8 Popular Conversational AI Use Cases (2022)
speech analytics, conversational ai, iovox insights, call tracking, healthcare, finance, banking, customer service, sales, marketing, real estate,
Want to learn about some different conversational AI use cases?
Conversational AI is fast turning into the most popular technology in the field of Artificial Intelligence. Each day, more and more businesses are employing it to either manage their team or cater to their customers better — while staying competitive.
But how exactly can you use conversational AI technology at your company?
Let’s look at some conversational AI use cases to find your answer.
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8 Popular Conversational AI Use Cases
From simple customer support to conversational interfaces and complex banking operations, you can find the use cases of conversational Artificial Intelligence in numerous departments and industries.
Here are some top industry use cases. They all aim to improve customer service and customer interaction while enhancing user experience.
Conversational AI isn’t just about customer interaction. It can actually help your business collect and analyze data that you can use to make important decisions, providing you a competitive edge.
You can even use this data to understand customers and help your staff identify cracks in your current processes.
For example, let’s say a customer sounds more unsettled when they reach out about a particular issue or after they’re offered certain information. In that case, conversational AI can gather the customer sentiment data, helping you to diagnose your pain points.
Sounds like exactly what you’re looking for?
Try iovox Insights. It allows you to transcribe recorded conversations to draw insights and spot trends, so you can understand what’s going right and detect areas of improvement.
Here are some of the things iovox can do for you in terms of data collection:
- Record every customer call.
- Make every conversation searchable so you can analyze customer calls to determine where your contact center or call center needs improving.
- Track calls with specific keywords and phrases to analyze frequently occurring customer queries.
- Collect and analyze various data points like call durations, average calls per day, call outcomes, and more to improve your contact center customer experience.
Conversational AI is being increasingly used in retail and e-commerce.
Here are some of its applications:
Customer Data Insight: Customer conversations can be recorded digitally. This eliminates the need to record every word said during an interaction or contact center conversation. Your businesses can gain further insight into your products and services by just analyzing the search queries they’re being asked.
If this is your requirement, iovox Insights can help record human conversations and make them searchable so you can refer back to analyze your customers’ needs.
Product Recommendations: Retailers can use a conversational AI solution to make product recommendations based on customer interaction.
Multi-channel Integrations and Scalability: Conversational AI tools can hold conversations across multiple channels simultaneously (web assistance to email to messages on Facebook Messenger or WhatsApp) without the help of a human agent.
This can increase conversions and sales and reduce the costs related to traditional communication ways that need human agent intervention, like phone calls.
Inventory Tracking: Another conversational AI application is to automatically track inventory to keep customers updated about availability.
Here are some healthcare conversational AI use cases:
Diagnosis: Conversational AI tools can diagnose health conditions online by asking questions to patients. Then it can learn from the patients’ answers to acquire insight into their health issues without having them wait for a medical assistant.
Medical Scheduling: A conversational AI platform can aid patients in scheduling their appointments by offering them information about their next visit. It can also help patients manage their paperwork beforehand to streamline medical processes.
Therapy: Another healthcare conversational AI application is to fill the gaps between practitioners and patients. As a result, healthcare institutions can provide 24-hour service, lending a helping hand to human therapists.
For example, conversational AI chatbots (or an AI bot) can provide patients with a private and safe space to express their emotions. The same AI chatbot can assist therapists in taking notes and summarizing sessions.
Virtual Assistant for Patients and Practitioners: A conversational AI like a virtual agent (or intelligent virtual assistant) can help them understand complex medical topics. This can help reduce stress in healthcare by freeing up medical assistants to do more pressing work.
Data collection: Pharmaceutical companies can use conversational AI to compile patient or customer feedback via focus groups or surveys. This is done without the need for an interviewer, saving time and money in hiring human data collectors.
Internet of Things (IoT) Devices
Conversational AI-enabled devices that use speech recognition to interact with users are becoming quite the helper in modern homes.
These devices incorporate voice assistant technologies like Amazon Echo and Google Home, as well as mobile apps or smart device assistants like Google Assistant, Apple Siri, or Cortana.
Some of the conversational AI applications in this industry include:
- Controlling home appliances via Google Home or Amazon Alexa.
- Monitoring any device that can dial phone numbers or send messages to the user.
- Apps and devices like Amazon Alexa let you order food or groceries. While they’re at it, they also learn about your preferences, so the AI bot can suggest products or services that may interest you.
Finance and Banking
Conversational Artificial Intelligence has greatly helped banking and financial services reduce operating costs, automate functions, and improve the overall customer experience.
Here are some of the finance and banking use cases of conversational Artificial Intelligence:
A banking virtual assistant, voice assistant, or AI bot can check user balances and process transactions across all bank accounts. It can also detect phrases or keywords that may indicate fraudulent activity and prevent fraud using Automatic Speech Recognition (ASR).
Conversational AI can also catch irregularities in everyday behavior pointing at fraud.
For example, with iovox Insights, you can easily feed the AI with fraud-related keywords and phrases to catch such activities before they cause major damage to your company.
Another banking-related conversational AI application includes accessing and analyzing users’ spending patterns or bank accounts to help them decide how to spend their money.
In banking, conversational AI can also help you resolve customer queries by automating repetitive processes that typically take a human agent much longer. Automation allows higher efficiency and faster resolution, improving your credibility, which is vital in the banking space.
The customer service industry is one where conversational Artificial Intelligence is used extensively. Businesses use AI-driven virtual assistant (or AI assistant) solutions to automate customer support, and it’s turning out to be a massive cost-saver when deployed correctly.
Let’s see how conversational AI can assist customer service:
Travel: An intelligent virtual assistant can help a customer book a flight and answer FAQs about traveling with a baby or pet.
Billing Support and Complaint Management: The same conversational AI system engaging the customer over voice can assist through SMS, too.
For example, a customer can chat with a virtual assistant or virtual agent (AI assistant) while examining their billing details on the company’s site. The virtual assistant can also upsell a package and resolve a complaint with an offer.
Agent Assist: A conversational AI solution like a virtual assistant can also help a customer from behind the scenes instead of through direct interaction.
The AI can populate the agent’s screen with helpful information based on the customer’s queries or keywords during a real-time human interaction between the customer and a human agent. Basically, an AI solution can help co-pilot a call.
Reservation or Appointments: If your business deals with appointments or reservations, conversational Artificial Intelligence can easily handle them.
Find Merchandise and Recommend Products: An AI chatbot can effectively extract information from databases allowing customers to find products faster and efficiently.
Moreover, a conversational AI chatbot can recommend other similar products to improve the customer experience.
Order Management: A conversational AI platform can automate the purchase confirmation process and send customers updates regarding where in transit their order is.
Customer Satisfaction Surveys: Another area your customers will prefer an AI or conversational AI chatbot interaction rather than a human agent is to share their degree of satisfaction. The conversational AI can prompt feedback, and you can get an accurate picture of your customer’s experience.
Sales and Marketing
Many consumers prefer self-service technology for shopping experiences instead of human sales agents.
Traditionally, without a human sales agent’s help, consumers who self-serve would gain convenience and speed but lose out on personalized recommendations. However, with conversational AI, they can have it all.
You can also use conversational Artificial Intelligence:
- For conversational marketing
- In voice and SMS to convert leads and drive sales
And if you wish to understand aspects that trigger a sale, iovox Insights can help.
The conversational AI solution can track keywords and phrases that you like. This can help you spot terms in customer calls that boost your sales or spike your customers’ interest in your services or products.
Real estate, too, is thriving with the help of conversational AI tools. Here are a few conversational AI applications of this technology in real estate:
Lead Generation: The lead generation process in real estate is critical and time-sensitive. That’s why success depends on how fast and effective properties are handled. It involves identifying, nurturing, and directing leads towards a deal closure.
Conversational AI has made it possible to automate this function with higher accuracy, increased efficiency, and reduced margin of error.
Handling Initial Conversations: A conversational AI bot can take the load off human agents to hold initial-level conversations with customers. These bots can handle customers at a remarkably larger scale to reach more leads — allowing you to understand the kind of real estate each customer is looking for.
Managing Multiple Conversations Simultaneously: When you have multiple prospects coming in simultaneously, a conversational AI can interact with them all, helping you not miss a potential client or sale.
For example, one client wants to buy a property, and another wants to sell one. Clearly, they’ll have different needs, and a conversational AI solution or conversational platform can easily handle both simultaneously to increase the chances of conversion.
Filtering Potential Customers: Since AI tools can handle thousands of customer calls each day, a conversation AI solution, when integrated with CRM, can filter the customers with a higher chance of a conversion.
With regular calls and lead nurturing, the conversational AI platform can spot ready buyers and hand them over to a human agent to take things forward.
Need further clarity over conversational AI?
Let’s check out some FAQs.
2 FAQs About Conversational AI
Here are some answers to conversational AI-related questions to make things clearer:
What is Conversational AI?
Conversational AI technology strives to imitate the human language and conversations to deliver a human-like experience without the help of a script like a traditional chatbot.
AI technologies such as Machine Learning (ML), Natural Language Processing (NLP), Natural Language Understanding (NLU), and Natural Language Generation (NLG) help conversational AI understand, process, and interpret human language data.
An advanced conversational platform may also use other technologies such as speech recognition, sentiment analysis, and dialogue management to help them generate appropriate responses.
- Why is Conversational AI Important?
Just a chatbot on your website can help to an extent until your web visitors don’t get accurate responses, resulting in a frustrating customer experience.
Your business needs to have conversational AI tools with Natural Language Processing and Machine Learning abilities to understand customer needs better. This will let you provide customers with the best customer experience possible.
Thanks to Natural Language Processing and Natural Language Understanding, conversational AI chatbots and other AI solutions are more understanding and sometimes more helpful than the written website FAQ answers. If deployed correctly, a conversational AI solution can yield a user experience equal to or even better than a human agent or live chat.
Conversational AI continues to evolve, making itself indispensable to various industries such as healthcare, real estate, online marketplaces, finance, customer support, retail, and more. And the conversational AI applications keep increasing with time making human agents’ lives easier.
So if you wish to be in the race to success, conversational AI is the way to maintain competition.
The good news is that conversational AI is simple to implement, especially, with solutions like iovox Insights. Start using iovox Insights today to find endless revenue-building opportunities with every customer interaction!
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