In this growing competitive world, we always tend to be best among others. We want the system and work done to be perfect with no human errors. As said, making this happen is quite difficult. Firstly, getting human resource is one challenging task, and acquiring 100% skilled and experienced employees is nearly impossible.
We can agree that 60% of day-to-day activities rely on machines or automatic AI. Without having them, we can't imagine our lives today. AI is known for its perfection in its work, and it is not new to us that we depend on it every day. Introducing conversational AI in many places has brought us good results.
They have not only made our jobs easier but far more effective compared to previous methods. As humans, we tend to make mistakes unknowingly that can lead to unforeseen risky events. However, with conversational AI, we can eliminate all such events from our workflow.
Introducing CX Automation using conversation AI in the field of NBFC (Non-Banking Financial Company) has been a game-changing plan. Also, it has benefited us in various ways.
Let us know more about CX automation, Conversation AI, and their benefits for NBFC in detail.
CX Automation is nothing but Customer experience or review on any product or technology that helps users to carry on with their day-to-day activities. This also includes replacing humans with AI for work done by us. Automated customer experience helps developers to upgrade and introduce technology or products at a new level.
Conversational AI refers to a set of technologies or programming software that helps humans to have human-like interactions with computers and also assists with speech-enabled applications. They are pre-programmed on the basis of options available to provide suitable answers or solutions for queries that arise from the same.
Customer Experience Automation is mainly used in the field of IT and also other industrial fields. It uses modern technology to improve certain aspects of customer service resulting in inefficient outcomes, reliable products, customer satisfaction, etc. It can be implemented in any stage of customer service to increase the level of retention of users.
With the help of ASR (Automatic speech recognition), NLP (Natural Language Processing), ADM (Advanced Dialog Management), and Machine Learning (ML), conversational AI understands human speech and reacts and learns from every interaction.
As the name suggests, NBFC does not fall under the banking financial sector but play a very important role in lending loans, mutual funds, holding shares, insurance companies, etc. that are 80% of banking activities. These industries can grow limitlessly and have to have enormous support from AI in their growing days.
Launching CX Automation with conversational AI has been a boon to all NBFC companies to carry out their work effortlessly. Many companies have saved huge amounts of money by knowing how to automate customer communications as they do not have to establish any private unit to conduct this task.
These days customers do not have much time to talk and sort out problems with customer care. Hence, conversational AI for banks has been introduced.
It receives input from clients based on any queries such as loan amount, mutual funds, shares, etc. Inputs can be either text or speech. If a user opts to speak, then a speech recognition program senses words and converts them into computer language.
Computer uses various software to understand spoken words and forms a response in its language at its side. Dialog management software converts into a human understanding language and displays or speaks the same as a reply to our problems or queries. CX Automation plays an important role here.
In every query, lies a different answer which has to be answered based on the situation or the stage the user is in. CX Automation helps the system to learn and improve over time on its own. This is done purely on situations experienced by machine or AI. If necessary, with help of CX Automation, conversational AI corrects itself in areas it needs to.
Isn't all this exciting, as we speak to AI every day just like we speak to other humans? Want to know more? Then, stay tuned while we look into other Banking AI Solutions in detail.
Conversational Banking sector is very essential to run a successful company and chatbots in banking industry have made it easier. These days customers do not want to wait in a call queue to get answers but need instant solutions. Thus, AI chatbots for banking were introduced
Chatbots for banking act just like a banking employee sitting at another end, understanding your questions and answering them immediately. However, in this case, intelligent chatbots for banks do work for you. The same procedure is applied in the chat box, where it converts human language into its own, answers a query, and replies to the same, converting them to our language in a fraction of seconds.
AI chatbots for banking have their own unique way of responding to users with very minimal cost consumption resulting in benefiting the industry. Some benefits include,
CX Automation using conversation AI for NBFC sectors has many advantages or benefits for both customers and companies. Every growing banking sector has to implement the same in order to achieve its goal effectively. Chatbots in the banking industry have proved to be most efficient and helpful in achieving 100% client satisfaction compared to any other method.
Many Business organizations typically involve a lot of repetitive tasks. With automation technologies becoming mature and accessible plus due to the recent rise of pandemic there is an upward trend in digital transformation and process automation