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Role Of Conversational AI In The Cryptocurrency Industry

On January 28, 2022 | 4 Minutes Read
ChatbotsConversational AICryptocurrency

Today, technology is affecting every modern industry in some way or the other. While it’s no surprise that cryptocurrency was among the first industries to respond to technological innovation, there is a lot more diversity when it comes to what led up to the emergence of cryptocurrencies. One thing that definitely had an impact was computer science as a whole, but there’s also evidence of grassroots movements that played their own role in making technology backing cryptocurrency possible.

There are many different kinds of cryptocurrencies right now but blockchain and cryptocurrency technology at its most basic level isn’t perfect yet. This blog will help you understand Conversational (AI) Artificial Intelligence, and the potentialities realized through the intersection of blockchain technology and Conversational AI.

The Challenges Faced By The Customers

If you are a part of the rapidly growing cryptocurrency industry, then you already know firsthand the many customers who interface with crypto exchange platforms each day of their business. Some challenges they face regularly include:

· Unresolved queries

Customers get inquisitive about individualized aspects to do with their money and often make complex requests that require a prompt response for them to be satisfied so that they can feel at ease.

· Poor CX

Almost none of the top players in the market offer more than basic customer service, providing support via email and phone with often delayed response times. Customers with immediate queries must rely on online FAQs or crypto forums.

· Resolution Unavailability

Most often than not, the support agents are not available 24/7 or the customer is put through the drill of waiting online to get back at another suitable time. The absence of human agents can cause a daunt for the customers.
By far it’s been noticed that the existing customer support mechanism in the crypto industry is inefficient and needs to be ramped up to scale. Making cryptocurrency exchanges more efficient is a matter of being agile, scaling fast, and selling better. Altruistic though it may be, any exchange needs to support customers with the best solutions possible – and suffice to say, that isn’t possible without a little help from certain support tools at one’s disposal.

The Solution – Conversational AI

Conversation-enabling AI is leading to a much improved crypto client experience and better customer support. Check out examples of chatbot use cases within the financial sector like Square’s ‘Compass’ who can deal with balance checks and more, or Viv, ‘Siri for business’, which enables machines to have conversations and make deals all by themselves!

Let’s understand how conversational AI-powered chatbots are helping transform the cryptocurrency industry:

· Automation

An automated conversational AI-powered chatbot helps eliminate tedious parts of the job such as managing multiple queries at once, removing repetitive or mundane tasks from a support rep’s plate, not to mention freeing up their time for well deserved praise about a job well done.

· Availability

Chatbots are available 24/7. Chatbots work brilliantly to automate low-involvement tasks like sharing FAQs on products and services, triggering simple account inquiries and password resets, while the human agent gets to focus on more sensitive issues that allow them to maintain a positive rapport with the customer.

· Faster Resolutions

Using Machine Learning (ML) tools, chatbots can now provide resolutions faster. Additionally, better approaches are brought forward every time the bot interacts and engages with the customers. This is because every interaction builds up a knowledge base containing new insights full of suggestions for improvements in the products and services.

We have our work cut out for us

Conversational AI is poised to be a game-changer in the customer service industry because it can streamline basic transactions like balance inquiries and password resets while also equipping live agents with customer history insights generated from said conversations.

Gupshup provides decentralized autonomous organizations with an all-inclusive, omnichannel AI customer support platform to help clients quickly find what they’re looking for and provide instant assistance throughout their journey. Gupshup can streamline your entire support process and build a chatbot that will take care of your customers’ concerns no matter when or where they arise.

Gupshup provides enterprises with AI for business automation capabilities. Currently we’re focusing on helping cryptocurrency exchanges improve the customer experience using conversational artificial intelligence and provide live help 24/7 365 days.

Gupshup has developed a conversational AI platform for crypto/fintech companies to engage their clients anytime, anywhere via any means of communication preferred by the customer – be it SMS, app or online by creating a seamless experience. The platform brings in consistency across platforms thereby eliminating recurring problems like interrupted calls and waiting queues while also providing the much-required personal touch.

It’s time you step up the way your brand interacts with customers. #LetsGupshup to get started.

Sujatha Menon
Senior Content Writer

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