Over the last couple of decades, banks have been utilizing their legacy platforms to undertake commercial and retail banking. With rapid advancements in technology, these core banking functions are now evolving into modernized systems. When it comes to automation and digitization of banking functions, there is a vast dependency on technology and transformation. This is owing to benefits such as increased productivity, reduction in costs of ownership, integration of technology, better time management, delivery of superior customer experiences and the creation of digital and physical touchpoints through omnichannel approaches.
Organizations in the banking and financial services industries have websites and mobile applications integrated into their daily operations – both internally and externally. With increased digitization, comes better outreach and the ability to enhance customer experiences and involve more people in the banking network. One of the most interesting digital approaches that organizations in the BFSI sector have adopted is conversational banking.
On October 25th, 2021
It’s a well-known fact that the way people shop is changing. In fact before and even after making a buying decision, people are communicating with brands in ways like they never have before. That’s why it’s so important to be able to communicate with your customers on their terms, not yours.
This is where conversational support comes in. By leveraging conversational support, you can engage users in a conversation that feels more natural and convenient than sending an email or making a phone call. It also allows you to improve customer service and sales without spending money on extra staff members.
In this article, we’ll discuss conversational support and how this new way of communication can benefit your business. Keep reading to find out more.
Although customer support is one of the most critical aspects of a business, it often doesn’t get the attention it deserves. Most companies compromise customer service because they think that it’s an expensive investment. Today, building and sustaining a brand is all about knowing your customers. It has always been like this, but consumption habits have been evolving due to the rise in technology and the plethora of available choices to a consumer, especially social media. If you are a brand or are planning to launch one in the market soon, you have to ride all the latest trends to keep up with the needs of your consumers.
One of the contentious topics that brands have to deal with is whether to employ human agents for customer support or go ahead with AI-powered conversational technology. Conversational technology in customer support means the use of chatbots and virtual assistants to assist customers. Listen to the CEO of Gupshup, Mr. Beerud Sheth, and VP of Marketing, Mr. Srinivas Vijayaraghavan, talk about how conversational technology in customer support can amp up your brand name.
Customers’ primary way of communication with businesses has long been and continues to be a voice. However, the shift to chatbots is a prominent trend. Without robust conversational AI capabilities, no chatbot is complete. Chatbots that can closely simulate the experience of engaging with a human agent.
Most notably, Interactive Voice Response (IVR) technology has improved the efficiency of companies though, IVRs have irritated customers. Because it forced customers to choose from inflexible menus and non-access to a live agent, over 60% of consumers believe “IVR technology makes for a bad customer experience.”
Companies now have a method to give customers the versatile and responsive voice interaction they desire at half the cost of an offshore call center, thanks to advances in AI and automation in recent years. Companies may reinvent voice experiences thanks to conversational AI.
An ideal customer support platform engages customers from the word go and offers a conversational experience that is personal as well as efficient at the same time. Gone are the days where a customer would hold on to a phone call in a queue just to get a query answered. A business would likely lose a loyal customer or never get a new customer onboarded in the first place.
Most customers these days wish to communicate with the brand in a conversational way to discuss their issues. Customers want real-time acknowledgement and resolution of problems, which traditionally has been a problem area with emails and IVR-based support desks.
How to use WhatsApp for Customer Support?
WhatsApp has grown into the one global online platform with significant customer penetration in the past decade. While other instant messaging platforms are only minor parts of their users’ daily lives, WhatsApp has developed into a consistent and vital feature for its customers – and its role in people’s lives is continuously growing.
Hence, many companies have begun using WhatsApp as a customer support service. Let us look at how WhatsApp can be used for customer support.
When it comes to customer support, businesses are divided between deploying live chat with human agents or the futuristic conversational AI with virtual assistants and chatbots. While both channels are effective in addressing and responding to customer queries, there are some pros and cons associated with each that showcase differences in their capabilities.
What is live chat support?
Live chat support helps customers to ask proactive questions through instant messaging platforms. For example, when one visits a website, a chatbox prompts users to input a query. The user is then directed to a live human agent who takes up the conversation.
Providing great customer experience (CX) is the most important goal for companies today, whether it’s through support, pre-sales or post sales service. Conventionally, businesses tend to tackle customer support requirements by deploying specific channels for certain scenarios; voice or phone support (for pre-purchase support), emails (for post-purchase support), etc. But these are definitely not conventional times. Call centres are blocked with customer requests, hold times for calls have increased beyond minutes, turnaround responses for customer emails have become irregular and to top it all, businesses have had to reduce supply of support agents in this pandemic. Yet, customer queries continue to rise.
It’s now obvious why businesses prioritize customer experience above all else as part of business growth. With the help of conversational messaging, different sectors like banking, telecommunications, e-commerce, etc are exploring new ways in which to reduce the biggest pain points in customer service and to improve their customer engagement further.
In the modern hyper-digital, hyper-connected world, automation simplifies tasks, streamlines processes, and generally makes life easier for individuals and organisations alike. AI-powered chatbots are becoming more and more prevalent in the customer experience (CX) and customer support lifecycle. From a business perspective, automation provides the following benefits:
- More than 80 per cent of customer relationships in an organisation can be maintained with little or no human interaction using tools like WhatApp chatbot and AI-powered chatbots.
- Over 50 per cent of the business operations in the U.S. have depicted the potential to be automated and provide extensive benefits
- Automation can also increase and enhance productivity up to 1.5 per cent annually at the global level.
Your users may be very demanding and even after your bot repeatedly informs them about its limitations, they are still aggressive with their queries and on the verge to label your bots – “Dumb!” That’s where live chat comes into the picture. A smooth means to keep your customers happy!