🤖 Can AI Bots Help Companies Save $75bn?
Companies are currently losing money on almost every phone call. Here's how AI bots can solve this problem.
"Hello?"
"Hi, to talk to our consumer executive, please stay on hold!"
"*annoying hold music plays for what seems like an eternity*"
Being put on hold has to be one of the worst feelings in the world.
Especially when you desperately want a problem to be solved.
Though customer wait time has improved a lot in the last year (by 53% to be exact), some sectors still take around a minute to connect customers to representatives.
Result? 65% of customers abandon the call, resulting in companies losing $75 billion each year due to poor customer service.
How can this problem be solved?
Solving the Customer Service Problem
A lot of companies forget that at the end of the day the thing that matters the most is customer service.
56% of customers will stop doing business with your company due to a bad experience, and 47% of consumers will switch to your competitors if you can't serve them well.
So, at the end of the day, it's not just customers who have had a bad time but companies have also lost business.
Everybody ends up losing.
But isn't this to be expected?
After all, customer representatives are human, they need time to finish a call and get on another.
Sometimes they also might be having a bad day and are unable to help customers as they should.
But what if customer representatives weren't human?
What if these calls and messages could be taken by bots?
Wait, won't that be more annoying?
At least a human can understand customer concerns and answer appropriately instead of just repeating the same few options like a bot does.
But what if we told you that bots could behave and talk like humans?
Yes, that is exactly the kind of tech that Saarthi.ai has built.
Its AI-based voice bot can talk to customers just like human representatives do and in multiple languages.
And your customers won't have to listen to a robotic automated voice. Saarthi can create custom human voices for your business.
The best part? Its AI learns more and more with each conversation it handles, becoming more and more competent and human.
This can completely eliminate the problem of keeping customers on hold, ensuring that no customers that want to connect with a business are lost.
Plus, the AI will also increase the company's efficiency and reduce operational costs by around 30%.
The market as a whole for such AI-enabled voice services is growing at a CAGR of 35% (2018-2023), and the chatbot market is expected to touch $102.29 billion by 2026.
The company also has a chatbot for those customers who hate phone calls.
So, both customers and businesses win!
So, What is Saarthi Focusing On?
Right now, Saarthi.ai is using its tech to solve one major problem: debt collection.
The debt collection process is opaque, slow, inconsistent, and expensive, and a lot of it still happens on pen and paper.
There's no clear visibility of the customer track record.
Plus, small is the new big. Loan sizes have shrunk, and small-ticket loans have grown 3x in value and 11x in volume over the past 3 years.
This makes it more important to look at the cost of collections.
Saarthi is bringing transparency, 25% agility and 10x affordability and engaging with personalized communication for timely collections and predictable cash flows.
The company's unique multilingual AI bots can make regular calls throughout the entire debt lifecycle to remind people about their debts.
These calls often help those who have forgotten about their loan payments to make arrangements and pay off the loans.
What's more, thanks to the conversations that these borrowers have with the AI system, Saarthi.ai can get insights into the problems that people are facing and devise better collection strategies.
In fact, the company has now gathered enough insights that it wants to enter the loan disbursal space.
It is currently working with major companies like Cred, Avail Finance, Manappuram Finance and Payme India.
And in the future can expand beyond debt collection services as well, as the space has immense scope for growth.
What other space do you think AI bots can help revolutionise?
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