According to 75% of customers, speaking with a real customer service agent takes too long. Customers anticipate being catered for around-the-clock and getting the help they need as quickly as possible. However, the call handler can only handle one enquiry at a time. In comparison, artificial intelligence can manage multiple jobs with minimal or
no mistakes.
Do chatbots offer better client care than people? What impact does AI have on client customer service? Businesses are debating whether offering their customers human or AI-powered chatbot-based support is preferable. In this article, we examine both options.
Benefits of ‘human’ Customer Service
1. Empathy goes a long way
Humans are exceptional in every way, with their ability to respond quickly and empathise with others. Because people are inherently emotional creatures, more than 40% of customers prefer live chat to any other means to address their concerns. Customers are happy when their issues are handled with care and a personal touch.
2. Live agents can react better
Chatbots use a more systematic line of questioning to grasp the problem and provide answers that closely fit the issue. If the inquiry becomes too complex for the chatbot, it must re-route the ticket to an open customer service assistant, which slows the resolution of the issue.
3. Take a more experience-driven approach.
People learn from experience, and as customer service reps, they can react to various situations and use their knowledge and skills to provide outstanding service. Humans are better at coping with dissatisfied, unhappy, or even anxious customers to obtain the best possible result.
What benefits do chatbots bring to Customer Service?
As a customer you can now enjoy access to customer service 24/7 and, at the same time, get the right help needed with the minimum of fuss or delay, but what happens when your client base grows bigger? You need more employees. The more clients who call your helpdesk, the longer it takes them to reach a representative. After all, they are only human with limited abilities to handle the calls.
Artificial intelligence, on the other hand, can operate indefinitely while making occasional errors. Chatbots are computer-programmed software that enhances the customer experience and responds to client inquiries by utilising machine learning and artificial intelligence.
Chatbots are gaining popularity globally because of the following:
1. Available 24/7
Chatbots, by definition, do not require (lunch, comfort etc.) breaks and can operate for unlimited hours. Consequently, you can reach the service provider whenever you want. The chatbot will answer certain basic enquiries, but if the query becomes more complicated, the bot will (via natural language processing – NLP) connect the customer with an agent who can manage their request. So, not only does this provide the ideal answer by reducing reaction time, but it also provides real 24/7 customer support, which translates into higher customer happiness.
2. Low overhead costs
It’s easy to see how attractive robots might be to a company looking to reduce costs by 20-30% because there’s no need to provide vacation or illness pay or manage costly hiring and training requirements as they only need to be trained once! Hiring individuals is rather different. Recruitment, training, and trial periods are all expensive and do not ensure the company will have a great customer service agent at the end of it.
3. Better response time
When choosing to call a customer support team, receiving a prompt response and solution to an issue, or resolving a problem is always appreciated. AI Chatbots are expected to save over $10 billion in yearly costs for the retail, banking, and healthcare industries this year (2023), up from $6 billion in 2018.
4. Customer insights & personalisation
AI customer service solutions gather and analyse data on purchase history, providing businesses with useful insights to adapt their marketing strategies and enhance customer service. All of this information allows for a more personalised client experience. More than 50% of shoppers think that personalisation, favourably influences their purchasing choices.
What are the challenges associated with chatbots:
1. Installation can be costly
Businesses must integrate custom-built software into their current IT systems for AI chatbots to be successful. However, the cost of bespoke software creation may be prohibitively expensive. A recent Gartner 2021 CMO Survey, found that technology accounts for 26% of their expenditure to support client retention and development. Despite the high return, some tiny or micro companies may not have big enough budgets to install an AI system.
2. Lack of creativity
An artificial intelligence machine is only as creative as its programmer. As it learns, it does not become more creative. As a result, delegating duties requiring ingenuity to the programme is difficult.
3. Problems with accuracy
Programs, like people, can make mistakes, and how they are designed has a lot to do with it. This means that it is still necessary to double-check an AI’s output to ensure that no errors have occurred. Summary: Artificial or Human Intelligence in Customer Service Hopefully, this article has helped you assess the strengths, weaknesses, of each to determine which would bring your business the most significant financial benefits and rewards.
Is artificial intelligence the future of client service? AI development services increase productivity, reduce administrative costs, better processes, and procedures, and increase revenue – all of which are music to the ears of any company!
Live chat has become a revolution in customer service, with the capacity of a chatbot to manage a large number of enquiries inexpensively. Humans, on the other hand, continue to play an important role as customer service representatives because they will always provide the distinct personalised touch that consumers value.
Dan Hancocks, CEO of CoCredo Credit Reference Agency says: The business credit industry will face numerous exciting opportunities in 2023, allowing us to play a more prominent role in providing unique end-to-end solutions that will deliver better advice and insights to business leaders, assisting them in making critical decisions that improve their cash flow and efficiency. It also taps into worldwide consumer demand for a more streamlined data-consuming experience, accelerated by the COVID pandemic.
These emerging technologies will drive user experience initiatives and shape more comprehensive business strategies, providing a competitive advantage to the credit sector. However, there is a clear need to strike a balance between technology and an authentic and personalised customer care experience. As an industry, we must strike a delicate balance between automating systems and processes when possible and delivering in-person support when necessary – determining the difference is a major part of the challenge.
At CoCredo, Customer care is at the core of everything we do, with a client retention rate of 99%. So, if you want to speak to people who can provide the business credit report solutions you need that AI platforms cannot, please get in touch on 01494 790600.