Nothing like a corny pun to kick off the January digest! As 2019 is up and running and a lot of forecasts have been published, there's one trend we'd especially like to shine a light on: Artificial Intelligence. Didn't you already discuss this? As a matter of fact, we did briefly in our 2018 CX throwback. But since we still feel as if A.I. is something that tends to give people the shivers when they think about implementing it in their day to day life, and also because we just love A.I., here we go!
Let's get one thing straight: A.I. will not replace humans. A.I. will be another element that stands alongside humans. It will help us solve problems, improve processes and make our lives easier altogether. A.I. isn't something that's taking place in the future either, it's already here, and a lot of companies are already benefiting from its use.
When we look at financial services the convergence between A.I. and the human aspect is already happening. An analysis performed by Accenture indicates that by 2022 banks that invest in AI could boost their revenue by an average of 34%. As American Banker puts it:
"The death of the bank branch and teller had long been predicted, yet banks continue to invest in the branch of the future, staffed with humans helping customers. A.I. will fundumentally change how we work and it will benefit employees."
Forbes included Artificial Intelligence in their "Top 7 Digital transformation Trends" when they stated that:
"A.I. is so much more than chatbots and email personalization. Machine learning and deep reinforcement learning are poised to change entire industries."
Our colleague Ben Tresham named it as a 'Top 2019 Customer Experience Trend' in a report published by HGS. According to Ben (and he's right quite a lot of the time ;-)) Artificial Intelligence will augment human interaction:
"A.I. is getting better at problem solving and can understand complex queries and find solutions to them. This will help to improve experiences by augmenting what we do in our day-to-day lives. It will not be the bot replacing the human element but standing side-by-side with us in our everyday lives."
Our feedback platform is entirely powered by A.I. that analyzes customer feedback with an (allow us to say so) impressive accuracy of 95%. It then dispatches the right feedback to the right teams. This way it delivers actionable insights that helps companies prioritize issues and it helps them improve customer experience, since they know what their customer's priorities are.
These insights can also help you in making future business decisions. We had a look at bank data from one of our customers, a large player in banking in Belgium. This data was gathered after a customer visited one of their branches. Our A.I. then analyzed all feedback and derived different categories and subcategories. It can also tell you how customers feel when speaking about this particular topic (a.k.a. sentiment).
So when we look at customer feedback about the bank's branches, we see that:
So maybe this could be the seed of the future bank office? More offices with better opening hours, suited to people who work past current openings hours, with the possibility to deposit money. Who knows! It might be worth the try.
The key thing to take away here is this: A.I. is capable to help you solve problems, when the accuracy is up-to-standard, of course. It is useful to provide insights into what your customers expect of you, and not what a company thinks is best for them. It doesn't have to replace people, instead it can help them understand better how they can impact and improve customer experience.