Industry 4.0 Expert Leader
Naveen Joshi, Director, Allerin Tech Pvt Ltd
The face of customer loyalty is changing constantly. While rewards and incentives are still important in drawing customer’s attention, customers are increasingly demanding to be seen and be heard as unique individuals with particular needs. Using AI in securing customer loyalty programs is the new solution.
Implementing AI in securing customer loyalty is the only way a business brand can reach an audience of thousands, and millions. AI algorithms can pluck out an individual’s need, intent or preference in real-time. Thus, it can help data analysts in understanding each customer as an individual, thereby piecing together thousands or millions of interactions for creating a fully realized data set that delivers something far beyond numbers. AI combines technologies like speech recognition, dialogue management, natural language understanding, etc. for creating intelligent assistants. These intelligent assistants are interactive systems that can communicate naturally with humans along with assisting them in accessing information and completing tasks.
For example, AI facilitates the development of virtual assistants that can monitor customers engaging in good behavior and then companies can reward them for it. This reward might inspire more loyal conduct, and all of this could be done without human intervention.
Cybercriminals have become more dangerous in past few years. A 2014 report by software security provider McAfee estimates that cyber crime costs the present global economy more than US$450bn annually. Apart from monetary damages, cyber crimes also make customers cagey and damage trust. AI integration offers security against fraud and theft, thereby developing a sustained and honest relationship with their customers. Several popular banks and financial institutions are already depending on AI for prioritizing and preventing cyber attacks. Several thought leaders in the industry are investing heavily in AI research for developing advanced solutions that have the ability to tackle major issues in cyber crimes.
The rise of digitalization has majorly impacted customer expectations. AI can help businesses in gaining a foothold in this competitive environment. From using robots for greeting customers to providing services like voice banking or virtual chat assistants, AI provides immense scope for driving customer loyalty.
AI systems can help in freeing employees from mundane tasks and allowing them to make time for other important work. From customer service to being an effective digital assistant, AI systems augment employee performance.
Artificial Intelligence is an evolving concept and has created a significant impact on the customer experience industry. Other that intelligent chat assistants, AI developers are also researching on creating intelligent contact center agents. AI based technologies such as natural language understanding and speech recognition can be used during a live customer service interaction, where a human agent can look up relevant information and make suggestions about how to respond. Also, AI technologies are playing an important role in Big Data analytics as they are proving useful in providing valuable business insights from customer activity. We think that AI is definitely matured for primetime in customer care.