AI in customer service ushers in an era of customer-first approach. Alok Kumar Agarwal of Alankit shares how customer service stands to gain immensely from AI chatbots!
AI technology has been making heads turn since Chat GPT was released last November. People have realised just how important AI has become in our lives. Chat GPT broke records as it garnered 1 million subscribers in barely five days! “In this time of instant gratification and at your doorstep service, people are welcoming tech that makes their life easier; AI chatbots, therefore, have this newfound popularity that is only going to grow with time” Alok Kumar Agarwal.
Chatbots are software that simulates conversations and has the ability to answer questions if they are framed in a introductory manner. Then, they can continue discussions with humans using their reserve of predetermined questions.
“The increasing popularity of chatbots is due to their availability 24/7; they can easily handle basic and repetitive queries and save a lot of time. Businesses stand to gain immensely from chatbots!” Alok Kumar Agarwal Alankit
Chatbots have revolutionised the customer service industry. They use Natural Language Processing to understand customer inquiries and respond appropriately. Moreover, they can be integrated with various platforms like messaging apps, websites, or social media apps.
One of the most important features is that they are cost-efficient as they can handle a large volume of customer queries reducing the need for human involvement in trivial matters. According to a study conducted by iCubesWire, 43% of Indians feel that chatbots provide almost the same value in interaction as a human.
Conversational bots also help in the financial sector by assisting customers in understanding payment options, check their bank balance, by accessing accounts, etc. in this time of instant information, chatbots are assisting businesses to maintain their consumer base by providing the first line of defense in 24/7 services. In addition, more advanced chatbots now can recognise emotions like anger or frustration, which will help them transfer complex problems to humans.
Even with all these plus points, chatbots may sometimes be limited. Perspective is one thing that makes a machine different from a human. The ability to understand a customer’s point of view and context is what helps in customer satisfaction and retention. Chatbots generate responses that are programmed into them; if something falls outside the purview of their knowledge, they will not be able to handle the customer.
In a country like India, where a significant number of people are not digitally literate and prefer face-to-face interactions, chatbots are mainly focused on the tech-savvy younger generation.
Even with these limitations, many businesses only utilise this technology for basic or repetitive information. When we talk about the world of technology, the sky is the limit. With consumers changing their buying behavior frequently, businesses need to be up dated on how to serve them better. AI is the new disrupter in the field of technology and must be adopted by businesses in order to survive.
About The Author
Mr. Alok Kumar Agarwal, the former chairman of Alankit Limited, has soared the Alankit Company by venturing into dynamic business spaces and developing efficient financial solutions. Alok Kumar Agarwal’s passion, dedication, and strategic business acumen have acted as the catalyst for a phenomenal transformation of the Alankit Group. His philosophy has been a blend of fiscal prudence and continuous innovation for the sustainable growth of the Alankit Company. His entrepreneurial skills and deep industry expertise have underpinned the success of Alankit Group.
Alok Kumar Agarwal of Alankit holds a Bachelor’s Degree in Commerce and is a fellow member of the Institute of Chartered Accountants of India and a Certified Financial Consultant conferred by the Institute of Financial Consultants. He has successfully completed a training programme on Health Insurance for CEOs/CAOs of TPA at the Administrative Staff College of India, Hyderabad. He has also qualified for NCFM- Derivatives, DP Operations, Capital Market, and Mutual Fund segments. With this proficiency, he has successfully led the Alankit Group to newer heights.