As we approach 2023, the Bank of England predicts that the UK faces a ‘very challenging’ two-year recession. For most customers, this will be top-of-mind, with every purchase being carefully considered. Businesses will come under increasing pressure to prove they’re providing value by meeting customers’ needs effectively and immediately.
As if that weren’t enough, customer complaints are at their highest point ever according to the Institute of Customer Service. There are also more complex situations with vulnerable customers now needing that extra support. People worried about their finances are calling customer service teams in ever greater numbers. This is leading to more emotionally difficult conversations for your staff to handle.
With the cost of one of your staff answering a phone call higher than ever, your team need to be deployed where they can be of most value. That is in handling the conversations which need their knowledge and sensitivity.
Getting ready for AI and workflow automation
Proactive customer service will also be critical to get ahead of problems before they reach a tipping point. According to the Financial Conduct Authority, over 40% of the population currently fall within their vulnerable customer category. They may struggle to come forward with their problems right up until they reach a crisis point.
This is where automating workflows within your contact centre and using AI to improve strategies comes into play. Freeing up hidden pockets of trapped productivity at minimum extra cost is going to be crucial.
Done right, deploying AI and workflow automation should lead to a faster, more efficient service. Staff are then under less pressure, and able to deliver higher satisfaction scores and customer retention.
Let’s look at how this might work practically in more detail.
Agent assist
Natural language processing (NLP) is an AI-driven speech analytics tool that can monitor customer sentiment. This works even if a caller is not obviously complaining – emotions are assessed at all angles. It helps identify vulnerable or dissatisfied customers based on how they communicate.
NLP software tracks words and phrases in emails and webchats. Also, audio cues on phone calls – including a customer’s voice pitch, tone, and speech pace.
The software alerts agents when customers are starting to become upset, confused, or distressed. Armed with this information, agents can adjust their communication style or change their advice. With this assistance, customers will be able to remain calm and get the solution they need.
We’ve found that speech analytics software can pre-filter nearly 70% of all critical and problematic conversations that need further attention.
The role of AI-driven workflow management tools
AI-driven software can also analyse a conversation and gather relevant customer information. This is useful for the team member and provided whilst they’re talking to the individual. For example, Lantern, a leading debt collection agency, uses this software to agree repayment plans with customers.
“There would be no point in getting someone to agree to something they couldn’t afford, because they’d simply end up in default. If we provide a better customer experience, we see lower default rates and higher recovery rates. This in turn enables us to price more competitively in the future.” says Lantern’s CEO, Denise Crossley.
Productivity and real-time insights
Because of its ability to gather and analyse millions of data points simultaneously, AI-driven software can also deliver real-timeinsights. This includes on employee productivity and how well your processes are working.
According to Salesforce, a good customer service experience can lead to repeat purchases for 89% of customers. By taking the initiative now, businesses can prove to customers that they can be trusted with their loyalty and ultimately guarantee a higher customer lifetime value in the years to come.