Blog: 5 Steps to Enhance Customer Experience With AI: Tips and Cases
With the growth of computational power and, hence, machine learning solutions, artificial intelligence (AI) is creating more and more value across different industries. To cut off all the hype, AI is unable to do many things that humans can. In some aspects of life and business, AI can act smarter than humans but not in a fully independent way. Under the necessary supervision, AI is able to augment or enhance arrays of manual and repetitive tasks or decision-making processes.
By the year 2030, AI value is estimated to reach 13 trillion dollars. AI could best contribute to such industries as retail, travel, logistics, banking and finance, and automotive and assembly. And various changes that AI brings in for many companies is, above all, about improving customer experience (CX). Many thriving businesses have already placed a major focus on harnessing AI for driving CX transformation.
AI Disrupts Different Industries
AI has a great impact on how companies interact with customers to gain a competitive advantage. And the importance of AI for CX is in steady increase. In the light of this, business owners need a viable AI strategy in place. Salesforce reports that 24% of service companies currently have AI in use and 34% plan to implement AI in the two years to come. However, only 39% of business leaders say that they have a defined AI strategy in place.
To have a strategy means clearly define steps to success. There are five pillars of employing AI to transform CX and add to business value:
- Enhance self-service capabilities
- Focus on further personalization
- Ensure 24/7 customer support
- Automate pre-ordering, scheduling, online purchasing, and other routine tasks
- Consider data privacy and ethics issues
By adopting an AI strategy, companies will invest in the happy customer journey, cut customer churn, and improve conversion rate. Depending on the industry that a business is operating in, business owners welcome different transformative changes.
Brick-and-Mortar Retail and E-Commerce
It is fascinating how Warby Parker, an optical industry representative, uses AI to help customers pick glasses online. Thanks to augmented reality, customers can select and try on different frames. The tool uses the camera of iPhone X and Apple’s Face ID to scan a customer’s face and then recommend frames.
The e-commerce provider also employs some of the latest marketing techniques. For instance, marketers pay special attention to user-friendly and engaging language for the website, chatbots, and emails. AI makes it easy for customers to find what they want and helps ensure a personalized approach for each customer.
AI helps Warby Parker connect online and in-store customer experience. AI-powered personal recommendations can navigate to a store in a specific location. Customers can also get more informative answers to their queries from an AI-powered system than in-store employees.
Personalized Banking Experience
Financial companies need to use AI in customer service more actively to improve customer retention. Data-based predictions, recommendations, and automation of administrative tasks form the cornerstone for improving business efficiency.
AI can be used to monitor money transfer activities and offer a better interest rate. And since customers sent a lot of queries about financial operations and services, AI chatbots can ensure 24/7 availability. Automated answering simple FAQs can be used to cut down repetitive operations and improve service productivity.
Many banks also offer personal financial management to aid customers in monitoring expenditures and taking better financial decisions. AI can take over from human assistants in generating guidance based on unique customer behavior.
To add more, debt collection agencies can derive benefits from adopting AI. Predictive analytics models — like the one that InData Labs built for a client in the industry — can help improve debt collection effectiveness. The algorithm makes it possible to gather and analyze data from relevant companies’ or customers’ accounts and predict a payment from an account.
Business owners need to think ahead and opt for a trustworthy provider of AI software development services to partner with. By using AI for customer experience transformation, companies will move towards the era of automated interactions with consumers and fine-tuned customer service.
This article was originally published at InData Labs Blog: 5 Steps to Enhance Customer Experience With AI: Tips and Cases