What is Conversational AI?

Providing outstanding client experiences is now essential for businesses to succeed in the current highly competitive industry and grow. Customers of today expect fast access to support and service via both digital and physical channels. They are technologically aware. This is where conversational AI really shines as a cost-effective and results-driven ally.

Today, conversational AI is enabling businesses across industries to deliver outstanding brand experiences through a variety of channels like websites, mobile applications, messaging apps, and even more! Conversational AI is the cutting-edge field that involves creating computer systems with the ability to engage in human-like and interactive conversations. As such, computers can understand and respond to user inputs in a way that feels like they are in a conversation with another human.

Why will Conversational AI be essential to your business in 2025?

Conversational AI is expected to revolutionize customer service, with 80% of businesses planning to use chatbots or virtual assistants by 2025.
By 2023, 25% of customer service operations will integrate AI technology. This technology can provide 24/7 support, improve products, and target marketing effectively.
The global conversational AI market is projected to reach $32 billion by 2023, leading to increased sales and customer satisfaction.

Types of Conversational AI

What are the main industries uses the Coversational AI their usage

Industry

Usage
Retail, E-commerce, Telecommunications Answering FAQs, handling customer inquiries, processing orders, and providing product recommendations.
Healthcare Appointment scheduling, patient triage, symptom checking, providing medical information, and reminders for medication adherence.
Banking and Finance Customer support, transaction inquiries, fraud detection alerts, financial advice, and personalized banking services
Travel & Hospitality Booking flights, hotels, and reservations, providing travel information, customer support, and handling cancellations and modifications.
Education Student support, tutoring, answering administrative questions, providing course information, and facilitating remote learning.
Human Resources Employee onboarding, answering HR-related questions, scheduling interviews, and providing information on company policies and benefits.
Real Estate Providing property information, scheduling viewings, answering buyer or renter questions, and assisting with mortgage and financing queries.
Entertainment & Media Recommending content, answering viewer questions, providing showtimes and schedules, and enhancing interactive experiences.
Automotive Assisting with vehicle information, booking test drives, customer support, and providing maintenance reminders and services.
Utilities Customer service for billing inquiries, outage reporting, service setup and changes, and providing usage information and tips for energy saving.

Usage of Components in Conversational AI

Conversational AI utilizes advanced technologies like NLP and machitgne learning to create bots that understand and respond to human words, with four key components being crucial to the process.

Machine Learning – ML solves complex problems without explicit programming, making it a powerful tool for coversational AI. AI learn from past intercatins and improve over time. Natural Language Processing – allows system to understand user inputs and produce relevant responses. Data Mining – discover data patterns and insights from conversational data that developers can utilize to enhance system’s functionality. Automatic speech recognition – converts spoken words into text

What are the benefits that Conversational AI offers to the customers?

* Automate customer service tasks
* Expected global savings from chatbot usage
* Gather valuable insights into user behavior
* Reduce customer service cost and response times
* Create opportunities for growth and innovation
* Multilingual (Supports for multiple languages) and omnichannel support

How to get started with Conversational AI

LOLC Finance Use Case

    Yenasys has successfully implemented an advanced AI NLP chatbot with LLM capabilities for LOLC Finance. This cutting-edge chatbot is designed to enhance customer interaction by providing intelligent, context-aware responses, thereby improving overall customer experience and efficiency. The collaboration between Yenasys, Microsoft, and LOLC Technologies marks a significant milestone in leveraging AI-driven solutions to streamline financial services and support LOLC Finance's commitment to innovation and customer satisfaction.
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