Artificial Intelligence (AI), chatbots, machine learning, virtual assistants and robots – All seem to be hot topics across industries ranging from health care to financial services. Many studies had revealed that ‘2017 will be the year of Artificial Intelligence, a market that could reach $47 Billion by 2020.’ All these studies suggest that AI is set out to make revolutionary changes across industries. This also suggests that all app based products are reaching maturity and AI is about take personalized digitization to a whole new level which will open a new horizon of opportunities.
Many tech giants and start-up firms have started making their own bots for financial institutions. These bots provide a variety of services to customers, right from banking, expense management and wealth management to wallet services.
Apart from these common tasks, chatbots and voice assistants have also started replacing physical Customer Service Centers (CSC) for banks and other financial institutions by reducing the cumbersome processes involved in running these services. I am saying cumbersome because, having a dedicated customer service center involves costs such as premises (infrastructure), office supplies, man power, training and many more. AI will definitely help in eliminating this difficulty, if not entirely, at least to a certain extent. On the other hand, chatbots and voice assistants will also be advantageous for customers since they will not have to call and hear an automated message, dial in the menu options and wait for God-knows-how-long before a customer executive (an actual person) speaks.
Though customer service centers can’t be entirely replaced by AI, a significant amount of common issues and their fixes can be handled by bots. This will help in reducing the burden of customer service executives to a large extent. Subsequently the centers will benefit by cutting down their expenses just by having a small setup to address customer queries that cannot be handled by AIs. This is just the beginning! We can never say for certain if AIs will ever have the capacity to reduce human dependency completely in the customer servicing front. Only time will tell!
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About Market Simplified: Market Simplified is a thought leader in handcrafting custom solutions by continuously innovating and simplifying finance. We have maximized the revenues of industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank and National Stock Exchange of India by providing enhanced and sustained user engagement through Experience Engineering.
About the author: Girijashankar is a Classical Carnatic Vocalist and teacher who loves to perform. He is also a voracious reader and prefers to read books on crime and mystery. He is currently working as a Business Development Executive in Market Simplified.