Conversational commerce has grown significantly, especially during COVID restrictions. Consumers now expect to engage at their convenience, using multiple technologies.
It is predicted that by 2025, 85% of all customer service interactions will exist without person-to-person involvement.
Saascoms Omnireach is a conversational agent platform which centralises all forms of chat (webchat, SMS, e-mail, Whatsapp and other social media) onto a single engagement platform.
The customer can communicate via their preferred channel and switch between channels during their interaction without needing to re-validate their ID.
At the heart of the solution is a powerful and trainable “frontline” AI chatbot that communicates in 92 different languages and analyses conversations using sentiment, key phrases and natural language processing (NLP). The AI chatbot is contextually aware and, by machine learning, becomes progressively smarter.
This ‘virtual assistant’ has a pre-programmed ‘Arrears and Debt Resolution’ knowledge base taken from tens of thousands of interactions in a DCA environment and is used to train machine-learning algorithms that power our AI.
The AI engine has monitored and analysed over 100million conversations and agent responses within the Collections & Arrears environment over the last four years, ensuring our NLP engine has a 99.7% intent and sentiment match success rate. This makes it possible for the AI to identify up to 75% of the customer intents at the adoption stage.
By providing ‘frontline’ support to the agent function, conversational AI analyses chat quickly and in real-time to automate conversations, drive efficiency, and respond to customer needs. In the first instance, the AI will identify and verify (ID & V) the client via an API or data feed into the client CRM database. Once security has been passed, the AI Chatbot will accurately identify the customer’s intent and respond accordingly.
The Chatbot detects nuances in a customer’s questions and responses and gives relevant answers the way a human would. The conversation continues until a question has been answered, their problem has been solved, or until the request is transferred to a live agent.
Many tasks can be dealt with without the need for agent engagement, as the Chatbot takes the customer through a workflow process The Omnireach AI typically resolved 27% of all interactions with a single line response and 42% without live-agent involvement. The latest statistics from Q1 2022 suggest 72.4% of conversations engaging with the Saascoms Collection & Arrears Chatbot are resolved on the first contact.
Accurate identification of a customer’s requirements is key to providing a high-quality customer journey, raising engagement, providing better CSAT scores (typical 12% uplift) and improving outcomes. By accurately identifying intent, the AI can route more complex enquiries to the best-equipped agent team to deal with them. Conversation CSATS suggest 89.3% of customers were completely resolved with the Saascoms AI Chatbot.
Using AI and routing to a specialist team makes customer conversations more meaningful, and agents have more time for complex interactions. Collections have been proven to increase by over 10%. The AI is trained to quickly identify a ‘vulnerable’ customer and immediately divert to a specifically trained live agent where the query can be handled appropriately.
Agents have the ability to help train the Collections & Arrears AI engine. By copying content from conversations and adding them directly into the AI engine, the Saascoms platform will evolve and ensure AI can identify future conversational meanings.
The agent can then free type a reply or select from a branded template, which then adds personal customer information into the response via a link to the organisation’s CRM. When a response is registered within the Saascoms engine, it is added to the data pool for analysing and adding to the ML algorithm.
Omnireach AI conversational technology is utilised by nine collections and arrears organisations in the UK, who, on average, process 2.8million interactions per month. Sectors include energy, telecoms, vehicle finance, home shopping (catalogues), personal finance/loans, and student loans.
Learn More about Omnireach