MAIA

Tag: Customer Experience

  • 7 reasons to incorporate AI into your customer service strategy

    7 reasons to incorporate AI into your customer service strategy

    The year 2023 will be remembered, among other milestones, for the launch of the GPT-4 model. The emergence of Artificial Intelligence (AI) has brought about a revolution in all sectors and in all areas of life.

    And the Customer Experience sector is no exception. AI has become an indispensable tool for process optimization and why not apply it to a Customer Service strategy to improve the customer experience.

    We have made a brief exercise to identify the main reasons why we believe that Customer Care can benefit significantly from its incorporation.

    One of the reasons to incorporate AI into your customer service strategy is to generate efficiencies by automating repetitive processes.
    One of the reasons to incorporate AI into your customer service strategy is to generate efficiencies by automating repetitive processes.

    AI in your customer service strategy

    Here we share the top 7 reasons why you should incorporate AI into your Customer Service strategy:

    1. Coverage of activity peaks

     

    One of the biggest problems we face in the sector and which worries the companies we work with, is the coverage of activity peaks in time slots, specific days, specific months… Dimensioning, reinforcement plans with floating resources, many times these peaks are difficult to cover without creating other types of inefficiencies (economic, quality, etc.). In all businesses, the activity is not sized for peaks, but for a normal activity with a slight oversizing of resources.

    The scalability of Conversational Assistants with AI guarantees the coverage of these peaks of contact that we can experience in our services. Regardless of the time or day, conversational assistants absorb these volumes (whether expected or not) without any additional effort.

     

    2.Reducing waiting times

     

    Closely related to the activity peaks we find waiting times, a headache for services that handle multiple channels and high volumes of contacts.

    Regardless of the query they want to make, customers hang up and call back, generating callbacks and service saturation. Many times, in a given time interval, there are 4 or 5 calls from the same customer who is forced to wait, hang up and redial… The scalability and flexibility provided by Conversational Assistants allows us to reduce this situation to its minimum expression, or even eliminate customer waiting times completely.

    But wait times are not the only thing we can reduce considerably. Response times can be drastically reduced thanks to the ability to provide instant answers to common queries.

     

    3. Personalization of the attention

     

    AI and automation are not aopposed to the personalization of customer service, quite the contrary. The possibility of being able to integrate conversational assistants with CRMs and other systems allows the personalization of messages, information and even opens the door to anticipate possible customer needs or requests.

    We can analyze customer data to provide personalized responses and recommendations. This creates a more individualized experience for each user, improving customer satisfaction and loyalty.

     

    4.  Extended hours of operation

     

    Fortunately, Artificial Intelligence has no time constraints and can provide 24/7 assistance. This improves accessibility for customers in different time zones and makes it possible to solve problems outside working hours.

    Our customers’ service demands are not always generated within the operating hours that have been determined; if we give our customers the possibility to solve their queries or problems at the time they arise, we will certainly have more satisfied customers.

     

    5.  Process automation

     

    AI can automate repetitive tasks and routine processes, allowing customer service agents to focus on more complex and strategic tasks. By automating tasks through AI, it is possible to reduce the workload of customer service personnel, thereby creating efficiencies and lowering the operational costs associated with processes that are not handled by agents.

     

    6. Cost reduction

     

    What is clear is that incorporating Artificial Intelligence into the Customer Service strategy can bring important benefits such as those listed above. However, it is also necessary to consider the possibility of reducing costs thanks to its implementation. In this particular case, reducing costs is not synonymous with reducing levels of attention or service, but quite the opposite. The use of AI will help us to enhance a more satisfactory experience at a lower cost.

     

    7. Align yourself with industry trends and the future of customer services.

     

    Customer satisfaction is and will continue to be the main objective in customer services, and Artificial Intelligence is undoubtedly being a determining element in creating efficiencies and improving customer satisfaction. It is time to incorporate innovative solutions and take advantage of AI capabilities in order to modernize a sector that is still very traditional. The goal is to become more efficient and competitive in creating customer services that provide customers with a “Best in Class” experience.

     

    The ability to solve problems in an efficient and personalized approach contributes to customer satisfaction and strengthens brand perception.
    The ability to solve problems in an efficient and personalized approach contributes to customer satisfaction and strengthens brand perception.

     

    These are just 7 reasons why you should incorporate AI in your customer service strategy, although we are convinced that there are many more…

    Would you like to know how AI can help you to exponentially improve your customers’ experience?

    Book your demo here and we will tell you how MAIA Cognitive can make a difference in your Customer Service strategy.

     

  • Coexistence of conversational assistants and agents

    Coexistence of conversational assistants and agents

    AI is here to stay

    In recent times much has been said about the possibility that AI will replace jobs and that we are easily replaceable. The world of customer service and the contact center has been no exception, but… How much truth is there in this? Do we opt for Conversational Assistants or Agents?

    Can AI really replace an agent? To reach a conclusion it is necessary to address some basic concepts.

     

    Conversational Assistants or Agents? AI has arrived to become the great ally of agents and help them focus on much more complex and less repetitive tasks.
    Conversational Assistants or Agents? AI has arrived to become the great ally of agents and help them focus on much more complex and less repetitive tasks.

    What is an AI-based Conversational Assistant?

    An AI-based Conversational Assistant is primarily designed to interact with users through natural language conversations. They can answer questions, perform specific tasks and provide information by both text and voice. They can perform multiple tasks, from providing basic information to performing more complex actions, such as making reservations, providing recommendations or even performing transactions.

    What is an Agent?

    Agents are people who act on behalf of an organization in order to help other people in management and functions with different degrees of complexity. They are able to empathize, negotiate and understand more complex and unexpected human situations.

    Conversational Assistants or Agents?

    It’s a good question, do we opt for Conversational Assistants or Agents, which of the two strategies would be more successful?

    To include only human agents or to include only AI in the contact center?

    Only use agents

    For years we have used only agents in Contact Centers and it has seemed to us the most logical and correct thing to do, but with the introduction of new technologies we have noticed that there are certain improvements that we cannot overlook.

    For example, using only agents entails high operating costs, it is not very scalable if there are large volumes of calls, the response time may be higher, among others.

    Use only AI

    n this case we are faced with a real impossibility of using intrinsic human skills such as, for example, negotiation skills, management of unexpected situations, lack of empathy and context.

    With Conversational Assistants we achieve greater scalability by allowing, among other things:

    • Automation of repetitive tasks
    • Fast and consistent responses
    • 24/7 support
    • Efficiency and scalability by handling large volumes of queries simultaneously

    In addition, Conversational Assistants are able to personalize the answers they give to customers thanks to integrations with other systems such as CRMs.

    The ideal scenario

    Both options have pros and cons. However, the ideal scenario is the integration and synergy of both resources.

    Agents should handle complex and less repetitive situations, without losing focus and customer orientation. While AI can handle repetitive tasks and provide information quickly and efficiently.

    The key is to find a balance that leverages the best of both worlds to deliver a comprehensive and satisfying customer experience. This combination of the two will exponentially improve productivity rates and customer experience.

    In conclusion, increased productivity, cost savings and improved customer experience is only possible with the effective combination of physical agents and AI, as it is the ideal formula to maximize the strengths of each and deliver the best of both worlds to the customer.

    Are you ready to take the leap? Here’s how MAIA Cognitive can help you

     

  • MAIA Cognitive at the Expo Relación Cliente 2023

    MAIA Cognitive at the Expo Relación Cliente 2023

     

    Last Wednesday, November 23, MAIA Cognitive was presented for the first time at the Expo Relación Cliente 2023.

    Held at Kinepolis Ciudad de la Imagen, Madrid, the ExpoRC23 is an event of reference in the sector in which a wide audience around the Customer Experience (CX) meets.

    BPOs, technology providers and clients meet to share different perspectives on the latest news, solutions, services and methodologies available for customer interaction and management, as well as to create collaboration networks with the main companies in the sector.

    Around 1400 attendees, 82 sponsors and up to 80 speakers. This was the framework for MAIA’s public debut.

     

    MAIA a new generation of AI for Customer Experience
    MAIA a new generation of AI for Customer Experience

    MAIA presents itself to the public at ExpoRC23

    This is the first time that a live demonstration of MAIA Cognitive has been given to such an audience.

    A surprising presentation in which MAIA was interacted with, in real time, and in which it answered questions such as how many languages it speaks, how it differs from an agent and which numbers were going to be drawn in the lottery.

    MAIA not only answered these questions, but also commented on its ability to learn and evolve hand in hand with the technical team that makes up the Digital Services & Innovation area.

    This team is dedicated to the creation of advanced Artificial Intelligence (AI) products, its main focus being Natural Language Processing (NLP), with a clear objective: to develop sophisticated solutions that optimize the interaction between people and technology.

    Undoubtedly, a powerful presentation that generated contained emotion among attendees, who saw the interaction with MAIA in real time; unlike the presentations that in this kind of events are usually pre-recorded or on video.

    We share with you an extract of that moment when interacting with MAIA.

     

    As introduced during the presentation “MAIA is an AI for application in specific domains”, in this case Customer Care, but it can be adapted to different use cases.

    If you want a demo, or bring your use case, please contact us here.

     

  • AI and the transformation of the CX in Banking (I)

    Finance is a fundamental part of our daily lives, and of course, banking services are essential in modern society. In recent years, technology has transformed the banking industry and the way we relate to it. Artificial Intelligence (AI) and the transformation of the Customer Experience (CX) in Banking are closely related.

    Evolution of the Banking Sector

    There are many changes that we have witnessed in the banking sector in recent years, among others, we can list by way of example:

    • Digital Banking, nowadays all banks have digital platforms that allow us, in self-service mode, to carry out all kinds of operations and transacctions: account opening, transfers, currency exchange, investment in stock markets…
    • Conversational Banking which, using “digital banking” platforms, has enabled banking and customers to interact in real time through text messaging, voice, mobile applications, messaging apps and websites to offer new channels of contact and unprecedented levels of service; let’s not forget that the goal of the “digital banking” is to “empower customers and banks to interact in real time through text messaging, voice, mobile applications, messaging apps and websites to offer new channels of contact and unprecedented levels of service. Let’s not forget that the objective of “Conversational Banking” is to try to reproduce the experience of the “offline” customer relationship and provide a complete and quality online experience.
    • The Open Banking which, following regulation by the European Parliament in 2015 (Payment Services Directive PSD2, Directive (EU) 2015/2366), has brought about a decisive change by promoting the development and use of innovative solutions that are integrated into the ecosystem of banking solutions thanks to the use of APIs.
    • The emergence of Neobanks and Fintechs, whose core business is fully aligned with digital and innovation, have opened the doors to a multitude of competitive and innovative services in the sector.

     

    Artificial Intelligence has had a special impact on the Transformation of the Customer Experience in Banking. Virtual assistants are here to stay and facilitate multiple operations for customers.

    Application of AI in Banking

    The use of AI in banks is not new; investment banks, for example, have used AI and Machine Learning long before other sectors to predict behavioral patterns. Over the last decade, banking has embraced AI in a variety of ways to improve operational efficiency, customer experience and decision making.

    Banks are currently applying AI to create portfolios, choose assets, perform analysis of large financial data sets, fraud detection, make predictions of economic trends and investment risks.

    The opportunities for AI applications go beyond basic banking activities. Implementing AI in customer interactions, in line with strategies such as “conversational banking,” among other things, makes it possible to manage frequently asked questions and provide quick answers to customers or personalized recommendations for banking or financial products and services, improving the customer experience and customer service and extending its coverage to 24/7.

    In a recent study, the McKinsey Global Institute (MGI) has estimated that, in the Banking sector, Generative AI also known as “GenAI” could have a huge impact generating an additional value of between $200 billion and $340 billion per year; all this by increasing productivity in functions such as marketing, sales and customer interactions, among other use cases. [1].

    Use cases of conversational AI in Banking

    If we put the focus on marketing activities and customer interaction, we can consider multiple use cases for Artificial Intelligence, but in this specific article we will focus on Conversational AI.

    Conversational AI is a branch of artificial intelligence that simulates human conversations (if you want to know more about Conversational AI, you can read our article: “What is Conversational AI and how did we get here“).

    The strategies of closure and reduction of physical offices of banks, due to the growing demand by customers for non-face-to-face services, have transferred a significant volume of these face-to-face interactions to the digital customer service channels that banks make available to their customers: digital banking, telephone banking…

    Perhaps the most relevant use cases for the application of Conversational AI in Banking are focused on the automation of conversations through AI Conversational Assistants or intelligent banking assistants.

    Banking Assistants

    AI has been integrated into mobile apps and voice assistants, allowing customers to perform banking transactions, check balances and obtain current financial information immediately through voice commands.

    Recommendations of personalized products and services, such as savings accounts, credit cards or investments.

    Wizards for improved Customer Service, thanks to the attention of frequently asked questions and provide quick answers to customers online, improving customer service 24 hours a day.

    Benefits of Conversational AIs in Banking

    We can not fail to review some of the key benefits from a Customer Experience (CX) perspective, we could surely list many more, but to point out the most important ones are:

    • Extending customer service and transactional request management to channels with high demand such as WhatsApp or chats in a fully automated way.
    • Improving accessibility to services for groups with disabilities or the elderly after the disappearance of physical offices, adapting the experience to their needs and most common operations and keeping open the possibility of referring them to other services.
    • Hyper-personalization of the customer experience based on data analysis, with the possibility of personalized notifications and recommendations.
    • Service improvement and offer prospecting taking into account real customer demands.

    Additionally, it is not easy to ignore the economic impact that AI could bring to the banking sector equivalent to an additional value of between 200 and 340 billion dollars per year! A not inconsiderable sum…

    Challenges of AI in Banking

    The integration of artificial intelligence (AI) in the banking sector, while promising, is not without significant challenges. Challenges that are not entirely different from those found in other sectors.

    Protecting the privacy of financial data becomes crucial, with the need to ensure robust security measures. In addition, AI, lacking a full understanding of the human context, faces challenges in interpreting nuances and making ethical decisions, underscoring the importance of addressing these issues for effective and ethical deployment in future banking.

    In conclusion, the integration of Artificial Intelligence taking place in the banking sector has marked a significant milestone, as it is redefining the customer experience. From intelligent assistants that provide instant answers to data analytics systems that personalize recommendations, AI has driven a positive revolution in customer service.

    This marriage of advanced technology and financial services has not only improved operational efficiency, but has also raised customer satisfaction, setting a higher standard for the industry as a whole. Artificial intelligence is not just a tool, but a catalyst that has transformed the way customers interact with and perceive banking services, paving the way for a more agile and user-centric financial future.

    Discover how MAIA can be your best ally. Experience firsthand how Artificial Intelligence is a determining factor in the transformation of the Customer Experience in Banking.

    [1] The economic potential of generative AI: The next productivity frontier, McKinzey June 14, 2023