INDUSTRY WATCH
Top : Pia Knežević , Squad Lead for Mid-Market , Infobip
Bottom : George Muhia , Head of Enterprise Business East Africa , Infobip
Chatbots and virtual assistants can help transport companies streamline processes and focus on what ’ s most important by providing time-sensitive information , 24x7 availability , handling FAQs and providing proactive communication to customers about delays or reroutes . They also play a vital role in improving customer feedback collection and enabling immediate responses .
By effectively addressing customer needs and maintaining consistent communication through these digital assistants , companies can build stronger customer relationships and ultimately boost loyalty and satisfaction in the logistics industry . They allow organisations to meet customer expectations and provide the level of service they demand more effectively .
Transforming Kenya ’ s conversational banking channel
In Kenya ’ s competitive banking and finance sector , the ability to convert customer interactions into successful transactions is becoming an increasingly critical strategy for financial institutions aiming to distinguish themselves . With the country ’ s rapidly expanding mobile penetration , coupled with an increasingly techsavvy customer base , there is a need for the adoption of innovative communication strategies to maintain a competitive edge .
“ Conversational banking powered by AI and chatbots is playing a crucial role in addressing financial inclusion challenges in Kenya . By leveraging popular chat apps like WhatsApp , conversational banking can deliver financial services to underbanked populations without requiring high-end devices ,” says George Muhia , Head of Enterprise Business East Africa , Infobip .
Kenyan banks are progressively embracing Artificial Intelligence to enhance the customer experience , improve operational efficiency and secure their market positions . By leveraging AI analytics , financial institutions can gain deeper insights into customer behaviour and preferences , enabling them to offer tailored solutions such as personalised loans and investment options .
Conversational banking is a significant area where AI is making an impact . Intelligent chatbots and virtual assistants now provide 24x7 support for routine tasks , maintaining highly personalised customer engagement . AI is also transforming credit scoring and loan approvals . By analysing alternative data sources , banks generate more accurate credit profiles , allowing them to extend loans to previously underserved customers .
AI-powered chatbots provide information in local languages and in simple terms , empowering users to better understand basic financial concepts , while also reducing the need for physical branches which decreases operational costs , allowing banks to offer more affordable services to underserved communities .
Furthermore , conversational banking chatbots can seamlessly integrate with mobile money platforms like M-Pesa , enabling registered users to link accounts , transfer funds , and top up wallets with ease .
Financial institutions can leverage customer conversations during seasonal campaigns like Customer Service Week or end-of-year promotions to unlock new revenue streams and enhance customer engagement . Using AI to analyse customer interactions and histories , institutions can cross-sell and upsell , offer promotional bundles , and engage in feedbackdriven product development .
In today ’ s rapidly evolving digital landscape , fraud detection and prevention are more critical than ever . AI is revolutionising this space by enabling faster , more accurate , and scalable solutions to combat fraudulent activities .
AI-powered systems analyse vast amounts of data in real time , identifying patterns and anomalies that traditional methods might miss . Machine learning models continuously adapt to evolving fraud tactics , staying ahead of emerging threats .
The success of AI-driven conversation-based strategies should be measured using a mix of customer-centric , operational and financial metrics . By tracking this balanced set of metrics , institutions can assess the effectiveness of their AI-driven conversational strategies , identify areas for improvement and ensure they are delivering both business value and superior customer experiences .
However , financial institutions must strike the right balance between automation and maintaining a human touch in customer interactions by adopting a hybrid approach that balances efficiency and empathy . The key is to ensure human oversight for complex tasks while automating routine transactions . p
66 INTELLIGENTCIO AFRICA www . intelligentcio . com