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Imagine taking a cab home at 2 AM and discovering your fare is twice what you expected. You reach out to support but hit a wall. Frustrated, you vow never to use that cab service again.
In today's fast-paced, competitive market, exceptional customer support is vital for standing out and retaining customers.
If you're here, you want to significantly improve your customer support quickly—who doesn't? Let me share three impactful strategies we learned during our time at Uber and building Fini. Thanks to the breakthrough of GenAI, you can implement these in just one week instead of making it a 3-6 month OKR.
These methods include the obvious building a GenAI chatbot, the not so obvious enhancing your knowledge base, or something new combining both approaches with a RAG GenAI chatbot.
The new obvious: GenAI Powered Chatbot
Implementing a generative AI (GenAI) chatbot can revolutionize your customer support. These chatbots understand and respond to customer inquiries in a friendly, conversational manner, offering human-like interactions at a fraction of the cost. However, while they provide constant availability, scalability, and personalized interactions, they also come with challenges such as high implementation costs and the risk of generalized responses, which can lead to negative customer experiences.
A recent success story is Klarna, whose AI assistant took over two-thirds of customer service chats (2.3 million conversations) within its first month. Klarna reported:
- Customer satisfaction on par with human agents.
- A 25% drop in repeat inquiries due to more accurate errand resolution.
- A reduction in resolution time from 11 minutes to approximately 2 minutes.
- 24/7 service in 35 languages across 23 markets.
Enhance Your Knowledge Base
Improving your existing knowledge base is crucial for efficient customer support. Often companies struggle with outdated and conflicting information, creating challenges for service agents and leading to quick churn cycles. A proactive approach to maintaining and updating your knowledge base can enable customers to find solutions independently and help service agents resolve queries effectively on the first contact.
On the flip side, data inaccuracies can lead to severe consequences. For example, Air Canada faced a backlash when their chatbot provided outdated information, resulting in a customer taking legal action and winning the case, tarnishing the company’s reputation.
Best of Both Worlds: RAG GenAI Chatbot
Imagine a human-like chatbot with a robust knowledge base of your system (equally or even more better than you!), which does not hallucinate and is 97%+ accurate! Sounds like a dream right? RAG (Retrieval Augmented Generation) chatbots are able to do so as they leverage retrieval-based LLM models to access and integrate your company's knowledge sources, enhancing response accuracy and relevance.
Today companies like Fini AI, Intercom, and Ada (Comparative Study) offer solutions that handle the complexities, maintenance and data security for you, leaving you to reap the benefits. They also integrate seamlessly across all user-support points, providing cost-effective, top-tier customer experiences.
Closing-out with one last story - Bank of America’s Erica surpassed 2 billion interactions last month, helping 42 million clients since launch. More than 98% of clients get answers they need from Erica within ~44 seconds, reinforcing the power and extent of impact an ideal chatbot can drive for your organization.
See a demo below and try it out for your company here www.usefini.com!
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