Three ways financial services companies are leveraging AI to enhance the customer experience
Artificial intelligence is having a transformative impact on industries and sectors across the world. From retail to manufacturing, advanced AI technology has already changed how we interact and do business with one another. This trend is only going to continue and whilst some worry about a Terminator-style apocalypse, many are looking more optimistically at the opportunities ahead.
The financial services sector has experienced some really interesting developments over the last five years. Changing regulatory compliance requirements and shifting customer demands mean that financial services companies are turning to new technologies to manage different challenges and opportunities. Many of these can be grouped into three broad areas:
Combating fraud and financial crimes
Managing credit and regulatory risk
Enhancing the customer experience
Within this post, I’d like to look at some of the ways financial organizations are using AI to enhance the…
Recent research shows that bots can communicate better and faster than humans
It seems that almost every day, pundits warn us about the dangers of implementing AI-based apps too quickly. One oft-cited Oxford University study predicted that nearly half of total US jobs could be lost through automation. But fear not, when it comes to automation in the context of higher education. Because here, AI-powered messaging apps are actually a very good thing.
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These apps significantly lower administrative costs while also raising student satisfaction and enrollment rates. Specifically, these apps have:
Lower service costs. Schools just need to pay for the 'startup' costs of their chatbots and related apps. Very few human support agents…
Nearly 43% of all e-commerce traffic is organic, while just 26% of traffic comes from ads
"We don't need SEO. We use Adwords. It works better for us."
I’ve heard this phrase countless times over in the e-commerce space, but it couldn’t be further from the truth.
Nearly 43% of all e-commerce traffic is organic, while just 26% of traffic comes from ads. If you are focusing on PPC over SEO, you are missing out on a massive chunk of traffic.
Plus, as sites at the top of Google get 36.4% of search traffic, your e-commerce SEO strategy needs to be top notch.
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Chart of the week: 37% of consumers who use social media to complain or question brands expect to get a response in under 30 minutes
Delivering great customer service is getting more and more difficult for brands, as customer expectations change. Consumers now want instant service that offers fast results, which means brands need to deliver the best possible customer service via their digital channels.
Over a third (37%) of consumers who use social media to complain or question brands expect to get a response in under 30 minutes. According to Conversocial’s report ‘The State of Digital Care in 2018’, people want almost instant responses to issues they air on a social platform.
The report shows that the majority of respondents expect a response the same day via social media, with 31% wanting one in under two hours and 26% expecting to hear back in under four hours. In fact, only 6%…
An opted-in, highly engaged audience that enjoys real-time service from preferred brands will set the foundation for the ROI that businesses need to see
There’s no denying that chatbots drew in a lot of attention last year. The tremendous hype around their capabilities fueled intrigue about how they were going to change consumer behavior and produce impressive results. However, creating any chatbot experience - let alone a great one - is a much harder task than expected.
When Facebook Messenger launched services for businesses in 2015, online retailer Everlane was quick to form a partnership. In spite of the company’s first-mover advantage, the chatbot struggled to produce real business value.
Everlane used its Messenger chatbot as an email alternative, sending messages such as order confirmations and shipping information. It fell victim to a rushed creation process and never had the time needed to generate real ROI because the holistic customer experience was…
You can add smarts to your experience in one of two main ways: either by adding human intelligence - and with it, a dose of empathy or by adding an automated form of intelligence
‘Work smarter, not harder’ has always been my mantra. While I haven’t always been able to achieve this, it’s still a noble goal. Thankfully, with the latest technologies and sales techniques, it’s now easier than ever to create smarter - and better converting - e-commerce shopping experiences.
You can add smarts to your experience in one of two main ways: either by adding human intelligence - and with it, a dose of empathy, or by adding an automated form of intelligence (empathy not included?). On the human side, I’ll share how to plug in online chat agents, and incorporate some neuromarketing principles into your designs. On the automation side, I’ll discuss…
A briefing on the advantages and disadvantages of chatbots
Technology and fashion are not exactly two industries which you would associate with one another. While this might be the only time you see the likes of Mark Zuckerberg and Naomi Campbell ever compared in an online article, their worlds do share certain similarities.
Much like fashion trends, as soon as you have got to grips with the latest technological development billed as revolutionizing the world then it has been promptly usurped by a new innovation. No one spends much time contemplating the potential of the minidisc anymore, for example, do they?
But some technological buzzwords do have some substance beneath the layers of frantic internet hype. One such example is the chatbot, which has been proven to be hugely beneficial to businesses of all sizes with 80% expected to be using one by 2020.
Supporting the support agents
We have all been there. Listening…
Live chat is a key tool in your CRO arsenal
Generating and capturing leads is one of the best benefits of using live chat on your website. Not only you provide great customer service, responding to customer queries in no time, but you also capture potential visitors by starting a conversation with them.
Why is that? According to LiveChat report, visitors invited to chat are 6.3 times more likely to convert into customers than those who don’t chat; with 61% of those customers converting within the first chat. So starting a chat with potential visitors, drastically increases the chances of turning them into customers.
Did this catch your attention? Check out a few ways live chat can help you increase a conversion on your website.
1) Reach out to visitors by starting a chat with them
You…
Chatbots are now key to increasing engagement rates and motivating users to buy
Whether you’ve realized it or not, it’s very likely that you have spoken or corresponded with a bot at least once in your life. In fact, chances are you’ve had long and insightful conversations with a bot, some of which you couldn’t possibly have had with a member of the human race. Chatbots are on the rise, and it seems that in 2017 they’re becoming more effective, more engaging, and easier to use than ever before.
The rise of bots could be plainly attributed to an increasing usage of messenger apps and is built on the premise of instant messaging. Predictions show that by 2019, more than one-quarter of the world’s population will be using…
Why You Should Use Bots to Supercharge Your MarTech Strategy this Year
How long do we have before AI-powered bots become the primary channel for us to read and share content on? From newspapers and magazines to social media and apps, what does the future of content have in store for us?
Unlike traditional media and the printed press which stayed stagnant for decades, it’s no secret that the digital marketplace as we know it changes drastically on a year to year basis.
With the evolution of how we create and consume content, however, staying in the game goes hand in hand with staying on top of the changing types and hacks of content marketing. After all, meeting audiences where they are and how they like it is what will make or break you.
For the past few months, marketing gurus like Rand Fishkin and Neil Patel have been emphasizing on how…
