The unprecedented outbreak of the COVID19 pandemic has caused many businesses globally to scramble to connect with their customers digitally. Many deeply introspected their individual approaches toward novel and adaptable forms of customer experience management. If there were a silver lining in this incident, it would be that this crisis has led the future of technological innovation to be preempted sooner than was ever expected. For many institutions and brands alike, analyzing digital interaction and assessing the ratio of digital dependency for daily sustenance such as banking services or e-commerce became the essential first step.
At Locobuzz, many of our clients faced volumes of customer concerns that were treated as critical, and logistical pain-points for the brand managers. Hence, our first step was to use this large influx of data to our advantage and strengthen our AI technology to build seamlessly accurate sentiment models.
If we have to apply the foundation of Machine Learning in daily, people-centric businesses, we have to consider constant change, whether evolving markets or customer preferences, CXM becomes highly dependent on the ability of AI technology deeply understanding different customer’s intentions. In ML terms, it becomes important to train AI to understand the difference between two responses that carry the same words, but can mean totally different things. For instance, someone enquires with a bank for a loan:
User: Hey Bank, I need a loan! Let’s say that the AI has been fed with two responses for the word “Loan”:
- Sorry, we are not providing any kind of loan at the moment.
- Can you help us with which kind of loan product you want?
Assume that based on the query “loan”, the AI can illicit any one of the above responses, which can result in two entirely different circumstances!
Enter: Smart Replies.
Introducing the Smart Reply functionality is Locobuzz’s one of million ways to reduce an ORM agent’s biggest woe: TAT reduction. However, it also helps in segregating responses into different categories. It starts with the AI being fed responses that are bifurcated by query. Smart Reply not only helps by providing quick responses, but uses sentiment analytics and ML to efficiently increase the accuracy of the responses. But as the first example demonstrates, it’s not as easy as that.
What is interesting is that the feature also recommends responses based on predicted queries based on “intent”. Why intent? Because oftentimes, users don’t know how to ask for help. Such as, if a user asks, “I don’t know which loan will help?” can elicit a response such as “Would you like to share your contact details with us for further assistance?” This function of machine learning helps the feature analyze a query based on keyword sentiment and populates a suggested response for the query.
Locobuzz has noticed a commendable improvement in TAT after the inhouse team started using the ‘Smart Replies’ functionality. While working with Locobuzz, a BFSI brand observed their FLR TAT had reduced from the initial 41 minutes in May 2020 to a whopping 17 minutes in June 2020. Additionally, ‘Smart Replies’ in essence prevent the brand from sounding monotonous or impersonal. While personal touch is the key to client retention, we must remember that AI technology is much like a child: it identifies and makes sense of patterned behaviour. Imagine if a series of patterns that are observed acutely, compartmentalised, analysed, understood, internalised, formulated and revealed. That’s what the process of “accuracy” looks like. AI technology and sentiment analytics with the help of machine learning tactics, will teach itself to evolve, but human intervention will always be the point of evolutionary-based learning.
Of course, AI tech is constantly improving, and the team at Locobuzz tirelessly works toward perfecting its approach for sentiment AI, smart reply, contextual word clouds and many more recommendation and computer vision technologies. With an accomplishment of even one of these mechanisms, brands like Locobuzz set high industry standards levelling higher than the standard analytics tool, geared to provide brands what is required to overcome the challenge of any crisis.
Client Relationship Manager
Locobuzz Solutions Pvt Ltd
Locobuzz is a Saas platform that converges with technologies such as AI, ML, Big Data & Analytics to provide brands with a 360-Degree customer experience management suite. Locobuzz’s powerful analytics algorithms have helped seasoned brands establish a strong foothold in the digital hemisphere and transformed their customer experience journeys. Visit our website www.locobuzz.com for more information on our CX management services that are catered toward businesses like yours!