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AI, Customer Experience and the Financial Services Industry

By Chris Ezekiel, Founder & CEO

When I founded Creative Virtual over 15 years ago, our very first customer was a financial organisation. Not only are they still a customer today, but they also became the first on a long list of brands our team would work with in the financial services industry. Over the years, we’ve developed an expertise in creating, implementing and maintaining chatbot, virtual agent and live chat solutions for major financial organisations. I’m looking forward to sharing some of those insights with you in my opening keynote at the AI & CX Transforming Financial Services Directors’ Forum.

This one-day interactive event will be held on Thursday, 27 June at The Shard in London. The agenda features a combination of presentations, case studies and panel debates designed for attendees to gather insights and advice from leading experts and practitioners in the financial services space.

In my keynote, Taking Your CX into the Future with Conversational AI, I’ll explore the growing role customer experience (CX) is playing in customer acquisition and retention and address the specific challenges financial brands are facing as they look to incorporate new CX technologies with legacy systems while still maintaining compliance with strict industry regulations. Through a series of live demonstrations, I’ll show best practices for implementing chatbots, virtual agents and live chat. I’ll also explain why a combination of artificial intelligence (AI) and human input is necessary for successful and reliable CX solutions.

In today’s highly connected digital world, customers expect the same level of personalised, easy-to-access service and support from their financial institutions as they receive from companies across all other industries. It’s important for financial brands to work with an experienced team that provides best practice expertise – both specifically in the financial services industry and more generally in current and developing customer service trends – alongside innovative technology to deliver conversational AI solutions that are reliable, compliant and futureproof.

I’m also looking forward to being on a panel debate hosted by Martin Hill-Wilson, an expert in customer engagement strategy and implementation. Creative Virtual is the official sponsor of the Directors’ Forum, and we’ll have members of our team on hand to share more live demos and tips to help attendees build their business case for conversational AI.

There are a limited number of tickets still available for the AI & CX Transforming Financial Services Directors’ Forum, so reserve your spot today!

You can also learn more by downloading our Top Tips for Implementing a Chatbot or Virtual Agent in 2019 and see our conversational AI platform in action by requesting a personalised demo.

Creating a Better Experience for Indian Customers

By Anand Gupta, Knowledgebase Author

The Customer Experience Management (CXM) 2019 event that took place in Mumbai on 25th April at the Hilton Hotel turned out to be a wonderful experience for Creative Virtual. The Founder & CEO of Creative Virtual, Chris Ezekiel, and Executive Director India, Shantanu Purandare, participated as representatives of the company. The event also witnessed the participation of market leaders in an array of fields. Business Heads, Chief Executive Officers, Marketing Heads, Vice Presidents, Chief Operating Officers, and other dignitaries belonging to Book My Show, Edelweiss, Future Group, Indigo, GVK, and Craftsvilla presented their perspectives of the market and customers during the day. Creative Virtual sponsored the event as the CX Product Leader Partner.

Customer Experience Management 2019Discussions were held among representatives to magnify the solutions granted to customers. Taking up the dais, Shantanu began with a pun and jest before drawing the audience’s attention towards losses incurred in the market due to fallacies. He sought heed on the loss of thousands of crores of rupees due to bad customer experience the previous year (2018) in addition to the year before that. In his presentation, he emphasized the importance of providing a delightful customer experience. Shantanu discussed key elements needing to be addressed by the industry to improve CX that repeatedly arise in customer surveys year after year. He also stressed the importance of providing support in the customer’s language. For example, Creative Virtual is helping organizations in India provide self-service in Hindi, Tamil and Marathi.

After this, Chris took over the platform and deciphered the real business benefits of chatbot solutions. He noted the strength of Creative Virtual’s chatbot technology through illustrations and highlighted best practices for using chatbots, virtual agents and live chat. He explained that the chatbot is capable of conversation which bridges the gap of human interactions through a live example. The emphasis remained on the personalized interaction. He displayed the customized integration of the chatbot with different devices and channels like Facebook, WhatsApp and WeChat. The company founder also demonstrated the integrations with voice technology and live chat during the presentation before handing the podium to Shantanu again.

Exhibiting the varied aspects of our company’s chatbots, Shantanu demonstrated some of the features of the retail chatbot Swara designed to assist with the selling and purchasing of items. It showcased the capacity of reminding the logged-in user when the transaction remained incomplete after re-opening the bot on another device. He presented one of the features that allowed for human intervention while maintaining a seamless customer experience. The chatbot provided options that enabled the customer to connect with a customer care executive by selecting to receive a phone call to the user’s own device. Shantanu placed an order during the live presentation using the chatbot on both his laptop and his mobile. He then showed the integration of Swara with Amazon’s Alexa device and rescheduled the delivery of that purchase. This demonstration of an omnichannel experience left everyone in awe and thinking about how they could integrate chatbot technology to provide a similar experience to their own customers.

You can watch the full presentation from the CXM event below, and then request a personalized demo to learn more about how Creative Virtual’s chatbot and live chat solutions can help you provide a delightful customer experience. Special thanks to the CXM event organizers for putting together a wonderful event and to all the attendees who stopped by our table throughout the day.

The Campaign to Win Over Customers

By Mandy Reed, Marketing Manager (Global)

In electoral campaigns, candidates share their ideas, come up with catchy slogans and make promises to gain the support of voters and best their opponents. For businesses, every day is like a day on the campaign trail. There is a constant battle with competitors as they try to outdo each other with a superior product or service, lower pricing and an easier customer experience. As customers, we are choosing the winners and the losers every day by deciding where to spend our money.

I wrote recently about the prediction that 2020 will be the year that customer experience overtakes product and price as the number one way companies will differentiate themselves in the marketplace. While we don’t have long to wait to see if that prediction comes to fruition, businesses don’t have the luxury of taking a ‘wait-and-see’ approach. If they haven’t already been putting time and effort into improvements to their customer experience and cultivating the company culture needed to make that a priority, they’ve put themselves at a great disadvantage.

I’ve also written before about the so-called ‘Amazon effect’ on customer experience expectations. Amazon and other companies that are delivering high quality experiences, including excellent service and support, are creating a customer base that is now expecting that same level of customer experience from all the organisations they engage with, regardless of industry. This is helping to push customer experience ahead of product and price in purchasing decisions.

Case in point: over the weekend I got a text from a friend that read ‘Lesson learned…I’m sticking with Amazon from now on…returns are super easy!’ She had been dealing with a drawn-out and frustrating return process for an item that, had she purchased it from Amazon, could have been sorted out in minutes on their website. That business had just lost a customer because of the poor experience they delivered; an experience that didn’t meet the expectations created by a customer knowing there could have been a simpler, quicker process in place.

Customer service and support is one area of the overall customer experience where organisations have often struggled to keep customers happy. One reason is the rapid change in how we communicate both with companies and each other, driven by technology and increased internet access. Not that long ago, businesses were only dealing with providing support in person, over the phone or via email. Now customers are looking for answers and information on websites, social media, messaging apps and smart speakers, too.

Forward-thinking companies understand that the future of customer service lies in automation. It’s not feasible to support customers on every communication channel with humans alone – and customers don’t expect that. Conversational chatbots and virtual agents are a smart way to deliver automated self-service for customers across multiple channels. These automated solutions can also be used to assist customer service agents in the contact centre to improve both the customer and agent experience. The key is to be smart about this automation, though. Work with a knowledgeable team to implement the right combination of automation, artificial intelligence (AI) and human input to set your efforts up for long-term success.

In the relentless campaign to win over customers, it’s easy for businesses to promise a seamless, easy and positive customer experience. But as customer experience becomes more and more important in the decision-making process, it will be the companies that deliver on those promises that will come out victorious.

Is Your Customer Experience Ready for 2020?

By Mandy Reed, Marketing Manager (Global)

Every one of us has a story we can share about a bad customer experience – and we love to tell those stories. In fact, a survey conducted in 2018 across six countries found that 60% of customers said they had shared their bad experiences with others, either in-person or online. And for many of us, we also love to hear or read about those experiences before we make our own purchasing decisions, meaning that a single poor experience can have a negative knock-on effect on countless other potential new customers.

It’s certainly no secret that your customer experience (CX) has a direct impact on your company’s bottom line. The results of that same survey also showed that 56% of customers had stopped doing business with a brand or switched to a competitor after a single bad customer service experience. According to Frost & Sullivan, US companies are currently losing more than $83 billion annually because of poor customer experiences. Despite being armed with this understanding, many organisations are still struggling to meet the expectations of today’s highly connected, digitally-savvy customers.

In their The Future of IT report, Forrester drives home the point that soon nearly all companies will operate as digital entities with their ability to maximise on the potential of new technologies determining their success. One force behind this change are customers:

“Digitally insatiable customers have a marginal and fickle loyalty to traditional brands, are willing to experiment, and are conditioned to switch affinity and spend based on a single poor experience. Customers have an affection for novelty brands and, notably, brands that ‘get’ and tap into their day-to-day lives.”

When it comes to service and support, tapping into a customer’s day-to-day life means providing the options to find information and resolve issues on a growing number of channels. More traditional channels like the phone are still important, but customers now also want to engage with brands on newer channels like messenger apps and smart speakers – channels that are becoming more integrated into other aspects of our daily lives.

Yet just being present on these channels isn’t enough to create a positive customer experience. As Gartner points out:

“It’s not just what channels customers use to resolve issues, but why they use them that leaders need to understand.”

Service leaders must understand the entire customer journey and the realities of what it takes to solve a particular issue in order to optimise each channel appropriately and then guide customers to the correct channel as needed. While all channels should aim to make customer resolution easier, every channel can’t be viewed with a one-size-fits-all mindset.

To be able to guide customers to the right channels and create an easy, seamless experience, organisations need to approach their digital CX initiatives with an omnichannel view. For example, adding a chatbot on a messenger app is a great way to provide customers with quick self-service, but it can’t be a standalone tool. It must also be integrated with other channels so users can be properly guided or handed over to a different channel if needed, such as live chat or the contact centre, to have their issue resolved.

There have been lots of predictions over the past several years about how important CX will become for brands. A recent report identifies the year 2020 as the point when customer experience will overtake product and price as the number one way companies will differentiate themselves from the competition. As we quickly approach the middle of 2019, organisations need to take the time to really evaluate their experience and identify the technologies that will prepare their customer service for the future.

C+UX: Innovations and Tips for Your Customer Experience Strategy

By Mandy Reed, Marketing Manager (Global)

According to Frost & Sullivan, customer experience will overtake product and price as the number one means of differentiation for organisations by 2020. Companies that get their customer experience (CX) right are rewarded, with 74% of consumers spending more with a business due to a history of good service. While most companies understand the importance of delivering a positive CX, creating and deploying the right tools to create happy customers remains a challenge.

If you’re looking for CX inspiration and help in developing a successful strategy, don’t miss the C+UX Expo taking place in London on 27 & 28 March. Tickets for the UK’s biggest customer and user experience event are free and will give you access to several other co-located events, including the Call & Contact Centre Expo and the Marketing Technology Expo.

Creative Virtual Founder & CEO, Chris Ezekiel will be presenting a seminar on Thursday at 14:00 in Theatre 16, ‘Top Tips for Implementing Chatbots and Virtual Agents in 2019’. Be sure to join Chris as he cuts through the artificial intelligence (AI) and chatbot hype to share best practices for selecting, deploying and maintaining a successful self-service solution. Drawing on demos of live implementations, he’ll cover everything from building your business case to setting your solution up for long-term success.

The Creative Virtual team will also be on Stand 920 both days of the event sharing insights and live demos of our award-winning virtual agent, chatbot and live chat solutions. Our multi-lingual technology can be deployed across touchpoints – web, mobile, social, messaging apps, SMS, contact centre, service desk, IVR and smart speakers – to deliver information quickly and efficiently to customers and employees. Stop by to see some of our current implementations in action and learn how we are helping businesses implement these solutions to create seamless omnichannel engagement.

Tickets for C+UX are free, but you must register in advance through the event website. If you aren’t able to attend the expo but are interested in learning more about how you can optimise digital conversations with your customers and employees, request a personalised demo with an expert member of our team.

Best wishes for a Merry Christmas & a Happy New Year!

As the end of 2018 and the start of a new year quickly approach, we want to take this opportunity to say a big thank you to all of our blog readers, customers and partners for being part of another exciting year!

From launching a new website to being named one of Britain’s fastest-growing technology companies to running our fourth 10k in support of the RSPCA, this was certainly a year full of new accomplishments and recognitions for us as a company. Be sure to check out more of the highlights from this year in our 2018 in Review blog post and our 2018 in Review photo album. 2019 is already shaping up to be another exciting year as we look forward to celebrating Creative Virtual’s 15th anniversary.

On behalf of the entire Creative Virtual team around the world, we wish each and every one of you a very Merry Christmas and Happy New Year!

 

Employee Engagement Remains a Top Priority Alongside Customer Engagement for 2019

By Liam Ryan, Sales Director

Welcoming a new year often goes along with an ‘out with the old, in with the new’ mindset, but two things that are staying hot on companies’ 2019 agendas are customer engagement and employee engagement. This was glaringly obvious at the recent AI & Robotics Directors’ Forum: AI Enhancing Customer & Employee Engagement. From the delicious smoked salmon and cheese bagels served for breakfast to the final moments of the drinks reception at the end of the day, the event highlighted companies’ increased focus on improving engagement across the board.

Customer experience and engagement has been a top priority for most organisations for years, but improving employee engagement is a more recent addition to agendas. Organisations are coming to understand the benefits of providing better and easier support for employees. They are also coming to understand that many of the same digital tools, such as chatbots and virtual agents, that they are utilising to improve their customer experience can also be leveraged to improve their employee experience.

The event agenda featured presentations and panel discussions focused around practical uses of artificial intelligence (AI) in the customer and employee engagement spaces. I was joined at the event by Chris Ezekiel, Founder & CEO, who presented a morning session titled ‘Taking Engagement to the Next Level: Conversational AI for customers & employees’. He shared some insights into the expectations of customers and employees and then took an in-depth look at how organisations can bring everything together to centrally control a consistent, convenient and efficient experience for both customers and employees.

Using a single orchestration platform enables you to deliver consistent information and support across touchpoints and allows you to more easily engage users on the devices, channels and apps they are already using in their everyday lives through chatbots, virtual agents and live chat. For conversational AI to be effective, it must use a hybrid approach of machine learning and human input. The orchestration platform you put in place must allow you to manage that combination of humans and AI so you can deliver the best experience to users and maximise on your investments.

During his session, Chris shared a few live demonstrations to illustrate industry best practices. The best way to really understand how this all comes together is to see it in action, so if you weren’t at the event I encourage you to request a demo. Our team is always happy to arrange a time that works with your schedule so you can experience the ways conversational AI can help you improve your customer and employee engagement.

Our thanks to the AI & Robotics Directors’ Forum organisers for inviting Creative Virtual to take part in your last event of the year!

The Platform at the Heart of a Seamless and Efficient Customer Experience

By Chris Ezekiel, Founder & CEO

There’s such a buzz around artificial intelligence (AI) and chatbots today, and it’s certainly a space that has changed a lot since I founded Creative Virtual 15 years ago. The learnings we have gained over the years are an important differentiator for our company and positively influence how we develop and implement our technology. During a recent webinar with Engage Customer, I shared some of those learnings and took attendees through current industry trends and best practices as well as sharing some new innovations. My goal was to show how organisations can orchestrate a seamless and efficient customer experience (CX) across contact channels with chatbots, virtual agents and AI to improve the experience whilst also saving costs.

The virtual agent, chatbot and live chat market is very crowded today with new vendors popping up all the time, and it’s confusing with all the buzz and mixed messages about AI. One of my key tips for any organisation looking at these solutions is that, whether you’re talking about the technology itself or the way chatbots and live chat are implemented and maintained, it’s the people element that’s absolutely crucial. It’s just as much about working with a vendor that can provide consulting expertise as the actual technology. The two need to come together hand-in-hand for a successful project, and that’s something we are very proud to offer at Creative Virtual.

I’m sure it’s not surprising to anyone reading this that over the past several years, customers consistently identify the same factors as being most important when it comes to customer experience and service: efficient, reliable, effortless, flexible. The good news for organisations is that machines, combined with humans, can help them deliver on all these expectations. Another of my key tips is to implement an orchestration platform that can bring together all of your content sources, manage the intents and keep the conversations flowing across all customer touchpoints completely seamlessly in a personalised way and at large scale. The V-Portal™ platform that powers our chatbots, virtual agents and live chat does this while also allowing you to learn from all those conversations going on in real time in such a way that a human, the content owner, works alongside the machine learning component to provide the best possible CX. It’s the machine learning and human curation parts coming together in a hybrid model that makes all of this possible. The orchestration platform is at the heart of creating a seamless and efficient experience.

The best way to understand this is to see real examples, so be sure to watch the webinar recording to see the live demonstrations I shared. You’ll also want to check out the eight recommendations I gave for organisations who are looking to implement chatbots, virtual agents and live chat or want to improve any of those tools they already have in place.

My thanks to Steve Hurst and Engage Customer for hosting this webinar and to all the attendees for their great questions and feedback. You can watch the full recording of Orchestrating a Seamless and Efficient Customer Experience on-demand here.

Orchestrating a Seamless and Efficient Customer Experience

By Mandy Reed, Marketing Manager (Global)

We live in an always-on world with instant access to information and news and trending hashtags always at our fingertips. There have been numerous studies done about the effects of digital devices and the growing need to always feel connected. As I’m writing this, I have no electricity or internet access thanks to the power of mother nature which, I’m slightly embarrassed to admit, is giving me a good bit of anxiety about the percentage of battery left on my smartphone – my one connection to knowing what’s going on in the world without actually having to leave my house!

It’s certainly no secret that this new normal of constant digital connection and instant access to information in our personal lives has also changed our expectations for our engagement with businesses and brands. Organisations are facing the challenge of delivering a quality support experience over a growing number of contact channels. Messaging apps, like Facebook Messenger and WeChat, and smart speakers, like Amazon Alexa and Google Home, have been added to existing touchpoints, like the phone, website and social media, instead of replacing them. On top of that, many organisations are struggling with lots of disconnected information sources making it difficult to keep content updated and deliver the right information to customers on all channels. So how can organisations bring this all together to create a consistent, convenient and efficient customer experience?

Chris Ezekiel, Founder & CEO of Creative Virtual, will join Engage Customer on Tuesday, 27 November for a webinar to address this question, Orchestrating a Seamless and Efficient Customer Experience. Through a series of live demonstrations and practical tips, attendees will learn:

  • The benefits of centralising knowledge management control and using a single orchestration platform to deliver consistent support across contact channels
  • Best practices for implementing chatbots, virtual agents and live chat to provide accurate and seamless omnichannel engagement
  • Ways to leverage a hybrid of artificial intelligence and human input to reduce support costs whilst improving conversational engagement

Register now for the webinar Orchestrating a Seamless and Efficient Customer Experience. Can’t attend the live event? Don’t worry, a recording will be sent to all registrants after the webinar.

You can also request a personalised demo to see how our technology can help you deliver seamless, consistent support and increase customer satisfaction scores.

Integrating the Right Customer Experience Technologies

By Liam Ryan, Sales Director

It’s impossible to talk about customer experience without also talking about technology. Companies and brands are looking to provide a complete omnichannel experience for those at a desk and on the move, deliver quality service and support to digitally-savvy customers and remain competitive as a growing number of contact channels gain popularity among consumers. All of those goals involve not only implementing, but also integrating the right customer experience (CX) technologies.

Earlier this month I attended CXtech, a new technology conference and showcase focused on what’s new, what’s working and what’s coming next in CX technologies. One major theme that came up repeatedly during presentations and my discussions with other attendees was that the truth about artificial intelligence (AI) is now been revealed after all the hype, myths and unrealistic claims. The CX industry is coming together in agreement that a hybrid approach is best – using a combination of AI and humans to deliver the best experience for customers. This is the approach we’ve always taken at Creative Virtual, and one that we’ve seen industry analysts and experts talking about more and more recently.

CXtech Chris EzekielChris Ezekiel, Founder & CEO, joined me at the event and presented as part of the ‘Digital Automation, Chatbots and Virtual Assistants’ stream. His session, Digital CX & the contact centre: AI, chatbots, live chat & knowledge management, was well-received by attendees. He talked about the essential components of AI-driven digital transformation in the contact centre and then showed them how organisations are already using our CX technologies through a series of live demonstrations, including one of our customer chatbots working on Amazon Alexa. It’s one thing to listen to someone talking about the possibilities of the technology; it’s another to actually see and experience the solutions working and delivering on those promises.

We had a mix of people from different areas of organisations – the contact centre, digital CX, marketing, etc. – stop by the Creative Virtual stand throughout the day, some expressing that Chris’ presentation showcased ‘exactly what we are looking for’. There was lots of interest in discussing how to support customers on social media and messenger apps like Facebook Messenger. I also spoke with attendees from organisations that aren’t part of the industries we typically see at these types of events, such as public and emergency services. This reflects the change we’re seeing in the CX market as a wider range of industries are feeling the pressures of cultural and digital changes.

Our thanks to the CXtech organisers for putting together a successful event. It was a day of great presentations and insightful discussions, and I especially enjoyed the salmon at lunch!

If you’re interested in learning more about AI-driven transformation in the contact centre, download our latest whitepaper A Chatbot for Your Contact Centre.

And if you’d like to see our chatbot, virtual agent and live chat solutions in action, be sure to request a live demo to arrange a personalised demonstration.