Cognitive Technologies like Machine Learning, Artificial Intelligence, NLP are helping businesses to gain better outcomes from customer interactions. Companies are realizing the advantages of integrating cognitive technologies into their business as it has the potential to enhance the customer experience, reduce operations cost thereby enabling efficiency. Customer experience is an indispensable part of all the businesses and it the major focus of all the company’s growth strategy. Cognitive technologies like Machine learning and Artificial Intelligence has grown tremendously over the past few years and has transformed both online and offline customer experiences.
A recent survey by International Data Group(IDG) to identify the factors why businesses adopt cognitive technologies in their processes has revealed that enhancing customer experience was the topmost priority for 54 percent of respondents and around 44 percent of them considered improving employee and user experience as the second objective, whereas around 40 percent of the respondents cited reduced operational costs.
Personalization is a key driver in improving customer experiences which are seen in the banking sectors that provides personalized services to its customers. Customer experience matters a lot in the banking sector as they hugely rely on manual processes. This implementation of cognitive technologies can assist banks to rethink and restructure their strategies of customer experiences.
Data insights are one of the tools for enhancing customer experiences as it is a significant driver of business growth. So AI is considered as an efficient tool providing intelligent and informed customer experience at every point in the customer journey.
Data analytics and big data are also helping businesses to redefine their customer experiences by eliminating bottlenecks and delivering the right value to their customers. It has also enabled organizations to understand their customer preferences much better. The data gathered from various sources like surveys, call transcripts, social media comments, etc. are analyzed to get quantitative and qualitative feedback which provides insights to businesses to make improvements in their services, providing personalized services to the customers which make them loyal and improve their customer experiences.
Thus, the use of Cognitive technologies in businesses will help the organization in better decision making, laying the foundation of streamlined customer experiences, personalizing their journey, and enhancing the overall customer engagement.