In today’s on-demand world, more than 90 percent of companies with global brand recognition and high levels of customer satisfaction are utilizing artificial intelligence (AI) solutions to increase customer satisfaction.[1] The common need to have immediate results, across numerous industries, has led many companies to incorporate artificial intelligence (AI) solutions like chatbots or virtual agents to power their customer service experience. So, what are the facts behind the push for chatbots and virtual agents as it relates to customer service?

From the Customer’s Perspective

According to the ACI Speedpay Pulse, younger generations (ages 18 to 22 and 23 to 34) prefer AI powered solutions over live human interactions, with this preference decreasing slightly as the generations age. However, despite the generational divide, consumer who believe AI-powered solutions can help improve the customer service experience noted saving time (64.2 percent), getting help to solve their problems when representatives are not available (51.8 percent), the elimination of human error (30.6 percent), and the elimination of human emotions (20.3 percent) as top reasons for interest in this technology.

From the Company’s Perspective

As a company, AI technology, such as chatbots, can create leaner, more efficient processes. Chatbots and virtual agents are capable of being used for everything in the payments space from fielding call center inquiries to negotiating customer service payment plans. They can help reduce employee workload, by eliminating the routine customer service tasks while ensuring accuracy and allowing employees to focus on higher-level, more valuable tasks, therefore, impacting your bottom line.

Even though chatbots and virtual agents are enhancing both the customer’s experience and the company’s bottom line, there are still organizations that are hesitant about adopting this technology for the fear that it won’t work as intended.

Taking the Next Technological Step  

Making the decision to integrate AI such as chatbots and virtual agents into your customer service experience is both an investment of time and resources, however the return on investment is proven in the impact it has on a company’s bottom line. Strategically utilizing AI allows your company to grow in revenue without having to grow in size.

As companies explore integrating chatbots and virtual agents into their business, be sure to select the right AI-powered solution to ensure a seamless implementation. Here are a few tips to navigating and implementing the world of AI as it relates to customer service:

  • Know Your Stuff: Before selecting an AI solution, be sure to analyze the customer service technology you’re currently using for bill pay and how you can build upon it.
  • Find Your AI Match: Determine how the new technology would integrate with your existing payments technology
  • Train Your Team: Once you know which technology you want to use, you should communicate with your customer service agents on how it will impact their day-to-day. With the AI-powered solutions taking on more routine tasks, your agents will have more time to focus on higher-level tasks that make a dent on your company’s bottom line.
  • Spread The Word: With the addition of any new technology, it’s important to educate your customers on relevant changes and how this billing and payments technology may improve their payment experience

The integration of new technology can be intimidating, however AI has not only proven to have a positive return on investment, but also to be the technology of the future as it continues to evolve to meet our ever changing needs.

To learn more about consumers’ chatbot and customer service preferences, click here to read the ACI Speedpay Pulse.

 

[1] MIT Technology Review survey, 2018