience

Prediction on the Future of Artificial Intelligence in Consumer Experience: 

  1. Humans will have a better Customer Experience
  2. AI being present everywhere as Data is everywhere
  3. Powering Connectivity
  4. Going from one Click to No Click
  5. Promoting no Biases

Overall, AI is going to have a huge impact on the way we live our lives. From ensuring personalization to save a lot of time on repetitive tasks. Thus, this technology will change the way we interact with technology in our day to day lives. These days, industries are looking for ways, so the consumers get benefits. That means, optimizing data storage and working on the backend to create fluid experiences.

We at Decondia, look forward to pursuing innovation in the AI ecosystem with the benefit of all consumers in mind. Talk to our AI consultants and let us know your queries. We assure that our experts will come out with practice applications to set your company apart in terms of customer experience.

Our previous blog post – AI vs Humans: Who is the most intelligent on the planet Earth?