2020, The Year of Voice AI
The Adoption of Voice
With the help of Siri, Alexa and Google Assistants, there is a new movement towards voice. They have become so ingrained in our everyday lives, that we don’t refer to them as things but use male and female pronouns as if they are one among us. In the new year, we can only envision them serving added purposes in both our professional and personal lives, beyond answering questions, setting calendar reminders or playing music as they are now.
The transition to AI in business has been noticeably fast, and the trend is projected to continue. In fact, in the years that have passed, many companies have begun employing AI, particularly conversational AI, for use in customer service, which undoubtedly is a top priority for any business. Global research and advisory firm Gartner foresees 15% of interactions with customer contact centers being AI-led by the year 2021, a 400% growth from four years prior.
IVR to NVR
And really, what is there to lose? When done right, AI can increase revenue and bridge the gap between companies and their consumers by personalizing the customer experience. The benefits are so convincing that 56% of call centers plan to implement AI in the near future, potentially abandoning out dated models such as IVR, that have served their purpose but way overdue for improvements. With the help of Voice AI, call centers can now adopt a dynamic, interactive system called Natural Voice Response (NVR). A big chunk of those call centers are catering to a particularly important sector, financial services. And with a world now highly driven by technological advancements with customers in mind, they cannot afford to be left behind in their efforts to boost performance and establish a connection with their clientele.
The idea that customers would be averse to using AI is slowly becoming obsolete. With developments such as machine learning and the prominence of voice assistants and smart speakers, consumers are growing to be more comfortable with AI. Smart speakers such as Google Home and Amazon Echo, are now a mainstay in many households, and users enjoy being able to customize these according to their needs. This expectation is also extended on how customers interact with the services they use.
Even with the wide use of voice assistants on mobile and smart devices, they are limited in what they can do. Siri can perform basic commands but would be unable to appease customers dealing with urgent concerns. Banking clients also have the added concern of security as any matters regarding money should always be handled with sensitivity, and financial institutions could not afford to lose their consumers’ trust. With ease in handling commands, voice assistance lack in holding conversations and that is exactly where Voice AI comes in to fill the gap.
That’s where Voice AI Comes in
With Virtual Agents being exceptional examples, you’ll hear a natural-sounding agent that can handle 80% of first line inquiries. Tone, pitch and accent are also adjusted based on the information that the customer relays. With its approach of analyzing speech to understand intent, Virtual Agents can interpret non-verbal cues and consequently incorporate feelings of concern and willingness to help through their voice, putting clients at ease. It is a promising method that increases profit, cuts waiting time and ensures efficiency.
7 out of 10 customers still prefer speaking over the phone, as they feel best understood through voice calls. After all, talking is the most natural way to converse, and other elements such as tone are not omitted, making it less alienating in contrast to the text, email, or chat routes.
Virtual Agents work hand-in-hand with human agents and leave them to focus on calls where human interaction is unavoidably required. Rather than replacing human agents, Voca.ai emphasizes on empowering them as a partner in accomplishing higher customer satisfaction.
Virtual Agents are always happy to assist and are able to provide a natural, human-like experience during calls. Human error is avoided and lost costs due to privacy training and quality control to ensure compliance is cut. Incorporating company data and policies isn’t a problem too. Voca’s machine learning algorithms mean that it can be customized according to a company’s needs and therefore meet all compliances to the T.
Leading financial institutions, insurance companies and credit card providers already attest to the benefits that working with Voca.ai has brought in streamlining its processes such as payments, customer acquisition, collections and more. Be part of the voice-first revolution —more importantly, reach your customers at scale, with Voca agents that ensure a human touch.