The Rise of Conversational AI

In the cutthroat world of modern business, failing to deliver top-notch customer service can be catastrophic. It's not just a matter of losing customers to competitors - a poor customer experience can swiftly lead to reputational damage and significant financial losses. Today's digital age, with its lightning-fast social media, amplifies the impact of negative feedback on a company's brand. Thus, delivering a top-tier customer experience is an essential strategy for businesses of all sizes seeking to remain competitive.

Two facts cannot be ignored. First, failing to effectively manage customer demands and expectations can have a negative impact on revenue and/or market share, since dissatisfied customers take their business elsewhere. Second, talent shortages and inflation can derail customer service efforts, increasing business challenges threefold. 

So, while the risks and consequences of poor customer service are clear and present, there is a solution that's taking the business world by storm.

Enter conversational AI, the game-changing technology that's revolutionizing the way companies interact with their customers. With its advanced ability to understand and respond to human language, sentiments and needs, conversational AI is rapidly becoming a go-to solution for businesses looking to improve their customer service, enhance the overall user experience, and notably improve business results.

But what is conversational AI? Conversational AI is an advanced technology that allows machines to understand and respond to human language. It has become increasingly popular in recent years, as more and more companies adopt chatbots and virtual assistants to improve customer engagement and overall user experience. Conversational AI can be found in a variety of applications, including customer service, marketing, and sales.

In the rapidly evolving world of technology, businesses are always on the lookout for new and innovative ways to leverage Artificial Intelligence (AI) solutions to achieve greater efficiency and productivity. The latest shift in the AI landscape, as we see it at Galileo, is the adoption of "next best action" models that not only identify trends and patterns, but also enable businesses to take action on them in a highly targeted, relevant and granular manner.

This capability is a game-changer for businesses. With AI now able to understand context and make informed decisions based on it, businesses can offer tailored-fit financial product recommendations and customer experiences that go far beyond what traditional chatbots could ever achieve.

"To provide a more personalized and engaging customer experience, our unique empathic AI engine uses machine learning and natural language processing to understand the nuances of human language and emotion,” said Tory Jackson, Head of Business Development and Strategy, Latin America of Galileo. “In the context of conversational AI, empathy is important because it allows the AI to accurately understand the customer’s needs and respond in a way that is meaningful and supportive - creating customer experiences that ultimately build trust and long-term brand loyalty.”

By using large language models (LLM), conversational AI can provide valuable insights into customer interactions in real time, allowing businesses to offer a more personalized customer experience at every touchpoint. This technology can also handle as much as 80% of routine customer inquiries, freeing up human agents to focus on more strategic and complex initiatives.

Additionally, conversational AI can help businesses save money by enhancing automation to minimize reliance on human agents, while handling multiple customer inquiries at once. According to a recent study by Juniper Research, AI-based customer service can save companies billions of dollars. 

The benefits of conversational AI extend beyond customer-facing applications, as it can be used in various divisions within a company such as marketing, customer service and sales. With the use of machine learning and natural language processing, conversational AI can grow intelligently and understand a broad vocabulary and colloquial language, offering not only more precise and correct responses to requests, but also the ability to personalize customer engagement and offer meaningful product recommendations. 

Of course, data privacy and security remain crucial considerations for businesses using conversational AI. As with any technology, it is important to ensure that data is handled appropriately and according to relevant regulations.

Overall, it’s clear that the adoption of conversational AI is driving massive transformation across the world - offering both cost savings and improved customer experience. However, developing AI solutions from scratch can be complex and time-consuming. Therefore, partnering with a proven vendor that offers extensive industry and AI experience is a smart move. Such a collaboration can provide numerous benefits, including access to leading-edge technologies, deep insights into industry trends, and the ability to capitalize on the transformative potential of AI. 

When it comes to financial technology, a system like Cyberbank Konecta can provide companies with the necessary tools to meet the evolving needs of their customers. These solutions empower these enterprises to create and deliver exceptional experiences, while staying market competitive in a rapidly evolving industry. 

Author: Tory Jackson and Diego Cibils

About Diego Cibils

Diego Cibils is an artificial intelligence specialist with experience in developing next-generation solutions to drive business growth in Latin America. He is recognized for his collaborative approach, strong business skills, and ability to lead multidisciplinary teams. His dedication to innovation and strategic vision make him a prominent figure in the field of artificial intelligence in the region.

About Tory Jackson

Director of Development and Strategy for Latin America at Galileo Financial Technologies. 

He specializes in expanding Galileo's presence in the region and works closely with local and international financial service providers. With over 10 years of experience at Galileo, including roles as Country Manager for Mexico and involvement with leading Fintechs, Tory is skilled in creating powerful technological solutions that promote financial inclusion. He resides in Mexico City, speaks English and Spanish fluently, and actively contributes to the Galileo Foundation's mission of improving the lives of those in need.

About Galileo Financial Technologies

Galileo Financial Technologies, LLC is a financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI) that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.