AI is already helping companies of all shapes and sizes drastically improve the way they do business. Nowhere is this more evident than in customer communications.
Over the last few years chatbots have become more pervasive, especially in the area of business messaging. Rather than calling customers or firing outbound SMS messaging, chatbots are being used to manage the initial customer engagement, whether that is inbound or outbound. They take the pressure off agents by handling the high volume-low value customer conversations 24/7.
The business impact of chatbots will come in the form of accelerated responses to customer queries, savings in time in attending to customer service calls, and drastic productivity improvements in rendering customer service. In fact, IBM estimates that chatbots can cut down resolution times from 38 hours to under 5.4 minutes for tier q inquiries. Customer service agents, who are offering live support to customers, will also be able to bank on the intelligence of chatbots to provide contextually correct assistance.
Adding Machine Learning takes chatbot engagement to the next level. Machine learning like Webio’s Propensity Studio analyses customer conversations in real-time to predict the conversation outcomes based on the current and historical conversations. So, the business is managing each conversation on an individual basis and using data to guide the conversation to the next best action. Whether that is taking a customer payment, confirming a promise to pay, or identifying a vulnerable customer and routing to highly skilled agents to manage the conversation.
By orchestrating every element of millions of customer conversations, we have the knowledge, experience, and technology to take what you are doing today and make it even better.
Extract from the Webinar "Conversational AI in Debt Collection How it Works Webinar"