How Citi Commercial Cards is using conversational AI to improve CX

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30-second summary: Citi recently engaged with Interactions, a provider of intelligent virtual assistants (IVAs) to implement a pilot program that utilizes a virtual agent with the goal of improving CX in their Commercial Cards division. Citi’s commercial clients were receptive to utilizing technology that reduced the need for card holders to speak with a representative for routine issues that could be effectively addressed digitally. A cross functional team at Citi evaluated AI chatbot provider, Interactions. Citi’s product, technology, operations and customer service teams worked closely with resources at Interactions to implement the tool. From the selection process for Interactions through the first live test call, the onboarding process took about 11 months. Currently the chatbot initiative is still a pilot program that addresses five simple issues with an automated agent. A key part of Citi’s CX strategy was to notify clients before rolling out the pilot program. Since the pilot started, Citi’s had about a million calls which have a containment rate (e.g., the virtual agent can fully service the call without switching to a live agent) of roughly 40%. ClickZ spoke with Gonca Latif-Schmitt, Managing Director at Citi, to discuss their technologically-savvy approach to improving customer experience (CX) for their business card holders and clients. Citi engaged work with Interactions for their Citi Commercial Card initiative. Interactions is a provider of intelligent virtual assistants (IVAs) focused on helping companies improve CX via the use of AI chatbot technology. They offers several products that fall within the customer experience space, including an IVA tool utilized by leading brands such as Hyatt, Constant Contact, and Shutterfly. Example of AI chatbot agent answering a customer’s question—source: Interactions Improving the client experience key for Citi As a credit card business within Citi’s institutional group, the commercial card team is focused on making the entire client experience frictionless and more digital. Says Latif-Schmitt, “In our business of commercial cards, there’s been a significant shift with the organizations that run card programs who want individual card holders to be as efficient and as frictionless as possible in their servicing.” Citi Commercial Card clients were receptive to solving problems without the need to speak with a representative for routine issues that could be effectively addressed digitally. To this end, adding an AI-powered virtual assistant was a natural next step for Citi. The Innovations virtual agent is one of several tools that Citi rolled out to streamline …

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Understanding the role of voice in martech

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30-second summary: Voice technology is being widely adopted, thanks to the global distribution of voice assistants like Google Assistant, which is installed in over 1 billion devices as of 2020. Improvement in voice recognition accuracy is also helping with widespread adoption of voice technology. Google achieved a 95% accuracy rate for the English language as of March 2017. This is the same threshold for human accuracy. 82% of consumers expect an immediate response on sales or marketing. Voice recognition technology, which enables the immediacy of customer service responses, is addressing this need for many businesses. Voice-enabled tools are increasingly being employed within an organization’s martech stack, to facilitate internal operations. Examples include speech-to-text transcription tools, real-time conversational analysis, and automated call listening/conversational analysis platforms. Voice technology is playing an ever-growing role in a variety of martech applications, from AI-powered transcription tools like Trint to signal-based AI tools like Cogito that …

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What leading consultants say about the usage of automation in marketing

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30-second summary: As per the CMO Survey Report 2020 by Deloitte, the implementation of AI and machine learning is likely to grow in three years to 3.5. As per an article by McKinsey & Company, organizations introducing technology to sales can find ways that deliver double-digit gains in return-on-investment. Automation is possible in 30% of sales activities. The most recent AI survey by Bain and Company analyzed that organizations that make use of AI were 4.2 times more likely to have access to standard tools and technologies than the others. A study co-sponsored by EY in 2020 revealed that 85% of participants have already implemented AI within their organizations and expect to use AI for new use cases in the coming years. According to a survey by Accenture, around 83% of more than 6,000 businesses accepted that technology is a crucial part of the human experience. As per a recent …

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How Natural Language Processing (NLP) is helping call centers get smart

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30-second summary: Natural Language Processing (NLP) are helping improve workplace efficiency and decrease human capital costs. They are used across a wide range of sectors for both inbound and outbound calls. A n auto attendant can rank and prioritize calls based on urgency. This will occur based around a set of rules established by the call center regarding how calls should be routed. Banks often use NLP’s abilities to answer FAQs for their phone calls – customers provide their questions and based on their response are given a set of canned answers. Once customers voice their concerns, NLP software is able to quickly provide a set of solutions. This cuts down time agents would have spent researching answers, and allows for faster and better service. To create a more personalized experience, NLP technology can be used for call record data analysis in relation to customers. Large numbers of telephone calls …

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The importance of customer engagement in a digital-first environment

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30-second summary: The pandemic has forced many businesses to pivot to digital channels quickly in order to meet the needs of consumers’ rapidly changing behaviors. Personalized customer engagement has been thrust to the forefront of digital transformation initiatives, but addressing customers’ high expectations is difficult, if not impossible, without the help of AI and machine learning-enabled tools including. Pega is hosting an online summit to discuss how organizations like Vodafone, Accenture and Ernst & Young are leveraging AI-driven customer engagement platforms to facilitate intelligent customer interactions. The virtual summit, Pega Discover: One-to-one Customer Engagement Online Summit, is free and takes place on October 7 th , 2020. Visit Pega’s website for more details about the event, or to register. The pandemic forced many businesses to innovate quickly, placing a heavy burden on digital channels as consumer behavior shifted. The following chart by McKinsey uses data from late April 2020 to …

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7 enterprise level providers of AI-enabled marketing solutions

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30-second summary: We provide seven examples of enterprise-level providers of AI-enabled marketing solutions as well as case studies for each. Each of these companies are leaders in their respective category, with B2B and B2C organizations each benefiting from their AI-enabled solutions. This list is not inclusive of every enterprise-level provider, but is meant to give mid-to-enterprise-level organizations an sense of the best-in-class tools that exist in the market today, and how organizations are using them to improve their marketing, sales, and customer experience initiatives. As part of our ongoing coverage of artificial intelligence (AI) in marketing, we’ve compiled a list of ten enterprise-level providers of technology solutions that utilize AI in some capacity. This list covers key categories within the martech space including digital asset management, marketing and sales enablement, customer experience/engagement, and account-based marketing. This list is not – by any stretch of the imagination – comprehensive in terms …

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The Best Help Desk Software (In-Depth Review)

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Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission. Unorganized support teams are a nightmare for everyone involved. From two agents wasting time on the same request to customers or employees sitting around for hours waiting on an answer, things can get really hectic without the right tools and software. And it could even damage your reputation forever. You don’t want that and I don’t want that for you, either. However, choosing the best help desk software for your team isn’t an easy task. There are hundreds, if not thousands, of options to choose from. So to help make your life a bit easier, I looked at dozens of the top options on the market and narrowed it down to my top six recommendations. From small customer support teams to IT services and mobile field support, this guide …

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5 tips to accelerate your company’s AI implementation

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30-second summary: The potential of artificial intelligence is almost boundless. AI solutions are starting to be introduced by organizations across many industries and fields. A strong starting point for any AI implementation is to get buy-in from company decision-makers. If key stakeholders understand AI’s potential, they’ll properly resource any transition. AI is particularly useful in the field of data analytics. If you are going to join the ‘Big Data’ era, you need robust data governance. There’s no one-size-fits-all approach to AI implementation. You need to explore and test the different tools and solutions available to you. Don’t neglect the human side of your business in seeking AI-driven answers to your problems. Make sure you train staff effectively in all automation or AI tools you introduce. It’s not insider information to know the unmatched potential of company-wide AI implementation. Even with all the advancement in recent years, it still feels like …

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8 questions to ask before replatforming your ecommerce ecosystem

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30-second summary: Capgemini’s white paper covers eight important replatforming considerations that retailers should ask before updating their ecommerce ecosystem. The initial three questions focus on determining where your company stands right now in term customer expectations and your current CX capabilities. The next three questions consider that you’ve selected your platform and signed the contract. They address the realities of the contract-to-development process. The final two questions address what’s involved with designing and launching your website and are important questions that help you consider if now is the right time to replatform. When it comes to ecommerce, the replatforming journey can be daunting and overwhelming. A recent white paper by Capgemini, a global technology consultancy that specializes in digital customer experience (CX), reviews eight important questions that retailers need to address before replatforming their commerce solution. The white paper, Eight Questions to Ask Before Migrating to a New Commerce Platform …

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How Your Local Business Can Be a Helper

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Posted by MiriamEllis “When I was a boy and I would see scary things in the news, my mother would say to me, ‘Look for the helpers. You will always find people who are helping.’ To this day, especially in times of disaster, I remember my mother's words, and I am always comforted by realizing that there are still so many helpers — so many caring people in this world.” — Fred Rogers This quote is one I find myself turning to frequently these days as a local SEO. It calls to mind my irreplaceable neighborhood grocer. On my last essential run to their store, they not only shared a stashed 4-pack of bath tissue with me, but also stocked their market with local distillery-produced hand sanitizer which I was warned will reek of bourbon, but will get the job done. When times are hard, finding helpers comes as such …

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5 leading providers of enterprise marketing automation solutions

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30-second summary: We provide five examples of enterprise-level providers of marketing automation solutions including industry case studies. Each of these companies are leaders in marketing automation, with enterprise businesses (and, in some cases, SMBs) benefiting from their platforms, solutions, and technology. This list is not inclusive of every enterprise-level provider, but is meant to present an overview of best-in-class tools that exist in the market today, including tangible examples of how organizations are using them to improve their marketing, sales, and customer experience initiatives. It’s marketing automation week at ClickZ, and as part of our coverage of this game-changing technology, we’ve compiled a list of the top five enterprise-level solutions based on market share. The global marketing automation software market was $2.4 billion in 2019 and is expected to reach over $6.8 billion by 2026. Social Media Today’s 2019 State of Marketing Automation survey revealed that two-thirds of marketers are …

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