Conversational AI – People Will Have More Conversations With AI Bots Than With Their Spouses!

Gartner predicts that people will eventually have more conversations with AI bots than with their spouses!

Nothing can be farther from the truth.

Analysts predict that more than half of work activities could be automated by 2055.

The future customer experience of organizations will definitely be influenced by technologies like Conversational AI, Natural Language Processing (NLP), Cognitive Computing, and Machine Learning.

They will likely work together to build the best possible customer experience. The big question here is not to figure out how technologies can replace humans but instead figure out how you can optimize customer experience using these technologies.

What Is Conversational AI?

Conversational AI is a bi-directional communication via speech, text, or visual interactions. This can happen across channels – chatbots, voice bots, apps, websites, social, and messenger platforms.

Besides, conversational AI, along with NLP, cognitive computing, and machine learning, would allow it to understand, process, and learn continuously, which enables it to provide better responses and resolutions.

The objectives can be to gain information, perform transactions, provide a walkthrough and troubleshoot challenges.

Use Cases of Conversational AI

Conversational AI in Banking

Consumers need not reach out to customer service for every transaction. They can get information like account balance, credit limit, cheque book request, cheque clearance status, application status of loans/advances, mini statement, balance transfer, and transactional limits, among others.

All of these transactional needs can be addressed by automation quickly, and for more complex needs, you can reach out to agents in customer service or visit a branch.

Besides, automation can identify new leads and prospects by acting upon positive user intent and presenting a service or product that meets their preferences.

Conversational AI in Insurance

Consumers can perform transactions like premium payments, check eligibility, and seek information about partner institutions and claim status.

You can always speak to an agent or visit the branch for any issues in claims and disputes.

Conversational AI in Healthcare

The biggest problem that most healthcare organizations face is that they don’t consider patients as their customers. So, how does automation help improve the patient experience?

• You can improve the patient experience by confirming, reconfirming, and rescheduling appointments and reduce the no-shows completely
• Post-procedure rehabilitation reminders can be completely automated
• Reminders on Dos and Donts, besides what should the patients be wary of?

Conversational AI in Retail

How can automation help retail? Let us look at some of the common queries of consumers.

• What is my order status?
• What are the offers and promotions that you are currently running?
• Where is your nearest physical outlet?
• How do I return a non-functional product?
• How do I exchange what I bought?
• How do I install the product that I bought?
• What is the procedure to troubleshoot?

All of these common queries can be addressed quickly by intelligent automation.

Read about: Contact center automation

What Are the Benefits of AI-Based Automation?

1. You have 24×7 availability of customer service and support. You don’t have to staff your organization additionally to provide round-the-clock service.
2. No fall in the quality of service as bots don’t get tired of conversations.
3. Improve the customer lifetime value by improving the overall customer experience
4. Personalizing offers and promotions based on the conversations that your customers have
5. Integration with a knowledge bot helps increase the agent’s productivity
6. Ability to access a ton of information immediately and provide resolutions, unlike a human agent

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AI-based automation has evolved considerably in the last few years, and the best part is its ability to learn and grow intelligent with interactions. It all began with rule-based engines handling transactional tasks, and now the engines have the capabilities to understand the context and perform medium to complex tasks.

Besides, the bots are configurable to adapt to your business processes efficiently. In turn, the system would understand your users’ behavioral nature and build that intelligence and resilience in the long run.

I won’t say that AI is here to stay, but it is here to enhance the customer experience beyond imagination, thereby making every stakeholder happy.

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