Generative AI Customer Support - All you need to know

This blog delves you into the research reports on how AI impacts Customer Support and brings a positive change

December 18, 2023

Generative AI Customer Support, Customer Service AI

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.

Artificial Intelligence (AI) has become a game-changer in numerous industries, and customer service is no exception. This blog post will delve into the impact of AI on customer service, backed by the latest statistics and trends.

The Rising Bar of Customer Service

Since the pandemic, customer service has been a rollercoaster ride. Customer expectations are higher than ever — 72% of consumers say they will remain loyal to companies that provide faster service. And 78% of service agents say it’s difficult to balance speed and quality, up from 63% since 2020. All of these pressures have led to a turnover rate of 19% in service organizations. The conversational AI market, currently valued at $10.7 billion, is experiencing significant growth. Anticipations indicate that the conversational AI market will triple in size.

Generative AI stats you need to know:

How do people feel about Generative AI

AI and Customer Service goes hand in hand

Trust: A determining factor

AI and Customer Service: The Statistics

Conversational AI the most prevalent AI application in the business landscape today, stands as a testament to AI’s influence on customer service. Here are some key statistics:

60% of customer service professionals said that using AI helped them save time.
Conversational AI handles 80% of common customer service inquiries.
15% of customer service interactions worldwide will be fully powered by AI.
AI in customer service is actively used by 63% of retail organizations to improve customer interactions.
AI in customer experience is considered transformative by 60% of CX leaders.

The Impact of AI on Customer Service

AI has the potential to revolutionize customer service in several ways:

Self-Service: A significant percentage of customers prefer utilizing self-service options before reaching out to a customer service representative.
Cost Savings: AI-powered chatbots enable businesses to save approximately a significant amount of work for their customer support representatives each year.
Customer Satisfaction: For brands that respond to customer service queries via social media, a significant percentage of customers hold a more favorable view.

The Future of AI in Customer Service

By 2025, AI is predicted to drive 95% of customer experience. This indicates a future where customer interactions are swift, precise, and enriched with personalized experiences.

In conclusion, AI is reshaping the landscape of customer service, sculpting a future where customer interactions are swift, precise, and enriched with personalized experiences. As we move forward, the integration of AI into customer service strategies will not just be an option, but a necessity for businesses to thrive.

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At Fluid AI, we stand at the forefront of this AI revolution, helping organizations kickstart their AI journey in enhanced Customer Support with AI tech. 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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