Transformation of Customer Experience through Data, Mobile Technology, and Artificial Intelligence
In the modern world, smartphones have become the primary tool for businesses to reach and interact with customers. These portable devices serve as a one-stop platform for all engagement channels, making them indispensable in today's customer experience (CX) landscape.
One of the most significant advancements in CX can be seen in the rise of AI systems like Siri, Google Now, and Cortana. These virtual assistants have revolutionized the way we interact with our devices, providing localized information based on GPS data, such as for Siri requests or Yelp searches.
However, the story doesn't end with these well-known AI systems. More advanced technologies like IBM Watson are making strides in natural language processing and data processing. In fact, Watson's ability to quickly process unstructured data allows it to answer customer questions more quickly than human agents.
The increased importance of mobile in the CX hierarchy is a natural consequence of businesses realizing the tremendous value inherent in customers carrying portable computers with them everywhere they go. This shift is not without its challenges, as the prediction of the increased importance of mobile in CX can't be taken for granted.
In 2016, AI is becoming increasingly conversational and integrated into people's daily lives. More customer engagements are starting with "Siri" or "Hello, Alexa". The rise of smart watches and mobile payments, such as Apple Pay and Starbucks, are notable developments in CX.
AI will significantly enhance customer engagement by automating routine interactions, enabling hyper-personalization, and providing real-time assistance that improves speed, accuracy, and customer satisfaction. AI technologies like natural language processing, real-time sentiment analysis, predictive analytics, and AI copilots will automate up to 70-80% of customer interactions, reduce hold times by about 70%, and boost customer satisfaction by around 30%.
Key impacts of AI on customer engagement include the automation of routine queries, hyper-personalization, real-time agent support and quality assurance, omnichannel and seamless experiences, increased customer acquisition, retention, and revenue, and balancing automation with human empathy.
Leading CX Trendsetter companies using AI show 33% higher acquisition rates, 22% better retention, and 49% increases in cross-sell revenue, confirming AI’s strong positive effect on customer engagement metrics.
While generative AI manages routine interactions, maintaining trust through the human touch remains vital for resolving complex issues and sensitive situations where customers prefer live assistance. AI will transform customer engagement by making service faster, smarter, and more personalized while freeing human agents to focus on high-value interactions, ultimately leading to improved satisfaction, loyalty, and business growth in the coming years.
Sources: [1] https://www.forbes.com/sites/bernardmarr/2016/03/14/how-ai-will-transform-customer-engagement/#28e9216214e1 [2] https://www.forbes.com/sites/bernardmarr/2016/03/14/how-ai-will-transform-customer-engagement/#6487c6f04e3f [3] https://www.forbes.com/sites/bernardmarr/2016/03/14/how-ai-will-transform-customer-engagement/#42f4a40c765a [4] https://www.forbes.com/sites/bernardmarr/2016/03/14/how-ai-will-transform-customer-engagement/#74f205f75d58
- In the realm of personal finance, AI and data-and-cloud-computing technologies enable more efficient management of investments, offering recommendations tailored to individual preferences.
- The fusion of fashion-and-beauty and AI is evolving, with smartphones and smart watches becoming platforms for virtual try-ons and instant feedback, revolutionizing the shopping experience.
- The culinary world embraces AI through food-and-drink recommendations and mom-and-pop diners utilizing AI copilots for improved service, enhancing the dining experience.
- As part of the lifestyle shift towards smartphones, gadgets like smartphones and smartwatches serve as conduits for business meetings and investing opportunities, bridging the gap between work and leisure.
- AI's impact on business ventures extends beyond customer engagement, as it supports efficient data analysis, making vital decisions, and streamlining operations in the realm of business and finance.
- Artificial intelligence, technology, and data-and-cloud-computing converge in the field of finance, enabling sophisticated algorithms for analyzing market trends, forecasting success, and maximizing returns on investments.
