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AI for Customer Service surges as Americans spend 900 million hours on hold in a single year

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AI for Customer Service surges as Americans spend 900 million hours on hold in a single year

March 05
12:03 2021

Data showing that Americans spent more than 900 million hours on hold in a single year last year –  which adds up to more than 40 days on hold for every person over the course of a lifetime – is behind the growing adoption of AI-Powered Customer Service solutions, take up of which is forecast to surge 143% over the next 18 months (1). 

AI-Powered customer service organizations have seen an 82% increase in first contact resolution*; a 75% increase in agent morale*, and 79% have seen an increase in their CSAT customer satisfaction score or their NPS* net promoter score, which measures customer experience of the brand. (2)

One such solution – Voice Compass from NLX – is proven to move customer service beyond simple voice and text interaction. It evolves the natural language and AI capabilities of Chatbots and Virtual Assistants to include images, videos, and strategic use of existing digital assets. Customer data is seamlessly integrated with other systems of record and combined through streamlined automation and AI to create the next generation of powerfully personalized customer self-service.

Data from Oracle reports 1 in 3 brands saying customers prefer to complete a purchase or resolve service issues without speaking to a human. Nuance reports 67% of customers would rather do self-service than wait and talk to a live agent, whilst Salesforce found that the average customer now uses ten different channels to communicate with brands.

“It’s clear that customers are demanding less on-hold time and more self-service,” explains Andrei Papancea, CEO and co-founder of NLX. 

“What this is showing is that brands end up with happier customers because  they receive a faster service with less wait time and improved interaction and control. The organizations benefit because they are achieving quality connections at scale and higher productivity as a result.”

Voice Compass delivers greater operational efficiencies and cost savings, because it’s available on demand and is instantly scalable to thousands of simultaneous interactions; it can automate routine tasks to free up live agents whilst powerful analytics can identify improved handling of call volume, and it’s Pay-As-You-Go, starting at $0.25 per journey minute compared with fixed $1/min Live Agent costs. Companies can augment or complement existing customer service initiatives whilst its flexibility means journey design it agile enough to enable rapid experimentation. 

It leads to reduced customer abandonment rate and increased first-call resolution. It can be fully-branded and has been shown to achieve high levels of user satisfaction.

In terms of the customer experience, there’s no need for the customer to wait on hold or navigate complex menus, whilst 24×7 access can be provided for all customers. The customer controls the pace of the call, although it sounds like they are receiving live agent help. Text, visuals, voice and actions can also be used to fully engage the customer and it is available to use online, by SMS, email, mobile phone, chat, voice and other popular channels already widely used.

In terms of security, strict access control layers are enforced across the platform and all data is encrypted at rest and in transit. Voice Compass SDK can easily connect with third-party applications, websites, mobile applications and IoT hardware devices.

For further information or to try for free, visit https://voicecompass.ai/

Sources:

(1) https://www.marketwatch.com/story/the-average-american-will-spend-43-days-of-his-life-on-hold-2016-02-04

(2) https://c1.sfdcstatic.com/content/dam/web/en_us/www/documents/datasheets/einstein-for-service-data-sheet.pdf

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