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Conversational AI to Reduce the Cost of Banking Customer Acquisition - NASSCOM Community

#artificialintelligence

“It costs five times more to acquire a customer than to retain a customer” – goes a famous adage. With due respect to this adage, if you don’t acquire new customers, your bank would cease to grow. So, one cannot overemphasize the importance of customer acquisition. Today Artificial Intelligence has permeated almost every aspect of the banking and financial industry. It looks like customer acquisition just got the Conversational AI reinforcement. The banking customer acquisition process slowly shifted gears from physical to digital channels in the last decade. Today, banking and financial players can speed up the customer acquisition cycle and reduce the costs associated, thanks to Conversational AI. But legacy banks need to move fast as there is a constant threat of upstart fintech players giving banks a run for their money! Meet your customers where they are The distribution-led ‘bank branch’ growth model has few takers today. In the first decade of this millennium, the number of physical branches closely linked to banking customer base and revenues. Not anymore. Today’s digital-first customers expect you to meet them where they are – web, social, instant messenger, apps, etc. Conversational AI can help you be omnipresent on digital channels to capture your customer’s mindshare and, ultimately, the wallet share in its many avatars. Reduce the friction in customer journeys Every prospective banking customer would go through a handful of predefined digital customer journeys. It could start searching on Google, comparing competitor offerings, chatting with reps online, checking for social proof, etc. Banks should map these journeys and offer extensive customer touchpoints and compelling reasons for customers to move to the next stage. AI-powered voice bot or chatbot helps familiarize the customers with banking products and services and remove friction in banking journeys, thus driving new revenues and deepening relationships. Offer personalized products and services Banking enterprises are sitting on a treasure trove of customer data. Utilizing this data to offer more personalized customer service removes friction and delivers a transformed customer experience. Credit card companies have for long benefited by providing targeted services to their customers. Leveraging AI and predictive analytics, demographic-specific offers, location-based discounts, and brand loyalty benefits are other ways credit card providers reap rich benefits. Listen to the voice of the customer Gone are the days of one-size-fits-all banking services. Customers today have their primary goals laid bare, and then they have specific goals nested within these larger goals. Banks need to pay special attention to what exactly the customers are seeking. AI-based platforms like Conversational Service Automation help deliver a superior banking experience, thus empowering banks to deepen relationships with their customers. What is the customer’s implied financial needs, service expectations, apprehensions, unspoken priorities, ‘wow moment’ triggers, etc.? Machines can pore over the customer conversations across all channels for nuggets of information using conversational analytics. This way, you not only reduce the cost of customer acquisition but pave the way for a long-term relationship with banking customers based on mutual understanding.


Which of the big three smart speakers should you buy?

Mashable

If you're confused about which smart speaker to invest in, I don't blame you. There have been quite a few to hit the scene in the last few months. It's highly likely, though, that you're stuck choosing between the big three: Apple's HomePod mini, Google's Nest Audio, and Amazon's Echo. All of which are competitively priced at $99. I know... that shared price point doesn't help make the decision any easier. But beyond pricing, there are a few other things to take into consideration when choosing which smart speaker is right for you, specifically design, audio quality, connected apps, and voice assistant capabilities.


Chatbot & Messenger Marketing Course

#artificialintelligence

Learn how to build and use your very own chatbot using Flow Xo and Manychat on Facebook, the #1 platform for marketing messenger. First things first, thank you for taking the time to stop by and check out my Chatbot & Messenger Marketing Course. I am a Full Stack Web Developer running a successful IT company that has grown and progressed to be at the center stage of information and technology. With more than 5 years of digital marketing experience, I provide effective computing strategies and solutions to private and government organizations. I am also using my skills to generate a 6 figure income by doing freelancing on many platforms such as Fiverr, Upwork & Social Media LinkedIn.


Top Contact Center Automation Trends to Watch For: RPA, Chatbots...

#artificialintelligence

RPA helps deliver superior customer experience while also simplifying workflows handled by the human workforce. Rudimentary contact center tasks such as updating contact information, listening to routine voicemail messages, sending acknowledgment emails, etc. can easily be automated saving human agents a great amount of time. RPA reduces operational costs while upping efficiency and productivity. Front-office bots like chatbots can integrate with various enterprise systems like CRM, helpdesk etc. An RPA bot can interface with multiple enterprise systems within the company that may have UIs but not APIs.


My VS Code Setup To Prototype Rasa Chatbots

#artificialintelligence

In this article, I will share my workflow for creating conversational AI agents using the Rasa framework. It uses VS Code and Docker to automate repetitive tasks and code in an OS-agnostic way. The code to reproduce the results can be found here. I assume the reader has a basic familiarity with Rasa and Docker. The goal of this workflow is to make it easy for developers to alternate between these 3 tasks.


How the Use of Chatbots Influences Humanity

#artificialintelligence

Welcome to the bot-centric future, which is set to make smartphone users -- i.e. almost everyone in the Western hemisphere -- navigate the internet in a chit-chat fashion with a virtual assistant. But "assistant" will soon become too impersonal. Alexa, Siri and others will cross the line from impersonal robots to entities that know our habits, routines, hobbies and interests just as well as, if not better than, our closest friends and relatives. For companies, this is a winning formula. Smartphone users have proved they are only willing to download and spend time in a limited number of apps.


How to Make Multiple Smart Speakers Work Together

WIRED

Smart speakers have become so ubiquitous lately that you most likely have more than one set up at home. Whether you're using smart speakers from Google, Amazon, or Apple, you can send audio to several speakers at once, configure them as stereo pairs, or even get your music to follow you from room to room. Google not long ago rebranded its Home speakers as Nest speakers, so you might have one or more of each--but they'll still work together no matter what the label says. Speaker management is handled through the Google Home app for Android or iOS. Open up the app and you'll see all your Nest speakers listed, together with any other connected smart home devices like Chromecasts and Nest cameras.


Smart speakers: Is it Alexa, Google or Apple for you? Here's what you need to know to decide

USATODAY - Tech Top Stories

You've thought long and hard about it, and you're finally ready to buy a smart speaker. They're all being heavily marketed for Black Friday sales, and you'd like to ask Siri, Alexa or the Google Assistant to play music, tell you the weather, turn off your TV or lights on command. But you're stuck: Which brand and model to buy? Amazon has five Echo speakers currently available, Google has six and Apple has two. Which one is right for you? And then there are the concerns about security and snooping.


Branches in Artificial Intelligence to Transform Your Businesses!

#artificialintelligence

On May 8, 2018, Google I/O was held at Shoreline Amphitheatre in Mountain View, California. If you are wondering what Google I/O is, don't worry, I've got your back. In the Keynote, Sundar Pichai, the CEO of Alphabet Inc. (Google's parent company), shared the then-latest developments that Google had been working on. One of the projects that he spoke about was something that maybe no one saw coming; an application of Artificial Intelligence (AI), soon to be on our own smartphones, that left the world in awe. The project was called'Google Duplex'. This initiative enables AI to place a phone call to a hair salon, converse just like us humans, and book a haircut appointment - and the part where your jaws drop is that all of this takes place in the background on your phone, without any intervention of yours!


10 Ways Machine Learning Can Boost Digital Marketing Effort

#artificialintelligence

Digital marketing in the modern era is first and foremost about data. With the huge amount of data available, it is increasingly common to see marketing become the top priority for many businesses because it is directly linked to increasing revenue. Businesses these days need to understand consumer behavior to optimize marketing campaigns. In this article, we'll look at how machine learning can help businesses improve and strengthen their marketing efforts. Also called statistical learning, machine learning is part of the race for useful information, which leads to rationalized decision-making.