| |October 20199The best time for companies to implement AI-enabled customer experience transformations is noweverywhere. Customer-facing chatbots can help cus-tomers self-serve and get answers to frequently asked questions quickly such as tracking a package, check-ing an account balance, getting the payment link, checking order status, returning an item, or booking an ap-pointment. Making the chatbot vis-ible 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. For example, popular banks like HDFC and ICICI Bank launched virtual customer assistants Eva and iPal respectively to help improve customer experience while control-ling their overheads. While Eva be-comes smarter as it learns through its customer interac-tions, 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 fi-nancial institution. Functionality will only improve in the future. In fact, Gartner claims 85% 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 ExperiencesIn 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 In-dia's top emerging fintech companies, Rubique utilises AI and ML (machine learning) to perfectly match bor-rowers 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 individualis-tic interactions of a customer with a brand. AI combined with Machine learning is making customer engage-ment much more personalised by analysing the users' past behaviour and interactions on social media. Businesses are leveraging the tech-nology to expand their pool of data through variables like real-time loca-tion, context, behaviour and values and therefore tailor the customer ex-perience across channels. Therefore, AI is indeed winning over businesses to become much more strategic in nature not only to solve their busi-ness-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 expe-rience transformations is now. Once the customers be-come comfortable with AI-enabled smart and intuitive experiences, they will not settle for anything less. Rahul Sharma, Managing Director - India & SAARC
< Page 8 | Page 10 >