Leveraging Generative AI in Enhancing Customer Support- Is it worth it?

96% of consumers globally consider Customer Service as a deciding factor for their loyalty to an organization and Generative AI is leading this technological revolution.

November 7, 2023

Leveraging Generative AI for Enhancing Customer Support.

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 dynamic world of customer service, generative AI is climbing the ranks to become a pivotal element in corporate strategy and is seen as a very strong driving force for moving forward. A staggering 85% of business leaders predict that within the next two years, generative AI will be at the forefront of customer interaction. By the end of 2023, 63% of these leaders expect to have invested in generative AI applications to bolster their customer service teams. If you're navigating the customer service landscape, you might be curious about the role of AI, its implications for your career, and its overall impact on the industry. This guide is crafted to help you understand what generative AI really means and its significance in customer service.

What do we actually mean by Generative AI ?

‍Generative AI, a branch of artificial intelligence, specializes in creating new content, data, or outputs. It learns from existing data to produce results that mimic human-generated content, including images, text, and even music. While it may seem like a recent phenomenon, the roots of generative AI trace back to the 1950s.

Generative AI vs. Traditional AI

‍The term AI is often used broadly, but it's crucial to distinguish between AI and generative AI. AI refers to machines designed to perform tasks typically requiring human intelligence, such as speech recognition and problem-solving. Generative AI goes a step further, using data to create entirely new content. As AI continues to evolve, understanding the differences between machine learning, deep learning, neural networks, and large language models (LLMs) like OpenAI's GPT-3 becomes increasingly important. Put simply, the key difference between traditional and generative AI is that generative AI is able to create something new.

‍The Importance of Generative AI

‍Generative AI's potential is vast, from fostering creativity and innovation to enhancing productivity across industries. It's projected to boost business productivity by up to 40% by 2023. Its applications range from simulating real-world scenarios for research to suggesting novel molecular structures for scientific advancements. According to a report by McKinsey, Generative AI could enable automation of up to 70 percent of business activities, across almost all occupations, between now and 2030, adding trillions of dollars in value to the global economy and this number itself shows how crucial this tech is.

Generative AI's Role in Customer Service

‍The influence of generative AI on customer service is undeniable, with the global chatbot market expected to reach $994 million by 2024. Generative AI is reshaping customer service roles, creating opportunities for professionals to transition from traditional positions to roles like Bot Specialist or Conversational AI Specialist. AI will be so crucial for improving customer experience and create more delightful interactions with consumers that few months down the lane, we cannot expect a customer support business that does not tap into this tech

Phases of Implementing Generative AI in Customer Service

‍The deployment of generative AI in customer service can be broken down into three phases:

Deploy: Launch conversational AI quickly by utilizing generative AI to scrape support documentation and provide answers to customer inquiries.
Learn: Monitor bot analytics and insights to implement deeper integrations and increase automated resolutions.
Improve: Under the guidance of a Director of ACX, delve deeper into AI chatbot strategy and leverage AI to inform business decisions.

The Advantages of Generative AI for Customer Service

‍ Generative AI offers numerous benefits for customer service, including reducing operational costs, providing personalized recommendations, resolving inquiries at scale, and offering multilingual support. It ensures that customer insights are captured and utilized effectively, bridging the gap between CX organizations and customers.

Conclusion

Generative AI is transforming customer service, offering unprecedented opportunities for efficiency and innovation. By understanding and implementing generative AI thoughtfully, customer service leaders can harness its power to enhance the customer experience and drive business growth.

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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. 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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