The advent of IVA has brought previously unimaginable capabilities into the hands of sectors that had remained dependent on human skill for most of their existence.
The ongoing pandemic has posed a significant challenge for businesses in terms of customer retention and satisfaction. This has compelled many businesses, including banks and financial institutions the world over, to accelerate their digital transformation plans by incorporating intelligent virtual assistants to account for changing consumer behavior.
The incorporation of AI, Machine Learning, and Natural Language Processing (NLP) has led to the development of smarter, more intelligent virtual assistants that can converse in a human-like manner, allowing businesses to provide a more personalized experience to their customers. Since intelligent virtual assistants enable self-service, it gives brands a competitive advantage by delivering product information, assisting customers in paying bills, making transfers, or filling out forms. Queries it cannot answer are directed to human customer service agents, resulting in a better user experience.
How does an Intelligent Virtual Assistant (IVA) make everything easy and seamless?
IVA enhances the performance and efficiency
Thanks to improved NLU and ML capabilities, an IVA can swiftly and consistently understand a customer’s intent, automate essential procedures to reduce human labor, and meet customer requirements, significantly increasing productivity and efficiency.
IVA provides an authentically seamless experience
AN IVA may be used on various platforms, including websites, applications, Facebook Messenger, WhatsApp, iMessage, Alexa, and Google Assistant, allowing businesses to provide their customers with a seamless omnichannel experience at any time, on any device. The multi-channel approach enables interactions across numerous customer touchpoints, allowing for collecting intents, gathering insights, and personalizing and optimizing discussions. This leads to improved customer experience
IVA helps to reduce expenses and increase profits.
With the incorporation of Intelligent Virtual Assistant (IVA), brands can automate the substantial number of consumer queries, decreasing their reliance on human operators and lowering their high operating costs. The ability of an IVA to emulate human communication and create an engaging customer experience helps a brand achieve favorable outcomes. IVAs can significantly increase website conversion rates by assisting customers with the right information at the right time, following up with them across all channels of engagement, and also by determining what customers want and promoting products that meet those needs. It can look into a customer’s previous behavior and identify prospects for selling. Ultimately, it increases the company’s revenue.
IVA caters to the needs of customers 24/7.
Nowadays, digital-savvy customers expect their issues to be addressed in real-time. They expect round-the-clock personalized assistance. Intelligent Virtual Assistants enable businesses to deliver on all of these aspects by understanding the human conversation and adapting their language and tone and convincingly taking on the role of an efficient and supportive customer service representative. IVAs can enhance customer engagement and retention by providing quick, efficient, personalized customer experience round-the-clock, resulting in long-term brand loyalty.
How to incorporate Intelligent Virtual Assistants with minimum effort?
IVA is a complex technology. For an organization to build an end-to-end IVA will require them to reinvent every function internally and invest heavily in time and resources. As this is not feasible for the majority of organizations, identifying the right IVA vendor is critical. IVA vendors who offer numerous industry-specific out-of-the-box solutions and are already processing millions of industry-specific conversations are typically the best fit vendors. This is because the large industry-specific data set leads them to achieve higher accuracy and continuously deliver higher value. These specialist vendors have already developed a moat and continue to incrementally offer better value through each customer acquired, and every conversation processed.
Also, an IVA requires continuous maintenance and support to deliver value for customers continuously; finding the vendor that can handle this aspect is also key to sustained ROI.
Conclusion
AI-Powered Intelligent Virtual Assistants (IVA) are transforming how organizations are run. The advent of IVA has brought previously unimaginable capabilities into the hands of sectors that had remained dependent on human skill for most of their existence. Organizations can achieve better financial results, reduce costs, and virtually eliminate fallacies by incorporating an IVA, thus portraying AI as a game-changer.
Source: Business World
