Conversational Experiences: The Untapped Potential of AI in Customer Engagement SPONSORED CONTENT FROM INFOBIP

This human-in-the-loop approach ensured that while AI handles the heavy load, the human touch remains essential for sensitive matters. In 2024, many banks rolled out or upgraded chat services (e.g., in-app chat, WhatsApp banking, etc.) in which AI would be the first to respond. The J.D. Power 2024 banking satisfaction study found that while overall satisfaction with big banks rose, the one area that saw a dip was when customers tried to contact the bank through self-service digital channels for help. This suggests that some banks’ self-service tools in 2024 still left a gap when customers had more detailed questions or problems. Banks are learning from this, enhancing their knowledge bases and making AI bots more context-aware so they can handle nuanced inquiries. In the US, Bank of America (BofA) expanded the capabilities of its virtual assistant, “Erica,” to allow in-app money transfers and more complex queries, further reducing the need to visit a branch or ATM.

AI is not just a tool for improving operations—it is a strategic asset that can transform your business. By embracing AI, you can stay ahead of the competition, deliver exceptional customer experiences, and secure your brand’s long-term success in an increasingly competitive market. Further AI-driven support in banking will evolve from simple chatbots to more advanced virtual agents. This evolution will improve the speed, availability and consistency of customer service, thereby lifting overall customer satisfaction despite initial skepticism. Including video reviews on your platform enhances the shopping experience by offering genuine, user-generated content that customers can trust. Products backed by authentic reviews are more likely to convert potential buyers into loyal customers.

Why AI Alone Isn’t Enough for Contact Centers

But as AI becomes embedded in every layer of customer operations, Contact Center as a Service is evolving into the digital nerve center for orchestrating customer journeys, capturing intent and delivering real-time intelligence. The vendors highlighted in the Research and Markets report are based on seat volume as of December 2024 and focus exclusively on multi-tenant CCaaS offerings. CMSWire’s Marketing & Customer Experience Leadership channel is the go-to hub for actionable research, editorial and opinion for CMOs, aspiring CMOs and today’s customer experience innovators. Our dedicated editorial and research teams focus on bringing you the data and information you need to navigate today’s complex customer, organizational and technical landscapes.

• Effective implementation requires not just technical integration, but a leadership approach that centers agents as collaborators in the AI transition.
• AI is the key driver — vendors that offer transcription, real-time agent guidance, summarization and other AI tools are outperforming those that don’t.
• Beyond conversational tools, AI enables businesses to analyze customer behavior and preferences with unparalleled precision.
• CCaaS buyers increasingly view vendors as strategic partners who integrate systems and deliver AI capabilities — not just platforms for managing call flows.
• A survey by Zendesk noted that self-service adoption in financial services has grown 5.4× in recent times, as banks provide more useful tools like searchable knowledge bases and intelligent chatbots.

Why Bank Boards’ Brilliant Strategies Vanish Inside Their Digital Products

An often underappreciated aspect of AI in banking is how it can improve accessibility and inclusivity of digital services. In 2024, banks began applying AI to ensure that digital banking works better for all customers, including those with disabilities or special needs. Even regional banks and credit unions began deploying AI chatbots through cloud providers or fintech partners, recognizing that automated support is becoming an expected part of digital banking. In 2024, nearly every major bank either launched or upgraded an AI-driven virtual assistant to handle customer inquiries, marking a significant shift in how service is delivered. These AI assistants (e.g., text-based chatbots and increasingly voice bots) became front-line support, capable of resolving many issues that used to require a phone call or branch visit. Industry analysis estimated that bank chatbots will save around $7.3 billion globally in customer service costs, roughly $0.70 per interaction handled by AI instead of a human.

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation. NatWest’s Cora+ was trained with safeguards (in partnership with IBM) to avoid the pitfalls of open AI models (like inaccurate “hallucinations” or bias), emphasizing trust and reliability in its answers. In the U.S., banks were more cautious but still active in exploring generative AI for support. With the availability of AI Agents and Tools in AWS Marketplace, customers can significantly accelerate their procurement process to drive AI innovation, reducing the time needed for vendor evaluations and complex negotiations. With centralized purchasing using AWS accounts, customers maintain visibility and control over licensing, payments, and access through AWS.

Using Google Veo 3 to Make Memes Go Viral : AI Video Generation Made Easy

To fully use the potential of AI in eCommerce, businesses must invest in training their teams to effectively use AI tools and techniques. Skills such as prompt engineering and data analysis are becoming increasingly important for maximizing the benefits of AI. By equipping your team with the necessary knowledge and resources, you can improve operational efficiency, enhance customer satisfaction, and drive innovation. Ethical considerations are particularly important when it comes to user-generated content like video reviews. Businesses must ensure that AI tools do not manipulate or fabricate reviews, as this could damage trust and credibility.

Who are the top CCaaS vendors by seat count?

Moreover, customers who get quick, effective answers on their own tend to be more satisfied. A survey by  Zendesk in 2024 found 77% of consumers say AI is helpful for simple issues, indicating that when AI works, it meets customer expectations. AI excels at processing vast amounts of data to uncover patterns, trends, and actionable insights. In eCommerce, this capability is invaluable for understanding customer behavior, optimizing search engine performance, and identifying emerging market opportunities. AI-powered recommendation engines use this data to deliver personalized shopping experiences, making sure customers find products that align with their preferences and needs.

What’s driving the rapid growth of the CCaaS market?

AI-driven tools analyze these reviews for sentiment, demographics, and product-specific insights, providing actionable feedback to refine product offerings and marketing strategies. Beyond conversational tools, AI enables businesses to analyze customer behavior and preferences with unparalleled precision. By integrating AI into your eCommerce strategy, you can make data-driven decisions, reduce operational inefficiencies, and deliver highly personalized experiences that resonate with your audience.

For example, one report highlighted that customer service teams using AI can scale productivity without adding headcount, deflecting repetitive inquiries and freeing human agents for more complex issues. In summary, AI made digital banking more engaging in 2024 by turning it into an ongoing conversation—through alerts, chats and personalized content—rather than a static utility. Banks in the U.S. and UK that mastered this saw stronger customer loyalty and higher usage of their digital platforms, while globally the norm shifted toward AI-enabled “smart” engagement as a key to CX success. One of the clearest impacts of AI is the proliferation of virtual assistants and chat interfaces that empower customers to get things done on their own. From simple tasks, like checking a balance or paying a bill, to more complex actions like applying for a loan, AI has made self-service more convenient.