Chatbots have become a common solution to enhance customer online experiences and will continue to be a popular tactic in 2022. Chatbots are especially valuable for routine questions that can save customer care reps time and cost per call, while also useful to quickly solve simple customer questions, such as finding a nearby retail address, or hours of operation. As questions get more complex, chatbots can become a source of customer dissatisfaction if not done right. The solution must provide a "low level of effort" and be easy to reach a human being (unlike when calling a company 800# and getting lost in an IVR system). It's no secret that people's patience is dwindling, so the companies that use technology to enhance and solve their needs fast will win in a competitive marketplace. That means that companies must lean on CX-skilled leaders to ensure best practices are applied, such as communication continuity.

Systems driven by artificial intelligence (AI) and predictive analytics have the power to transform the customer experience (CX). We see this across all industry verticals and business processes, from retail to healthcare and from banking to media. AI-driven predictive models drive customer loyalty and increase revenue for any brand. AI has traditionally been used to predict customer buying patterns. It helps figure out what people will buy next or how much they are willing to pay for a product or service.

We might not know it, but AI underpins every search engine, digital assistant, or online shopping recommendation we use. In fact, the number of AI businesses in the UK has increased by 145% in the past decade and is now worth £15.6bn. Integrating AIinto customer service operationscan also give companiesa major competitive advantage. While some businesses willalready be using AIin some capacity, whether they are using it to its full potential is an entirely different matter. Many companies still struggle to get a clear picture of theircustomers, their purchasing behaviours, and previous interactions.

A McKinsey survey looking at the banking, auto insurance, retail energy, health insurance, and mobile communications sectors found that the quality and availability of digital interactions have a significant impact on customer satisfaction. Adding digital offerings is crucial to what consumer-facing companies must do to remain competitive in the face of increased customer expectations. However, some organisations still only offer basic digital services, and not all have created integrated, omnichannel experiences. Companies that use technology to transform customer experience have increased customer satisfaction by 15 to 20%, reducing cost to serve by 20 to 40%, and boosting conversion rates and growth by 20%. As consumers have come to expect the same experience of their financial services providers that they have elsewhere in their lives, traditional financial institutions (FIs) are increasingly looking for ways to improve customer service and deepen engagement.

What if you could increase interaction with your brand, boost sales and win the loyalty of an ever-expanding customer base? While there may not be a silver bullet to make that happen in the blink of an eye, several emerging technologies are elevating customer experience in ways that can directly impact your bottom line. You've heard the buzzwords: AI, AR, VR … there are enough acronyms flying around to send even the most seasoned marketer to a search engine. How is an ecommerce business supposed to keep up? Always start with your goals.

Lately, my colleagues and I have been fielding a lot of questions about artificial intelligence from health-insurance executives. Could AI power chatbots that answer members' questions about anything from doctors to deductibles to dieting – reducing their call-center costs? The answer: it could – but only if they first set up their data to enable these technologies. And more importantly, if they shift from thinking about customer experience purely as a cost driver. By bringing a new level of organization and sophistications to their data operations, payers can transform customer experience and unlock a new source of growth and profitability.

Life is not what it once was. Companies lean on technologies to engage with customers, to help them with customer service, or enhance their customer experience through technology. Sometimes we call this "digital transformation" -- something that every company is now going through (or should be). Digital transformations have the opportunity to greatly improve a company's customer service and the overall customer experience. But companies cannot take a slow approach to implementing these technologies effectively.

Retailers are expected to spend 7.3 billion dollars on AI annually by 2022, according to a CapGemini Research Institute report. This investment is largely motivated by companies' interest in improving customer experience across all engagement points, including marketing, buying, and after-sales service. Eugenio Cassiano is the chief innovation officer for the SAP Customer Experience organization. He talked about three ways AI can deliver great customer experiences for retailers and other types of organizations. According to Cassiano, conversational AI is moving into the mainstream.

Artificial intelligence and cloud computing are both dynamic technologies on their own. Put them together and you get a customer experience powerhouse. Gartner predicts that by 2020, 85% of customer interactions will be managed without a human. It's likely that many of those interactions will be handled through cloud-based solutions with AI. Many companies are already developing software to lead the charge when it comes to customer experience.

Life is not what it once was. Companies lean on technologies to engage with customers, to help them with customer service, or enhance their customer experience through technology. Sometimes we call this "digital transformation" -- something that every company is now going through (or should be). Digital transformations have the opportunity to greatly improve a company's customer service and the overall customer experience. But companies cannot take a slow approach to implementing these technologies effectively.