Tag: artificial intelligence

The success of your business is influenced by many factors other than the quality of your product and its pricing.

Today customer experience is crucial for business success and using artificial intelligence can dramatically improve your customer experience giving your business a competitive edge.

For this reason, it’s important to explore AI as a way to enhance customer loyalty. To start with you can take advantage of readily available Artificial intelligence courses to sharpen your tech skills. This way you’ll be able to create a customer-centric culture and even come up with effective customer experience (CX) strategies. Also, you’ll be able to find the right technology that improves CX in your business.

How can you use AI to boost your customers’ experience? Keep reading to find out more.

1. Use AI to personalized customer experience

Artificial intelligence applications, including machine learning and predictive analysis, can help you discover common customer issues and help find solutions for your users. You can use this data to implement chatbots for specific customer touchpoints on your website. This will help your business customize its real-time customer experience while remaining proactive.

The chatbots always stay ahead of your customers and help create a seamless user experience while getting rid of any problem before it arises. You can place the chatbots in high-traffic areas where they answer questions and tips and advice while researching or placing an order. These features are intended to help improve your customers’ experience and improve your brand’s image.

2. Use AI to generate customer behavior patterns

You can use AI to analyze your customer’s behavioral patterns in seconds. The data obtained is used to create customer personas and help match your customers with the products they are likely to buy. This is also how you can generate content that is most relevant to readers.

The AI algorithm tracks the customer’s behavior from previous customer communications, purchasing behavior, referral sources, on-site interaction, and geo-specific events. These factors are essential because knowing more about your customer ensures that you can implement strategies to improve their buying experience.

3. Use AI to improve lead generation

You must make the buying process for your customer pain-free, and chatbots are designed to do that for your business. A good example is using a set of pre-programmed questions to help validate leads before moving to a sales agent.

There are also instances where chatbots are used to  conversations with customers based on their browsing history to help improve the sale process and help upsell post-purchase.

4. Customize content for your customers

Most commerce companies spend many hours composing and sending out weekly email content for their different segments of customers. However, you cannot deliver a customized email to every user in your email segment.

This is where AI comes in to help you send out customized emails by analyzing the topics of interest and detecting the pattern to help recommend the most relevant content. Customers prefer brands that can customize emails automatically based on content. The changes can make a huge difference in the response customers have towards your marketing efforts.

Ultimately, you can use Artificial intelligence to enhance the buyers’ journey at every step. It will help you understand who your customers are, their preferences, and how they shop, all factors that will help improve your business’s customer experience.

Banks and insurance companies have relied on the same business models for decades. Technology has affected the industry in a few ways, such as computer spreadsheets replacing paper ones. However, the rate of change in IT and customer expectations are driving massive change in the financial industry. For example, we’re seeing mobile payments websites and peer to peer lending websites hitting the mainstream and becoming a viable alternative. Here are four ways technology is transforming financial services.

The Rise of Alternative Lending Arrangements

While many people still apply for a home loan or credit card from their bank, you have far more options than were available just a few years ago. You can refinance your debt or get funding for a new venture via a loan through a crowdfunding site. The internet also makes it possible to apply for loans with alternative lenders.

For example, you can now easily access bad credit loans online through direct lenders and brokers. Some even offer both sources of capital through a single portal or app. The application can be approved in hours or even minutes, and the money could be in your bank just as quickly.

Or you can simply ask for donations to pay for expenses. This is true whether you’ve suffered a tragedy or are seeking money for your new business venture. In the latter case, you might incentivize the donors by offering them one of the first working prototypes off the production line or just give them branded swag.

The Impact on Insurance

The insurance world has started to change in the face of decentralization, and the consumer market is also evolving. For example, people serving ride-sharing app customers can buy insurance by the kilometre to have commercial vehicle insurance only when they have a paying fare. Insurance is having to adapt to provide coverage for other services offered through the sharing economy like renting out your house for the weekend via a rental site.

On the flipside, advanced sensors and smart tech allow for closer monitoring of assets and actual risk. Car insurance companies are starting to offer insurance based on your actual driving habits. A device plugged into the car tracks how hard you accelerate and brake and where and when you drive. This can reduce your insurance rates if you’re a safe driver, and the data it collects may be invaluable in defending you in an accident claim. Other devices track the location of vehicles, allowing trucks and cars to be recovered as soon as they’re reported missing.

Health insurance companies are asking people to track health and workout data via wearable computers. Wearable sensors can report when someone has passed out from heatstroke or a head injury. Insurance companies incentivise the adoption of this technology to reduce the risk of having to make payments.

Just as the lines of personal insurance change, commercial insurance companies also come up with innovative business insurance plans to meet the high demand of today’s marketplace. Both large and small company’s are requesting new to the industry plans to help protect them from events like cyber crime, IT application developers liability and other niche online/software markets which are pushing the industry in a fresh and targeted direction.

The Impact of Artificial Intelligence

Artificial intelligence is affecting everything from rapid A/B testing of marketing content to providing smart search engine results. It is being used to mine social media comments to read social sentiment in real-time. It has led to robo-advisors offering financial advice to clients of major investment firms and monitoring of financial data for small advisors. It is being used to streamline infrastructure, connect buyers and sellers and monitor for fraud.

Conclusion

Technology is revolutionizing every aspect of the financial world. It doesn’t just alter how we interact with institutions or streamline back-office processes. It has opened up the financial and insurance market to new players and resulting in brand new services to meet customer needs and wants.