SMS-based communication has been the cornerstone of marketing for brands for a long time. Over the years, user engagement with SMS has been steadily declining as text-only messaging is not sufficiently interactive for users. Other channels of communication have emerged which are highly engaging and user-friendly. RCS is one such medium where the interaction between the users and brands is not only engaging but also supports end-to-end automation.
RCS Business Messaging (RBM) allows the deployment of industry-specific automated chatbots on the RCS channel. RBM also enables brands to interact with users with an advanced version of the SMS.
With the development of new technologies, more and more companies adopt brand new techniques and methods to boost their sales, attract customers, and, more importantly, build a solid reputation. This is why most of the companies that exist nowadays use AI – artificial intelligence to improve their business operations and guarantee the mind-blowing success of their company.
As they say, “nothing changes if nothing changes,” and that’s the main reason we have to be flexible enough to meet and adapt to the newest trends and changes that life serves us every day!
A few years ago, everything was handled manually, fraught with manual mistakes and human errors. Yes, those were harsh and ruthless times, where we were double- and even triple-checking everything to make sure everything was OK! Now, we don’t need to waste our time on such things: everything is perfectly handled by our new tech friend, AI!
Artificial intelligence would be the ultimate version of Google. The ultimate search engine that would understand everything on the web. It would understand exactly what you wanted, and it would give you the right thing.
–Larry Page, Co-founder of Google
Artificial Intelligence (AI) and related technologies like Machine Learning (ML), Automatic Speech Recognition (ASR), and Natural Language Processing (NLP) are making a massive impact on the world by helping to create “smart” machines that can think, learn, reason and even act in human-like ways.
Technology has revolutionized the way we communicate. With rich media and interactivity in messaging, brands will be able to increase customer engagement using chatbots and artificial intelligence (AI). Taking a step ahead from SMS, RCS Business Messaging (RBM) is touted to be an emerging player in the mobile messaging space with its ability to reshape and revitalize the way we communicate. Therefore, it will be playing a major role in the future of IP messaging.
Rethink, redesign, reformat and rebuild old experiences with Artificial Intelligence. That is the motto embraced by brands today. With over 80% of businesses stating that AI is a strategic priority for their business today, it has been proven that artificial intelligence and big data give brands a competitive edge over their competitors. By 2025, 95% of customer interactions will be powered by AI; solving customer care issues in the real world with chatbots is inevitable now.
Conversational experiences transform every business function, and understanding the consumer journey is a critical part of every business strategy. The different stages are evident in the RACE model.
Financial technology or fintech is the program specifically designed for the financial industry to help them deliver superior customer support and service with the help of conversational messaging tools such as chatbots. Let us understand what these terms mean.
Conversational messaging is a new customer engagement paradigm that brings businesses and customers closer by enabling human-like conversations in commerce, marketing, and sales. This happens on messaging channels that customers are already comfortable with. Conversational messaging solves the problem of engaging meaningfully with customers in real-time with tools like chatbots. Chatbots are a form of artificial intelligence (AI) powered computer software programs. They assist in stimulating online chats via any platform they are embedded on, such as a website, messaging app, etc. They help customers with their queries by resolving them faster. Recent studies have shown that close to 85% of today’s consumers would like to get solutions via chatbots compared to visiting sites and scrolling for answers.
There is an inherent opinion by experts that the use of Artificial Intelligence (AI) in the Banking, Financial Services and insurance (BFSI) sectors can increase operational efficiency and bring about digital transformation in the industry. The reason is simple – conversational AI can bring about two-way communication interactions between these institutions and their customers.
So what are the current pain points that your customers are facing? The list begins right from endless queues in the banks for simple operations like, getting a demand draft, cash deposits, passbook updates, premium payments, etc. Even a simple query like ‘how to open a savings account’ needs assistance from banking personnel. Secondly, there’s the restriction of working hours. It doesn’t matter how urgent or long your query is, and you need to show up at a bank at the designated working hours of a bank, not to forget the ‘second-Saturdays’ and ‘bank holidays.’ The need for faster services, shorter queues, and enhanced customer engagement cannot be stressed enough.
Mobile messaging has been in place for many years now. SMS was and is still quite popular when it comes to business messaging. However, newer channels with enhanced features are finding a place in the messaging domain. Rich Communication Services (RCS) is one such upcoming messaging channel emerging to be quite popular.
RCS is becoming the go-to messaging technology for enterprises looking for the most influential touchpoints to engage with customers and promote their brands. RCS is a new, visually appealing messaging channel that offers rich functionalities to engage more customer journeys. If you connect with your customers on RCS, it is easier to acquire them as customers, sell them products and services, and support them. Businesses looking to integrate RCS must consider Gupshup’s single API-based RCS business messaging solution.
Thirty years since it first arrived on the scene, SMS is still the dominant messaging channel, with more than 2 trillion messages sent annually. One of the reasons SMS is still popular for application-to-person (A2P) messaging is the ease of reaching any phone in any region across the economic and global strata. It is a native messaging capability that every phone has. SMS is also favored from a regulatory point of view in many countries with highly regulated industries like BFSI using SMS for informational and transactional notifications.
Gupshup empowers enterprises to deliver text messages to 195 countries through a cost-effective and single programmable API and harnesses the power of a simple SMS as a medium to communicate with their target customers.