The Growth OfThe AI Virtual Assistant

Thanks to tech giants, virtual assistants have seamlessly integrated into our lifestyle today. We can hold simple conversations with these AI-based assistants, and even automate mundane tasks like making a call, sending an email, etc.

Apart from personal assistants, chatbots form an important application of AI in e-commerce. While they started as an exciting application due to the way they automated customer service, questions regarding their practicality have been raised. Chatbots can utmost answer a couple of frequently asked queries. Often, customers look for ways to surpass the chatbot and get in touch with an actual representative. However, that’s not true with the solution developed by Clinc.

Taking chatbots to the next level

AI scientists and researchers have been working on improving the quality of automated customer service. For instance, consider Finie – the virtual assistant developed by Clinc. It is an AI-based solution built especially for the finance sector.

Modern virtual assistants like Finie are much more capable than chatbots. Unlike chatbots, these virtual assistants can resolve customer queries without letting them feel like they are interacting with a machine.

About The Clinc

Automation in the finance sector

What are the tasks that can be automated through virtual assistants? Some of the tasks include checking bank statements, locating ATMs, activation of new credit or debit cards, and carrying out transactions. Also, advanced personal assistants can understand messy language and implement conversational healing. Since the system remembers key details from each conversation, it can even retrieve those details in future, if the need arises. Due to these factors, it is expected that AI will help customers have a seamless experience in the finance sector.

What are the gains?

Why are companiesincreasingly investing in AI-based research? It is because AI-based products promise a world of new possibilities. For example, let us consider a virtual assistant that can mimic a human customer representative. If it is fully functional, what does the bank or any other financial institution gain?

An automated system will resolve customer queries more quickly than a customer representative. Thus, customers will have lesser waiting times. If more customers have a pleasant experience, they are likely to continue using the service. Thus, the firm can achieve a higher customer retention rate.

Also, the company can cut the cost of recruiting and maintaining a customer service team. Overall, it is a win-win – the customers get the best service while the company can offer excellent services without recruiting more members to its workforce.