How AI Can Add to Customer Experience

Banking CIO Outlook | Thursday, March 28, 2019

With the promise to enhance customer acquisition and retention, artificial intelligence is attracting the attention of business. Leading companies are turning to artificial intelligence and machine learning to transform how they interact with their customers, strengthening customer relationships, distinguishing themselves from competitors, and increasing revenue. AI can be successfully employed to provide intelligent, convenient, and informed customer experience along the customer journey. Companies can improve customer experience with the advent of AI by learning more about the customer and their needs. Brands are deploying AI technologies strategically at key customer touch points.

The most effective tool for engaging the high-value customers is through personalization. Because basic personalization is already table stakes, extreme personalization is needed, and advanced machine learning comes into play. Extreme personalization may include one-off personalized newsletter to customer specific promotions delivered at the right time. By observing and processing data enterprises will be able to assess individual needs, suggesting the right products and services. AI infused procedures will make customer experience interactions streamlined across various channels.

Check Out: Top Artificial Intelligence Companies For Finance

AI can provide critical and actionable insights by feeding intelligence to CRM, marketing automation, and other operational tools.  To know what customers see, devices such as facial recognition software, text analytics, and machine learning can be used. AI-powered visual engagement technology analyzes the facial expressions in face-to-face and video chat conversations. With the assistance of AI-based algorithms, organizations can determine how to route communication and identify satisfaction.

The success of AI will be gauged in terms of return of investment, new market opportunities, and many others. AI modeling and simulation provide sufficient grasp on changing consumer behavior, which is crucial to making the best marketing decisions, in the short and long run. Businesses have realized that AI-driven customer journey analytics will deliver high impact customer experience rapidly.

Weekly Brief

Read Also