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Conversational AI

Top Five Factual Conversational AI In Insurance And Banking Use Cases

The BFSI has been at the forefront of tech adoption. Now we can transfer money, see our account details, book a policy, etc., with just a tap of a button. BFSI sector is not only investing a lot in the transaction process but also investing millions of dollars to improve customer support services and security.; in these investments, Artificial Intelligence holds a major chunk of the share.

According to Allied Market Research, the valuation of AI in BFSI was pegged at USD 17.765 billion in 2018 and is expected to reach USD 247.367 billion by 2026 – registering a CAGR of a whopping 38.0%! This exponential growth points towards the discovery of practical and viable use cases of conversational AI in the sector, which we will be exploring in the following segment.

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Conversational AI, Customer Service Automation

How Conversational AI Can Help Automotive Industry Automate Customer Support and Service

Artificial intelligence is transforming how companies operate. All the industries are now making use of artificial intelligence. Different industries are now thriving on the utilities of artificial intelligence. Several elements of artificial intelligence can be used to optimize processes and improve efficiencies. Conversational AI is one such aspect of artificial intelligence that is working wonders.

How Conversational AI is Transforming Communication for Companies

Conversational AI has made communication easy and accessible for companies. It is a technology that is used to communicate information to the end-user in a natural human-like way. It can also enable a transparent flow of information between systems and people in an organization.

According to a report published by MIT Technology Review, nearly 90% of those interviewed said they had seen measurable gains in complaint resolution speed, and over 80% said AI had improved call volume processing. Measurable increases in service delivery, customer happiness, and contact centre performance were also reported by 80% of respondents.

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Conversational AI

Game Changing Way to Get More Responses- Voicebots in Surveys

Surveys and feedback forms are very useful in improving business outcomes, but conducting these research exercises is not easy. Soliciting surveys and designing effective feedback forms are very challenging tasks. Done right, they can not only lead to revenue growth but also generate ground-breaking and authoritative insights that enhance brand awareness.

Since the return of investment is not immediate, businesses hesitate to put in large proportions of human capital towards the repetitive and tedious questioning activities. With the advent of conversational AI like voice bots and chatbots, brands can perform high-quality surveys at a very low cost. Keep reading to find out how voicebots in survey can help brands.

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Voice Biometrics

How Voice Biometrics In Healthcare Is Improving Data Privacy & Protection

The healthcare sector is increasingly embracing technology to solve challenges, especially after the pandemic exposed the strains on the system. Telehealth backed by extensive electronic health records (EHR) is fast becoming the norm; EHR adoption rates are skyrocketing at 89%. But most physicians report that accessing these records is not user-friendly while patients are rightly concerned about their data security.

Voice Biometrics can facilitate a more secure system where healthcare professionals can access medical records with no friction while patients can see their collective records. Both groups can have access to updated, accurate information within minutes whenever they need it. At the same time, a voice biometrics system can reduce fraud and high operational costs.

Let’s take an in-depth look at how implementing voice biometrics in healthcare can make an organization more efficient.

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Artificial Intelligence, Conversational AI

How To Use Cassandra Backup & Restore Methodology While Using Conversational AI API

Apache Cassandra is a distributed Database Management System. In Cassandra, data is replicated among multiple nodes across multiple data centers. Its high Scalability and High availability, and ability to handle huge volumes of transactions with no single point of failure make it particularly beneficial to store and retrieve efficiently.

Why Cassandra in Conversational AI

  • Can’t afford data to be lost by any change
  • Can’t have our database down due to the outage of a single server

Further, it’s also easy to scale, making it ideal for our businesses that are consistently growing.

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Artificial Intelligence, Conversational AI

Provide Fast and High-Quality Customer Service with Conversational AI FAQ Bots

Offering great customer service is likely to make 89% of your customers return for a second purchase. However, maintaining such a system requires the agents to remain sharp and enthusiastic. Answering repetitive queries is one of the most draining activities that customer service representatives wish they could avoid.

So, how can you continue to deliver fast, responsive, and welcoming customer experiences, consistently? By using conversational AI FAQ bots to relieve human agents from answering tedious queries!

Demand for Interactive and Personalized Engagement

As there is a lot of competition in most market segments, there are multiple options for customers who want the best. Today, they expect real-time, personalized omnichannel engagement, and that can be hard for human agents to deliver. With more new customers, it is difficult to assign specific representatives to field repeat queries, while pulling up the entire databases of similar cases.

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Artificial Intelligence, Contact Center Automation, Omnichannel Analytics

How AI In Call Center QC Dramatically Improve Call Quality- aura365

Contact center support is the keystone of great customer experience, the one factor that 96% of customers swear influences purchase decisions. To run a successful contact center, it is vital to monitor the calls for quality assurance purposes. Streamlining call center QC processes with AI-powered tools and solutions improves customer satisfaction. Therefore, brand reputation & revenue see a positive impact that too at a 70% lowered operational cost.

The traditional QC processes include basic systems that record metrics like hold time, call volumes, handling times, etc., and recording the calls. Specialists analyze these to pick up sentiments, troubleshooting aspects, and ways to improve interaction quality. Using AI in call center quality management can broaden it to omnichannel insights besides making it more efficient.

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Voice Biometrics

Why Voice Biometrics In Banking Is The Future Of Online Banking

Banks have to constantly stay on top of the best methods for authentication to combat online fraud. Traditionally, banks have used knowledge-based authentication methods like PINs, passwords, and one-time passwords. Now, the demand for contactless and seamless technologies has permeated even to banking security, especially after the COVID-19 pandemic’s impact. Voice biometrics in banking is a promising online banking solution, above and beyond the retina and fingerprint scanners that require people’s physical presence.

In this post, we trace why traditional authentication methods are falling short in the post-COVID world, and the various avenues opened up in online banking by the adoption of voice biometrics solutions. From fraud prevention to improved customer experience, the benefits are manifold.

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Omnichannel Analytics

How to Use Omnichannel Analytics to Optimize Customer Service

Technology has significantly boosted customer services and lowered brand-to-consumer response times.

Technology has propelled customer service by speeding up communications, driving convenience, maintaining self-serve options, and enabling targeted marketing campaigns.

Customers have become more technologically aware, and thus, they favor digital channels that reduce the need for live agents. Devising an omnichannel strategy is vital to stay afloat amidst the increasing competition.

Turbulences in Traditional Customer Experience

To quantify customer experience, companies must develop a consolidated view of the customer as he/she interacts with them across various channels over time.

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Contact Center Automation, Conversational AI

How Conversational AI Is Transforming Contact Centers

Contact Centers have already been the focal point of rapid automation, and the COVID-19 pandemic has only accelerated this transformation. The pace at which Conversational AI is developing has us wondering about the multi-fold benefits it brings to the table across functions.

As per a Research And Markets report, the global market for AI technologies in contact centers is set to grow at a CAGR of 22.6% for the forecast year 2019-2024. And given the popularity of voice-based search and virtual customer assistants, it is only a matter of time when AI voice bots become the new normal.

Limitations of Interactive Voice Response (IVR)

Before getting into the rise and popularity of voice bots driven by AI, let’s examine the saturation point that IVR systems have hit, which has limited their potential. Here is a quick round-up:

    • Limited input mechanism
    • Impersonal and mechanized way to address queries
    • Long menus with irrelevant options
    • Scripts can be too long or unnecessarily detailed
    • Evokes frustration
    • Limited scalability
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