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Conversational Commerce – What customers really want

This year has served up a few surprises with the majority of businesses leaping to exponentially shift their digital transformation efforts from planning to execution.

Banks and financial services institutions have, in some cases, protracted to address their customer needs. However, with Conversational Commerce no longer just a buzz phrase, and some fintech companies investing to create fast, personalised and secure messaging experiences to meet customer expectations, rapid delivery has swept across boardrooms.

Successful implementation and key findings

By harnessing the power of Artificial Intelligence (AI) through messaging, global companies like HSBC, Bankwest and Capital One have captured the hearts and minds of customers in the communities they operate and serve. This solution has unequivocally enhanced sales, marketing and customer care by providing proactive and actionable support through messaging powered by AI.

According to the Millennial Disruption Index, a third of millennials in the United States believe traditional banks will soon be obsolete, while 73% claim new financial services offering from Apple, Amazon, Google or PayPal resonate more than a service offering from their banks.

Customers across multiple geographies expect one thing, superior digital customer experience for their everyday banking and financial needs. These needs have radically shifted in recent times, bringing about an insatiable appetite by challenger banks to design, develop, deploy and optimise Conversational Commerce solutions that allow customers to engage on their own time, through various messaging channels such as WhatsApp Facebook, Instagram and Apple business chat to mention a few.

Businesses should endeavour to provide customers with the ability to transact quicker, seamlessly across multiple channels and give them the ability to ask questions and have their queries resolved in real-time, without losing the context of the historic conversation. From applying for new products to downloading statements, as well as the option to be transferred to a human upon request – in real-time, we help the business make use of chat, messaging, chatbots and AI to automate communication, and create convenient and personalised digital customer experiences at scale.

The definition of customer experience varies, however, we believe that it is the desired customer outcome driven by the deliberate execution of elements of AI and machine learning linked to customer insights which feed into the build and subsequent integration of Conversational Commerce technologies that deliver an experience relevant to today’s digital age and technologies that also enhance a business’ sales, marketing and customer care capability.

Implementation and execution

To implement a Conversational Commerce solution with AI as the backbone, an organisation must first determine the right mix between digital optimisation and transformation. A Gartner report highlighted that AI drives value across the business, especially in customer experience, cost reduction and revenue generation initiatives. Successful CIOs understand that AI technologies are more than technical and tactical projects — and that the successful application of AI can unlock new opportunities and help achieve business goals.

There is one point that rings true, businesses need the right partners who care about how to develop and deliver a Conversational Commerce solution into their existing environments for it to be successful.

How we can help your business

At Altron People Solutions, we are dedicated to developing secure and truly customer-centric omnichannel experiences. Experiences that lead to unique customer interactions that are supported by both bots and humans working in tandem – the Human-AI tango.

Customers are never left in limbo, there is always a human available to assist upon request. We have ensured that by embedding our expertise and skills and leveraging a proven global network, our clients are left in control of the build and achieve the customer outcomes they desire.

By modifying the operations using technology, businesses that may have once risked becoming obsolete can enable Conversational Commerce across functions within the entire organisation, maintain their vision and take colleagues and customers along the journey through a collective effort. Organisations are now able to align their company vision to their digital transformation efforts and rapidly execute on a Conversational Commerce roadmap.

Find out how our Conversational AI solutions can improve your customer experience strategy.

Contact

Darryl Marcus – Darryl.marcus@altron.com.
or
Eshmael Mpabanga – Eshmael.mpabanga@altron.com.