The past five years have seen exorbitant growth in the world of conversational engagement. When looking at global technology use, 2021 saw a record high of voice assistant users, finally surpassing 7.5 billion individuals. The most fascinating part of this increase wasn't the number but the regional demographics — while most users previously belonged to developed countries, recent analysis reveals that 50% of voice assistant users are now from developing regions.
Many believe that this is a result of greater comfort with technology in aging populations — voice assistant technology can now provide real-time experiences more closely aligned with human conversation, making people more likely to try using them. For example, user-centric voice design enables seamless conversational AI instead of chatbots in banking and many other industries.
Though this progress is certainly impressive, it is also true that only around 30% of users think their interactions with chatbots are highly effective. One potential cause for this is that chatbots are limited to narrow use cases, which often results in bots that aren't personalized and can't truly determine what the user wants. This limited information base and response-ability lead to frustration rather than satisfaction in users.
However, that doesn't mean businesses should give up on this technology. When successfully implemented, conversational AI with a user-centric design in its backbone can enhance customer engagement and reduce digital drop-offs significantly. Chatbots have also been shown to increase automated conversations by 50% and reduce nearly 40% of customer service costs. Businesses with efficient chatbots have also reported seeing a 2–5% revenue uplift, a statistic they believe comes from improved customer satisfaction.
These savings can be massive for any business with the application of conversational AI, especially those with smaller budgets. This technology is more efficient for conversing with users and streamlines other operations like loan servicing. By automating repetitive tasks, bots like JPMorgan's "Coin" bot can reduce human errors and save hundreds of thousands of hours of human labor.
But conversational engagement isn't just about deploying any chatbot. Businesses need to consider three factors:
- Personalized design with an understanding of context
- Seamless user experience
- Cohesive technology platform
Only with these three factors will customers find true satisfaction in this technology. Businesses can start this process by buying a Conversational Design Center of Excellence (CoE) that combines solid frameworks, methods, and talent development through a user-centered lens. By understanding what the customer expects, businesses can use technology to create user experiences that please them.
In the banking industry, conversational design must be personal. For users to feel safe and heard, financial conversations require context, empathy, and security. The system must also be rapid in response to address timely issues like card activations, shutdowns, and related issues. Customers want control over their finances, and business chatbots need to provide this to them to remain supported.
Professionals with a deep understanding of user expectations and industry specifics understand that chatbots must reflect both of these to be successful. A bot's persona needs to resonate with users, a fact supported by decades of industry research. Engaging, natural dialogues are paramount to customer satisfaction with any technology communicating with them.
As conversational AI becomes more popular, businesses must learn to focus on bots that fit into the customer's life so naturally that they don't even think about it — and the ways to do this are through personalization and efficiency.
