Artificial Intelligence (AI) and humans in Customer experience (CX) – not an either/or situation

Artificial Intelligence

In the customer journey, artificial intelligence is not set to replace human engagement, but rather to enhance and underpin it.

By Merijn te Booij

AI is by far the biggest hype I have seen in my career, and for good reason. It could revolutionize customer experience at a time when experience and service are the final frontiers in differentiation.

In the entire digital transformation of the world, we are spending over $1.2 trillion next year, and $6 trillion over the next four years. Much of this spend will focus on technologies that allow the enterprise to differentiate in the market and deliver exceptional customer experience.

An emerging Gen Z employee and customer base are changing engagement models with companies, using more channels and more self-service options. Customers around the world are using a variety of channels – with 97% of customers saying they are multi-channel users, and each customer using 5.6 channels on average.

By 2020, virtually all of the people who call into a contact center will have already been on one of the organization’s other channels. When they call you, they have been trying to self serve themselves and they are out of options, yet what contact centers still do at this point is ask them ‘who are you and what do you want?’

This is no longer good enough in an environment when customer experience makes or breaks customer loyalty. Research has found that in the last year, 51% of people have switched brands due to poor customer service.

AI presents the hope of running customer engagement more efficiently, faster and more cost-effectively. A global survey found 90% of companies are deploying AI across some aspect of their customer journey, gaining massive shifts in productivity and an ability to use valuable insights to build deeper relationships with customers.

While we have been using machine learning for years, we can now compute at a much larger scale than ever before, and AI comes into its own at large scale because, at the end of the day, it’s about data.

However, many people think AI is about a bot that will just solve everything – just plug it in a 24 hours later it will have learned everything it needs to know to solve problems. It won’t.

To deliver an exceptional customer experience, the strengths of AI are best blended with the empathy and problem-solving skills of humans. There is an opportunity to blend AI and human interaction because humans and bots are so different. Bots love replication and they are error-free, so they are ideal for invoicing and collection calls, or handling routine calls – for example, where a customer wants to change their address.

AI enables enterprises to predict call volumes and call routing needs and helps agents to work more effectively. But if a customer calls in because for example their family member just passed away and they are worried about health care or funeral arrangements, you may want a human to take the call and spend a moment consoling or showing empathy. So this is not an ‘either/or’, it’s an ‘and’.

Somewhere down the road, the main thing an agent will do is show empathy and solve problems. Despite concerns over job losses, AI will likely generate more jobs than it will take, and it will augment customer experience and bring power to your agents.

AI can help organize and automate structures, processes, and conversations, but when it becomes complex and emotional, a human should take over. We call this ‘blended AI’ – AI with a human touch.

Companies can drive exponential customer experience value by combining predictive omnichannel routing, predictive digital engagement, workforce engagement and ‘Kate’ – a virtual assistant, running on a mobile app, who is virtually training herself, to seamlessly blend the best of AI-driven self-service capabilities and real-life employees.

Merijn te Booij is the chief marketing officer (CMO) at Genesys (www.Genesys.com) he was a keynote speaker at the Genesys Blended AI Summit South Africa 2019.

 

 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Temenos to Deliver Personalized Digital Customer Experiences

Temenos

Temenos, the banking software company, today announces that Barko Financial Services selected Temenos software to replace its legacy systems, in both core and front office, to offer a compelling and personalized customer experience.

The microfinance institution will use cloud-native, cloud-agnostic Temenos T24 Transact, the next generation in core banking, and Temenos Infinity, the breakthrough digital banking product.

Barko Financial Services is in the process of applying for a banking license with the ambition to launch a retail bank that will challenge the status quo in South Africa by offering financial products aimed at better meeting the needs of lower-income South African consumers – Temenos will provide the technology to enable this strategy.

The microfinance institution has over 170 branches and caters for millions of modest-earning, but salaried South Africans such as government employees, mineworkers, and civil servants. Currently, it takes Barko Financial Services 25 minutes to onboard a client and 10 to 15 for a new loan application.

With Temenos’ packaged, integrated software, Barko Financial Services will dramatically reduce the time to originate loans, targeting re-loan applications to be completed in under two minutes and new loan completion in under seven minutes. The aim is to give customers, who are mostly located in rural areas, a compelling digital experience using mobile devices, thereby eliminating the need to visit a branch.

Temenos
 

By selecting Temenos’ end-to-end digital banking platform, Barko Financial Services will benefit from accelerated project timelines and drastically reduced the cost of deployment. The microfinance institution is expected to go live in six months. Cloud-hosted Temenos Infinity will allow Barko Financial Services to gain product agility and take new products and services to market faster. Temenos T24 Transact will enable the business to benefit from operational efficiencies at a lower cost of ownership.

Temenos has more than 25 years of global banking expertise and a local presence in Africa. Temenos consistently invests over 20% of its revenue into continually enhancing its packaged software, to develop the richest and deepest functionality in the industry.

Kobus de Wet, Chief Executive Officer, Barko Financial Services, said: “We are delighted to be working with Temenos as our strategic technology partner. Temenos has a worldwide reputation for robust, scalable banking software and an extensive presence in the African region.

We selected Temenos’ packaged and open banking software to transform our customer experience, offer personalized products and services and drastically lower our total cost of ownership. With Temenos, we will be able to launch capabilities faster, if we get approval to establish a bank, and provide innovative products which are simple to use and tailored to add value to our target customers. We wish to offer lower-income customers a personalized experience that is typically reserved for private clients.”

Jean-Paul Mergeai, Managing Director – the Middle East and Africa, Temenos, said: “Technology is playing a pivotal role in making financial inclusion a viable option for everyone. We are delighted to partner with Barko Financial Services, which joins the Temenos family, and it can leverage our experience of serving over 220 microfinance institutions as well as our expertise in helping new banks to launch.

By selecting our cloud-native, cloud-agnostic packaged software Barko Financial Services will benefit from a fast implementation. Barko Financial Services will be best positioned to leverage technology innovation to offer an outstanding customer experience at a reduced cost. We look forward to working with Barko Financial Services as it transforms the services that it offers to its customers.”

 

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/