How AI Is Transforming Customer Experience In India
Artificial intelligence is redefining and helping businesses reimagine the way they operate. AIled automation is becoming mission critical for today’s enterprises – whether it’s behind the scenes helping companies streamline processes or providing business insights, or working the frontlines, helping both customers and employees self-serve. It’s no secret that Indian consumers readily embrace online shopping and now AI-powered chatbots are helping companies deliver customers a personalized experience at scale. Consumers can now ask questions, get advice and understand options before making a purchase - reducing calls to the contact center, thus creating more efficient and effective customer experience.
With millions of dollars being pumped into customer acquisition, retaining customers is a clear marker for business success. With soaring customer expectations, businesses need to evolve engagement tactics to be more personalised and contextually relevant – and this is where AI can shine. In fact, a recent study conducted by Accenture stated that AI has the potential to add $957 billion to India’s economy by 2035. And, with the right investments, this technology can create long-term economic and societal value.
Making Customer Experience Simpler
One significant roadblock to creating a remarkable customer experience are broken and cumbersome customer interactions. No one likes to wait for assistance, hence, AI is helping bring more immediate service to customers everywhere. Customer-facing chatbots can help customers self-serve and get answers to frequently asked questions quickly such as tracking a package, checking an account balance, getting the payment link, checking order status, returning an item, or booking an appointment. Making the chatbot visible and easy to find helps customers quickly address their queries or gain the necessary information, instead of having to search through the entire website for what they need.
“Gartner says the impact of AI on the revenue of global businesses will increase by a multiple of three by 2022. So, the best time for companies to implement AI-enabled customer experience transformations is now”
For example, popular banks like HDFC and ICICI Bank launched virtual customer assistants Eva and iPal respectively to help improve customer experience while controlling their overheads. While Eva becomes smarter as it learns through its customer interactions, iPal covers three extensive applications; answering FAQs or common queries from consumers; helping to conduct financial transactions like P2P fund transfers and bill payments; as well as common tasks like resetting ATM pins. Canara Bank has taken it a step further by installing robots named Mitra and Candi for speeding up customer service response rates. While Mitra greets customers at the bank’s Karnataka branch and helps them navigate through the large premises, Candi offers answers in English to 215 pre-set questions at the financial institution. Functionality will only improve in the future. In fact, Gartner claims 85 percent of all customer relationships will ultimately be managed without human interaction. Thus, it is only a matter of time before more organisations in India make this digital transformation.
Provide Concierge-Like Experiences
In addition to making customer support easier and more accessible, Indian companies are using the technology to provide all customers concierge-like experiences usually reserved for VIPs. Myntra, an online store for fashion and lifestyle goods in India, uses AI to serve users with the right recommendations, based on the past buying behaviour of the user and the popular trends. One of India’s top emerging fintech companies, Rubique utilises AI and ML (machine learning) to perfectly match borrowers and lenders while enhancing the overall customer experience using AI.
So how does it do that? The technology is harnessing a huge amount of data from multiple sources comprising the individualistic interactions of a customer with a brand. AI combined with Machine learning is making customer engagement much more personalised by analysing the users’ past behaviour and interactions on social media. Businesses are leveraging the technology to expand their pool of data through variables like real-time location, context, behaviour and values to tailor the customer experience across channels. Therefore, AI is indeed winning over businesses to become much more strategic in nature not only to solve their business-related problems but also drive revenue and loyalty with customers to provide a truly personalised experience.
Optimum, Round-the-Clock Support
The world around us is now a digitally connected hub operating Twenty-Four Seven – leaving businesses with the need to be accessible at any point. Unlike brick and mortar stores, online customers are not willing to wait till the shutters are opened to do business. By solving far-ranging needs, AI is one tool helping businesses to achieve this.
Gartner says the impact of AI on the revenue of global businesses will increase by a multiple of three by 2022 to be worth USD 3.9 trillion. So, the best time for companies to implement AI-enabled customer experience transformations is now. Once the customers become comfortable with AI-enabled smart and intuitive experiences, they will not settle for anything less.