Transforming Customer Service into Engaging AI-Led Experiences: Maximizing Customer Lifetime Value

In today’s fast-paced digital landscape, engaging customers and keeping them engaged is crucial for businesses to thrive. Traditional models are being disrupted by digital platforms and engaged customers are not only more loyal but also deliver greater value over their lifetime.

However, organizations have often struggled to secure deep consumer engagement, especially in comparison to other mobile app-intermediated services. The average visit to a business application is significantly shorter than visits to online shopping or gaming apps. This is where customer service plays a vital role in transforming interactions into memorable and long-lasting engagements.

With customer expectations on the rise, companies are turning to AI to deliver proactive and personalized service. AI-enabled customer service can increase engagement, leading to increased cross-sell and upsell opportunities while reducing costs. In fact, AI technologies have the potential to deliver significant value, with revamped customer service accounting for a significant portion of this.

While some institutions are leading the way in transforming customer service through AI, many are still playing catch-up. Challenges range from selecting the right AI use cases to integrating technology with legacy systems and finding the right talent. However, when done well, an AI-enabled customer service transformation can unlock significant value for businesses.

Leaders in AI-enabled customer engagement are committing to ongoing investment, learning, and improvement through five levels of maturity. The most advanced companies are delivering proactive, service-led engagement, handling the majority of their service interactions via AI and digital channels. These companies are using AI and technology to support personalized customer engagement through self-serve tools, revamped apps, and dynamic interactive voice response.

To achieve the promise of AI-enabled customer service, companies must match the reimagined vision for engagement with the appropriate AI-powered tools, core technology, and data. AI-powered customer service does not mean automation-only; it encompasses all touchpoints, including agent-supported options where AI can assist employees in real-time.

One example of successful AI-supported customer service transformation is a fast-growing bank in Asia. By revamping existing channels, launching new dedicated channels, and leveraging AI-powered decision making, the bank saw a significant increase in self-service channel use, a reduction in service interactions, and a decrease in cost-to-serve.

To seize the opportunity in using customer service to foster engagement, organizations can focus on envisioning the future of service, rethinking every customer touchpoint, maximizing every customer service interaction, leveraging AI and technology, and adapting agile and collaborative approaches to drive transformation.

Humach, a leading global CX solutions company, supports this vision with their recent product launch of mAI Pilot. Designed to revolutionize business operations and customer service, this program integrates advanced AI technologies with existing business systems, providing organizations a seamless path to automation and AI using humans-in-the-loop. The mAI Pilot capabilities extend to both digital and live channels while positioning AI at the forefront of customer service innovation. Tim Houlne, Humach CEO, added that “technology within customer experience is moving at an all-time rapid pace; mAI Pilot is the future of innovation for CX”.

In conclusion, holistically transforming customer service into engagement through reimagined, AI-led capabilities can improve customer experience, reduce costs, and increase sales. The time to act is now.