Do you think that you’d invest in staff training to shave off precious minutes to boost your ROI? Would a central, accurate, super-fast customer database be worthwhile to your customer service agents?
Sadly, we don’t know of any software that can place an accurate value on customer service speed. But that doesn’t mean it isn’t a critical metric we should consider anyway.
We know that speed and convenience are two essential components of excellent customer experience, which is why we’re exploring the value of Voicebots in 21st Century business. We’re also unpacking the key differences between Voicebots vs IVR and the advantages they bring to the table, especially within the finance industry.
Voicebot vs IVR - What is the Difference?
As with any emerging and evolving technology, it’s important to understand the key differences between a Voicebot and IVR before making business decisions.
Defining Interactive Voice Response (IVR)
IVR (interactive voice response) is tech that can stand between your customer and your call centre. It offers pre-recorded messages available through either voice commands or keypad tones. The 24/7 system is fairly simple and allows your callers access to information without having to call on a human agent. It can also be used to direct callers to the appropriate department or agent based on their needs.
IVR is a great option for companies with a limited budget and for systems that don’t require conversational service. It’s very much a get in, get your info, and get out medium.
What is a Voicebot?
Voicebots are next-level IVR systems which use AI to interpret and respond to users’ voice queries. While IVR systems require the user to listen and respond to menu items, the AI behind today’s Voicebots uses Natural Language Understanding (NLU) to determine both the meaning and intent of the caller. We’re familiar with Siri and Alexa, right? These are excellent examples of AI-powered voice assistants.
What is Conversational IVR?
Now that we’re on top of the differences between IVR and Voicebots, we need to throw another player into the mix: Conversational IVR.
The brains behind our CM.com products explain this for us, saying, “In simple terms, Conversational IVR is the technology behind a Voicebot, allowing callers to engage with a self-service solution with their voice. In contrast to traditional IVR, there is no static menu, and callers don't have to dial-in numbers. Conversational IVR can understand full sentences in voice and can even understand the context. The voicebot will reply in full sentences, allowing callers to lead the conversation.”
Voicebots & IVR Boost Financial Services & Banking
It’s immediately clear how Voicebots and IVR add value to forward-thinking businesses. Let’s see what that looks like in real life.
Using AI to Understand & Respond to Customer Needs
One of the incredible and largely untapped benefits of AI is its ability to interpret enormous volumes of data. When correctly applied, a Voicebot supported by well-designed AI can:
Provide financial product recommendations tailored to each customer’s preferences
Comprehend and respond to the customer buying cycle based on demographics
Offer accurate, contextual responses to user queries
Create and deliver the right content to customers at the right time
Simplify the process of finding the information or product that your customers need
Nothing is left to chance when employing the services of AI, as the system analyzes data based on a combination of factors that our customer service team can’t possibly process. This includes internet usage, age, location, income, previous buying behaviour, and so much more.
Make Use of a Centralised Customer Profile
In the race to the top of Customer Service Mountain, the one stumbling block that we want to avoid is the frustration of fragmented data. This is, undeniably, a challenge for our customer service team, but even more so for our customers.
Employing a system such as our Conversational AI Cloud to drive your AI-based Voicebots allows you to create a unified profile of your valued customers. This, in turn, offers personalised, instant, and accurate responses based on a complete picture of all your customer data.
With this robust design and a smart, self-help system in place, you grant your customers the ability to check account balances, report lost or stolen cards, apply for loans, or request additional services. And in the instance where your Voicebot can’t assist, your caller is passed quickly over to a customer service representative with all the information they need at their fingertips.
Promote Your Brand on Multiple Channels
Financial services have indeed been a little slow on the uptake when it comes to cross-channel communication and AI-based customer support. However, the sands are definitely shifting as more businesses than ever appreciate the value of real-time, channel-agnostic support and service.
Imagine allowing potential customers to open an account with you from your Facebook page or granting them the freedom to switch to a WhatsApp chat when they encounter an issue. And imagine that all of this is done without losing a stitch of data at a time and channel of their choosing.
It may sound like Utopia, but it is, in fact, today’s reality for those organisations that choose to embrace this magic.
Proactively Engage with Customers
Who says that a Voicebot is merely a reactive FAQ database?
Did you know that the data gathered and processed by our AI systems can be put to work in other exciting ways? For example, when your customer calls in to change some personal information (which they do via your clever, personable Voicebot), the AI may pick up that this person is statistically likely to require an upgrade to their home insurance. This option is offered during the conversation, and the upsell or cross-sell is initiated.
It makes you think, doesn’t it?
Conversational AI Solution from CM.com
It's exciting to see how what once sounded like science fiction is now a reality. AI-powered Voicebots are ready, willing, and able to handle most customer calls in a professional and proactive way. From managing simple tasks and FAQs during peak call times to solving more complex issues and offering personal information, IVR and AI is definitely the face of the future.
However, effective integration and setup are the driving force behind a successful AI Voicebot. That’s where CM.com comes in to wave our wand over splintered data and frustrated agents and craft a seamless, versatile, and robust solution.