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The COVID-19 outbreak and subsequent lockdowns have unquestionably wreaked havoc on the economy, forcing businesses to make rapid large-scale changes in order to retain customers and ensure their satisfaction.

Needless to say, several firms, including banks and other financial institutions, across the world, are working actively to transform existing business divisions into more productive and efficient ventures to meet these expectations and remain competitive and relevant in the present landscape.

Aiding this transformation are AI-powered Intelligent Virtual Assistants (IVA). IVAs are revolutionising how company units operate, taking into account the ever-evolving consumer behaviour.

Consumers increasingly favour online interaction options as digital becomes the new normal. IVA leverages Natural Language Processing (NLP), Machine Learning, Data Integration, Speech Recognition, and others comparable to give a real-time conversation and accurate, personalised responses, resulting in a seamless and gratifying client experience.

By offering product information, supporting users in paying bills, making transfers, or filling out forms, intelligent virtual assistants give brands a comparative benefit in meeting users’ expectations.

The potential of Intelligent Virtual Assistant (IVA)

IVA assists in improving the operational efficiency

An Intelligent Virtual Assistant (IVA) can eliminate the trouble of handling various enterprise programmes, which can be time-consuming and stressful. An IVA can quickly and reliably interpret a client’s purpose, automate crucial procedures to decrease human labor, and meet customer expectations thanks to better NLU (Natural Language Processing) and ML capabilities, considerably boosting speed and profitability.

IVA also helps employees improve their performance and job satisfaction while increasing efficiency and effectiveness.

IVA provides a hassle-free experience through its omnichannel approach

The internet has inextricably become a part of our daily lives, and everything from shopping to attending classes is now done online. The omnichannel approach allows your firm to personalise customer journeys by enabling them to acquire your product or service in the most convenient way for them.

An IVA can be used across various platforms, including websites, apps, Facebook Messenger, WhatsApp, iMessage, Alexa, and Google Assistant, allowing businesses to give consistent omnichannel experiences to their customers at any time and on any device.

The multi-channel approach also allows for interactions across a variety of customer touchpoints, allowing for the collection of intents, the gathering of insights, and the personalisation and optimisation of conversations.

Consumers will find the shopping process to be more seamless, faster, and hassle-free as a result of this.

IVA helps in customer engagement and retention

Consumers have become accustomed to constantly being connected through multiple gadgets and getting everything done with single swipes due to internet proliferation and smartphone usage, and they want round-the-clock personalised assistance.

As a result, the volume of interactions that must be handled is increasing, as users expect a real-time solution. Intelligent Virtual Assistants help organisations meet all of these goals by comprehending human dialogue, changing their vocabulary and tone as per the need, and effectively assuming the role of a helpful and efficient customer care agent.

By providing rapid, efficient, and personalised customer service around the clock, IVAs can improve customer engagement and retention, resulting in long-term brand loyalty regardless of the complexities.

IVA helps to eradicate the language barrier

The language barrier is an issue in today’s world with businesses constantly looking for an opportunity to expand. When agents and customers don’t speak the same language, it becomes difficult to provide satisfactory customer service to all demographics.

This is where Artificial Intelligence plays a pivotal role as an AI-powered IVA can eliminate the language barrier by being able to understand and respond in over a 100 different languages. As a result, being able to connect with customers in their local language can unquestionably result in improved customer satisfaction and more revenue for the company.

Conclusion

AI-Powered Intelligent Virtual Assistants (IVA) are changing the way businesses are run. The major advantage of these virtual agents is that they can undertake jobs that formerly required human expertise, allowing the human employees to offer more value to client encounters by automating routine tasks.

By adopting an IVA, businesses can improve financial performance, cut costs, and almost eliminate errors, positioning AI as a game-changer.

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)