Applications
Enhancing customer experience through AI-driven chatbots & virtual assistants
Several businesses are adopting AI-driven chatbots and virtual assistants as there are proven benefits of their use in customer service. These services function 24×7 and are highly cost-effective. Since they are AI-driven, they offer personalisation options as well and can thus prove to be more effective and engaging. There are reports of certain customers who find AI chatbots highly frustrating to use for complex problems and prefer human customer service. Yet, for a majority of businesses, the plethora of benefits outweigh the few negatives. The various benefits are as follows:
1. Scalable and cost-effective – AI chatbots can handle multiple queries simultaneously, reducing wait time and managing spikes in customer demand. This efficiency and scalability reduce customer frustration while dealing with certain predefined, routine tasks.
2. Enhanced customer service and experience – unlike legacy chatbot, AI assistants and chatbots provide customised support in real-time 24×7. This prompt query resolution can lead to higher customer satisfaction.
3. Reduction in human error and enhanced accuracy – chatbots integrated with CRMs and knowledge bases, providing accurate information about their customers and business products and services. Making them an excellent choice for routine queries and FAQs.
4. Multilingual support – AI chatbots and assistants are trained on a vast dataset of multiple languages. NLP (natural language processing) algorithms can convert text from one language to another enabling them to assist a broad base of customers.
5. Flexibility – These bots can be integrated into multiple platforms such as websites, apps, social media enabling them to assist customers any and everywhere.
As mentioned above, most businesses deploy AI chatbots for personalization. However, at times they fail to deliver the level of personalization they were deployed for. This can lead to customer frustration and customer loss. Therefore, businesses maintain a good balance between AI chatbots for routine assistance and human customer service for more complex tasks. Many businesses integrate these chatbots with CRMs (customer relationship management), which serve as the centralised repository for customer engagement. This integration raises issues regarding data privacy and responsible use of customer information. Thus, AI-driven chatbots and virtual assistants emphasise the need for not just tech-driven solutions for businesses but also its collaboration with human support.
The article has been authored by Tagglabs founder Hariom Seth.
Applications
JioFinance rolls out multi-bank fixed deposit platform
Users can compare, invest and track fixed deposits across issuers in one place
MUMBAI: The JioFinance app has launched a unified platform allowing users to compare, invest in and track fixed deposits offered by multiple banks and non-banking financial companies, sharpening its push to become a one-stop destination for digital financial services.
The new feature aggregates fixed deposits from a range of issuers, including small finance banks and NBFCs, enabling customers to filter options by interest rate and tenure and complete the entire investment journey digitally.
Interest rates on the platform go up to 8.15 per cent per annum, with users able to view tenure, tax treatment, lock-in conditions and premature withdrawal terms before investing. Once booked, deposits can be monitored through a consolidated dashboard that tracks returns, maturity dates and renewal reminders.
Jio Finance Platform and Service Limited chief executive officer Surbhe S Sharma, said the offering addresses a long-standing pain point for savers, who often struggle to compare issuers and manage deposits spread across institutions.
Fixed deposits remain one of India’s most popular savings products, and the company is betting that transparency and ease of use will draw users seeking stable, low-risk returns.
The FD marketplace on the JioFinance app is powered by Blostem Fintech Private Limited, which operates as a business correspondent and technical service provider to partner banks and NBFCs.
