7 Key Conversational AI Statistics

Keeping up with the ongoing developments in conversational AI can seem daunting. The technology and industry are ever-growing, and new updates are made every day. Conversational AI has made its way into a wide range of industries and significantly impacts them. Below, we go over some of the most impressive statistics for the sectors, including Banking and Financial Services, Healthcare, Retail, and Utilities, just to name a few. Conversational AI is sweeping across industries and making significant strides in automation and convenience.

#1. 74% of Consumers Prefer Assistance from Conversational AI When Seeking Instant Answers

Artificial Intelligence (AI) can help build the capabilities necessary to keep up with modern customer demands and deliver the best customer experience for the banking industry. AI-powered bots allow banks to proactively engage with customers, stay relevant, offer live support, and provide a personalized and authentic experience. Conversational AI can help deliver a wide range of benefits for both the user and the bank.

For users, they can expect the following from Conversational AI:

• Convenience: Conversational AI solutions can easily be integrated into various platform types, from websites to mobile applications. Communication can be more convenient than ever and individualized to each user's preferences.
• Personalization: Conversational AI provides personalized engagements with customers. Conversational AI can ensure a customized experience with advice and service plans for users.
• Ease of Use: Natural Language Processing (NLP) ensures that users can seamlessly interact with conversational AI bots as if it was a human agent, just faster and more convenient.
• Speed: In a traditional setting, connecting with a bank representative could take time and be frustrating due to the amount of information needed for verification purposes. Conversational AI can minimize waiting time and quickly identify customers from their accounts.

#2. 55% of Potential Customers Can Be Lost Due to Lengthy Onboarding Processes and More Than 70% Drop-off in the First 20 Minutes.

Business adoption rates of conversational AI virtual assistants are constantly increasing, and it has proven to be successful across industries. Conversational automation can save significant time and money in such a highly competitive environment. The following characteristics should be considered when companies plan a customer's onboarding process.

• Under 10 minutes: customer onboarding, with automated journeys, Q&A sets, intuitive, and frictionless data collection
• Leverage AI power to increase workflow efficiency, minimize costs, improve customer satisfaction, and automate both internal and external tasks
• Automate and accelerate repetitive tasks such as data entry, verification, and credit checks and increase operational efficiency
• A unified customer view company-wide to enhance the quality of services and speed up the decision process that will reduce the cost-to-serve and increase customer retention
• Secured and trusted KYC with automated compliance check
• React on the spot and adapt to ever-evolving business needs
• Reduce paper usage and document loss while maintaining compliance and full audit trails

#3. 80% of patients are likely to Schedule Virtual Visits Even Post COVID-19.

Personal devices will likely hold a permanent place in our lives. In a COVID-19 and post-COVID-19 world, having remote and immediate access to healthcare is in heavy demand among consumers. The COVID-19 pandemic has challenged consumers' sense of well-being and enhanced their desire to become more empowered and interactive in managing their health and communicating with healthcare providers. The healthcare industry is joining other industries in offering their consumers increased convenience, security, and transparency around their care and costs. Consumers' needs and goals are now entirely driving innovation in health-related products and services and the development of digitally enabled, on-demand, and seamlessly connected caregiver-patient interactions.

The limitations on travel and physical movements imposed by the pandemic have also increased the demand for virtual visits. From the consumers' perspective, the key to successfully introducing technology to improve the healthcare experience is to provide the same personal experience during an in-person visit and build the entire process entirely centered on the patient.

#4. 87% of CEOs are Looking to Modernize their HR Departments Using AI bots.

HR has begun to evolve into a technology-driven industry. HR professionals can greatly benefit from technological solutions in assisting with various HR tasks. Technical solutions combined with new, adapted policies are meant to help employees improve their experience from anywhere, save time and enhance their productivity.

When integrated within the HR framework, conversational AI technology enables the deployment of intelligent digital assistants that can handle a high volume of queries in real-time, accurately, and cost-effectively. These AI bots can be implemented across a wide range of use cases, helping to bring substantial benefits to different aspects that team members value daily.

#5. 84% of Organizations that Actively Work to Improve Their Customer Experience Experience an Increase in their Revenue.

The need for a seamless experience is crucial for the success of a retail organization; convenience ties into this when consumers are choosing a retailer to conduct their business. Nearly half of consumers say that they are more likely to be influenced by convenience than price when conducting retail transactions. The ability to connect and interact with ease is becoming a requirement for customers. A surprising 97% of customers have abandoned a purchase over a lack of convenience, while 83% say that comfort is now more important to them when online shopping than five years ago.

The time is now for retailers to invest in a conversational AI solution to enhance the customer experience, reap the benefits, and ensure that their customers know that they can hold trusted conversations online, just as they always have in brick-and-mortar shops.

#6. Over 6 in 10 Customers Prefer to Use Digitial Self-Serve Channels to Answer Their Questions.

Modern customers prefer to learn and discover things on their own before contacting an organization. They don't typically want to connect with the company repeatedly for an issue or explain their situation time and time again. Customers prefer to find the answer to the query themselves, quickly, rather than waiting for a representative to reach them in a call queue. Additionally, self-service improves customer knowledge and allows them to resolve their problems independently, at their own pace, and learn as much (or as little) as they want.

#7. By 2025, Over 95% of Customer Interactions will Be Managed by AI.

While technology is taking over, it is not only due to increased pressure from internal operations, but customers want them too. Simultaneously, consumer expectations that companies use visual technologies such as virtual and augmented reality and holograms are set to gain traction in the next few years. Businesses that fail to adequately prepare for this technological revolution face a severe risk of being left behind by their competitors.

Businesses that fail to adapt to new technologies face irrelevancy in the coming decade. The challenge is not deciding whether or not to adapt but rather how to do it quickly and successfully. Successful integrations of conversational AI include all communication channels and the ability to add more as you go. To do this, businesses must take a holistic view, bring all communication channels, data, and technologies into a unified, single port and provide a positive customer experience. Companies can better control the customer experience, whether in person or with conversational AI technology.

DRUID can help your company make the leap into conversational AI. We have solutions for a variety of industries. DRUID bots empower your team, customers, and partners to communicate intuitively and efficiently with your business and enterprise systems.

Our team is happy to help answer questions or get you started on your journey to automation!