Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

‘Pitiless machines’ will kill your business if you don’t respond now, warns Servion

By 2025, 75% of customer interactions will be powered by ‘disloyal’ voice and virtual assistants

Businesses urgently need to prepare for the influx of ‘pitiless machines’ into customer services, warns next-gen experience firm, Servion Global Solutions. As uptake of smart speakers and voice assistants continues apace, consumers are increasingly using them to shop for goods and services on their behalf, and for information and advice. Servion predicts by 2025, three-quarters of customer service interactions will be driven by such platforms. The impact of smart speakers and voice assistants, such as Amazon Alexa and Google Home, is already being felt in sales – with the screenless, ‘brandless’ marketplace posing new challenges for brands. As these channels rapidly grow in influence, Servion warns that companies must now face up to the challenge of incorporating smart speakers and virtual assistants – which are not loyal to any one organisation – into the pre-and-post-sales customer experience, or risk being outstripped by competitors.

“Businesses need to face up to the reality that customers, particularly younger demographics, don’t want to call or email them anymore, and even chatbots will be too much for some. Consumers want the convenience of speaking to their surroundings and getting an answer quickly,” commented Shashi Nirale, SVP & GP EMEA, Servion Global Solutions. “Whether it’s asking for advice on holiday destinations, comparing mortgage rates, or querying their electric bill – more and more we will see customers using smart speakers and voice assistants to make their decisions for them. These machines are pitiless – they are not loyal to a single brand or service provider, nor are they swayed by marketing. Companies must prepare now to integrate voice into customer experiences and pre/post-sales environments or go the way other of other companies that were unable to adapt to new technologies and channels – think Blockbuster, Maplin, and Toys ’R’ Us.”

The pressure on businesses to build nuanced and predictive interactions through voice is growing as a generation of millennials – armed with disposable income and a healthy scepticism of traditional sales and marketing – enters the marketplace. Organisations from utilities, to public sector, to healthcare companies, need to understand this generation’s communications preferences – younger generations are even reticent to use text and chat to communicate with a company. As speech recognition and neurolinguistics continues to advance, humanoid, natural conversations with machines will become normal and familiar. This means that the user’s trust in a voice assistant to make a purchase decision on their behalf or make a dependable recommendation will grow.

“The past 10-15 years have shown businesses what happens when they fail to respond to new technologies. Just as the shift to ecommerce killed off numerous high-street stalwarts, the evolution of smart speakers and voice assistants will kill businesses that ignore them as a channel,” continued Nirale. “Businesses and brands must realise that in an increasingly commoditised world where technology moves fast, customer experience will be everything. Business must build distinctive, relevant experiences, backed by technology that can tailor and personalise responses to each user. As we deepen our trust of, and further our relationships with, this technology, businesses urgently need to find a way to incorporate these pitiless machines into their customer experience plans.”