Customer Service Stats you need to know in 2024

A data backed guide for every stat and figure on Customer Support you need in 2024 for elevating Customer Retention

January 19, 2024

Customer Support Guide, Customer Retention, Customer Experience

TL;DR	Summary
Why is AI important in the banking sector?	The shift from traditional in-person banking to online and mobile platforms has increased customer demand for instant, personalized service.

AI Virtual Assistants in Focus:	Banks are investing in AI-driven virtual assistants to create hyper-personalised, real-time solutions that improve customer experiences.

What is the top challenge of using AI in banking?	Inefficiencies like higher Average Handling Time (AHT), lack of real-time data, and limited personalization hinder existing customer service strategies.

Limits of Traditional Automation:	Automated systems need more nuanced queries, making them less effective for high-value customers with complex needs.

What are the benefits of AI chatbots in Banking?	AI virtual assistants enhance efficiency, reduce operational costs, and empower CSRs by handling repetitive tasks and offering personalized interactions

Future Outlook of AI-enabled Virtual Assistants:	AI will transform the role of CSRs into more strategic, relationship-focused positions while continuing to elevate the customer experience in banking.

TL;DR
Why is AI important in the banking sector?	The shift from traditional in-person banking to online and mobile platforms has increased customer demand for instant, personalized service.
AI Virtual Assistants in Focus:	Banks are investing in AI-driven virtual assistants to create hyper-personalised, real-time solutions that improve customer experiences.
What is the top challenge of using AI in banking?	Inefficiencies like higher Average Handling Time (AHT), lack of real-time data, and limited personalization hinder existing customer service strategies.
Limits of Traditional Automation:	Automated systems need more nuanced queries, making them less effective for high-value customers with complex needs.
What are the benefits of AI chatbots in Banking?	AI virtual assistants enhance efficiency, reduce operational costs, and empower CSRs by handling repetitive tasks and offering personalized interactions.
Future Outlook of AI-enabled Virtual Assistants:	AI will transform the role of CSRs into more strategic, relationship-focused positions while continuing to elevate the customer experience in banking.

In the digital marketplace of 2024, customer service is not just a department; it’s the heartbeat of every successful business. With 93% of customer service teams acknowledging this fact, the importance of customer service is undeniable.

The Pandemic’s Influence

The pandemic has been a catalyst for change in customer service. A staggering 71% of customer support leaders reported an increase in overall contact volume since February 2020. This surge has led to a shift towards cloud technology, with 75% of leaders planning to move to a cloud contact center by 2024.

The Trust Deficit

Fraud losses exceeding $1.03 billion have led to a trust deficit among consumers. This calls for businesses to prioritize building trust and ensuring security in their customer interactions.

The Power of Personalization

Personalization is no longer a luxury; it’s a necessity. A significant 68% of people expect brands to provide personalized experiences in every interaction. This expectation extends to customer support, emphasizing the need for businesses to tailor their customer service strategies.

In conclusion, customer service in 2024 is not just about resolving issues; it’s about creating memorable experiences, building trust, and fostering loyalty. With the rise in customer expectations and the impact of the pandemic, businesses are investing more in customer service and focusing on personalization and customer-centric approaches. The future of customer service looks promising, with advancements in technology and a greater emphasis on customer satisfaction and loyalty.

The Role of Generative AI

In 2024, Generative AI (GenAI) is expected to drastically transform the customer service landscape. According to a report by Gartner, it’s predicted that 80% of customer service and support organizations will be applying GenAI technology to enhance the customer service experience. GenAI models are significantly advancing Conversational AI (CAI) capabilities, with 80% of CAI offerings projected to integrate with GenAI technology, up from 20% in 2023. This includes GenAI-powered voicebots and chatbots that can provide more reactive, real-time, and personalized experiences for customers. Furthermore, a survey by Boston Consulting Group (BCG) reveals that 54% of leaders expect AI and GenAI to deliver cost savings in 2024, with roughly half anticipating cost savings in excess of 10%. These advancements are expected to result in better efficiency, greater business value, and a more personalized and adaptive customer experience.

Fluid AI has everything you need

At Fluid AI, we stand at the forefront of this AI revolution, helping organizations kickstart their AI Customer Support Excellence journey giving utmost importance to security. If you’re seeking a solution for your organization, look no further. We’re committed to making your organization future-ready, just like we’ve done for many others.

Take the first step towards this exciting journey by booking a free demo call with us today. Let’s explore the possibilities together and unlock the full potential of AI for your organization. Remember, the future belongs to those who prepare for it today.

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