AI improves customer loyalty and revenue

Eighty-four per cent of surveyed businesses in the APAC region believe use of artificial intelligence has customers feeling closer to them due to efforts to improve customer service, according to a report by MIT.

More so than in other regions, APAC businesses find a strategic balance between efficiency and intimacy, with 76 per cent investing in AI to improve customer intimacy, and 96 per cent agreeing it serves the additional purpose of improving customer experience efficiency.

“While investments in AI are primarily driven by efforts to improve efficiency, the technology’s ability to help companies understand and connect with their customers in more meaningful ways cannot be understated,” Genesys chief marketing officer Merjin te Booji said.

“Not only do businesses from across the world benefit from day-to-day improvements in contact centre performance, they also achieve significant gains in customer loyalty and revenue.”

Globally, the report found that AI drastically improves the efficiency, processing speed and transaction volume of customer interactions, with 90 per cent of respondents reporting faster complaint resolution.

The implementation of AI has led to improved revenue for 70 per cent of research respondents, with more than half citing revenue increases of more than 5 per cent, while over 30 per cent see growth of more than 10 per cent.

“Pairing automation and machine learning with live agents lead to happier customers, more satisfied employees and financial rewards,” te Booji said.

The report was based on a global survey of 599 executives, 27 per cent of which represented the APAC region.

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