How conversational AI is impacting telecom, automotive, BFSI and healthcare?

AI innovations are powering companies throughout their customer lifecycle with focus on prediction, conversation and analytics backed by cognitive engines and human assistance

Global market leaders are transforming the manner in which they deliver on customer experiences, cost reductions and key performance indicators through intelligent systems powered by Artificial Intelligence (AI). For large organisations that field billions of customer interactions each year, the ability to anticipate and resolve customer needs before they arise has enormous potential to drive customer satisfaction up and costs down.

AI innovations are powering companies throughout their customer lifecycle with focus on prediction, conversation and analytics backed by cognitive engines and human assistance. The explosion of touch points like chat bots, virtual assistants, in-app messaging, two-way short message service, conversational interactive voice response, mobile and web requires intelligent systems that are smarter, faster and more scalable than ever.

AI-powered omni-channel customer engagement solutions recognise human speech and language, interpret the meaning of both spoken word and data, and apply context and reasoning to each interaction – all to deliver the outcomes, recommendations and decisions that meet and exceed the rising expectations of consumers.

The relationship between humans and technology is being reinvented in today’s exhilarating digital ecosphere across businesses, as has been demonstrated below in different sectors.

Telecom: AI can radically change marketing approaches in telecommunications and bring the business close to customers. Operators are thus looking at analytics, machine learning, AI and orchestration linked with technologies like virtualisation, software defined networking (SDN), network functions virtualisation (NFV) and automation to reduce costs and increase revenue.

This is crucial at a time when operators are facing increased competition for traditional revenue sources, over-the-top providers and regulatory pressures. AI and data analytics-powered platforms deliver new and incremental revenue streams for mobile operators.

They ensure that no opportunity is wasted by engaging subscribers across the entire network – voice, text, unstructured supplementary service data, browser or applications – and decide what to offer, when and how based on subscriber context, profile and usage history.

Automotive: Smart automotive assistants help us make better-informed and faster decisions, thereby enhancing our productivity, comfort and safety. As technology develops, cars will adapt to their drivers and learn and anticipate how best to serve them. Users will learn to appreciate it and acknowledge how it can be a truly helpful asset in daily life.

What started as a phone operator for hands-free dialling has evolved into an intuitive and intelligent automotive assistant set to power the future autonomous car. An automotive assistant truly understands drivers and passengers, using natural language understanding to answer questions and respond to commands.

AI is paving the way for the next generation of automotive assistants that can even react to multiple requests like, “Lock the front door and find a car park near the cinema that accepts credit cards and is still open after the movie.”

A more intelligent assistant will make it easier to find a location without having the full address on hand, just by saying (for instance) “Bring me to the closest underground parking in Connaught Place.” Next-generation automotive assistants will understand commands like, “Send the address of the restaurant to my wife and let her know that I am 10 minutes late.”

Banking and Finance: AI, cloud computing, mobile-first and digital dashboards are already a norm in banking and finance, making operations more hassle-free and impactful, creating a leaner system to work on. Personalised connect will reach new heights in future as automated financial advisors and planners provide expertise in making financial decisions.

They could analyse market temperament against a user’s financial goals and personal portfolio to offer recommendation on stocks and bonds. Digital wallets are the future of real-world payment technologies, reducing dependence on physical cash and expanding the reach of money.

The insurance sector is also moving towards congruent automation. By utilising AI systems that automate underwriting process, companies come armed with more granular information to empower their decisions.

Medicine and Healthcare: People are seeking more healthcare at affordable prices and that can lead to cost pressures on the system, potentially constraining innovation. Healthcare institutions can leverage AI to harness the power of big data and apply it to population health management.

The convergence of AI and healthcare means improved research and development, care delivery, patient engagement, population health and administration. Ambient intelligence with real-time AI-driven information and analytical recommendations can improve clinical documentation.

It is becoming necessary to fit AI technology into the everyday workflow of a physician. Clinicians can become more productive and have more time to focus on patient care. An AI-powered virtual assistant features conversational capabilities that are a catalyst for change and advancement. The next decade is an opportunity for extraordinary advancement by infusing AI-driven solutions.

Author: Praveen Rayapaty, Sales Director – India, SAARC & SEA Communication Service Provider, Nuance Communications