AI technology has become one of the biggest things to change the business environment in a hundred years. The market for AI is growing at a rate of 27.67% a year and is expected to be worth $826.7 billion by 2030.
There are a lot of ways that AI can help you improve your business. One of the many benefits is that it can help you build trust with your customers.
How Can AI Help Build Customer Trust?
Some people are wary about AI, because there has been a lot of negative publicity about it. For example, many people fear that AI will replace writers and other professionals. However, there is growing evidence that AI is just changing the nature of jobs rather than stopping people from doing them altogether.
There are a lot of great ways that companies can use AI to gain the trust of their customers. Some of the biggest opportunities are listed below.
Providing More Efficient Customer Service
One recent survey found that 80% of companies are using AI to build customer service. One of the most common ways they are doing so is by using AI chatbots to answer customer inquiries.
There are a lot of reasons why AI chatbots are great for helping companies trying to build customer trust. Some of the biggest benefits are:
- They can help customers get their questions answered a lot more quickly. The average customer gets their questions answered with a chatbot in 9.3 seconds. This is obviously much more quickly than people that have to wait to work with a human customer service professional.
- They can answer questions a lot more accurately. This saves customers a lot of frustrations from getting the wrong answers when they are seeking help from a human customer service professional.
- They can evolve in real-time to answer inquiries as things change. This provides a much more dynamic way of serving customers.
While many companies are using AI chatbots to provide faster customer service, more are starting to recognize the importance of using AI to help provide better customer service as well. This can help build customer trust, since they don’t have to worry about giving customers the wrong information as often.
Minimizing Incorrect Billing
Billing mistakes are some of the biggest reasons that customers lose trust in businesses. It is often hard for them to give a company the benefit of the doubt when they were overbilled for a service. They may feel the company did it on purpose to make more money and hoped the customer wouldn’t notice.
Fortunately, AI can help minimize the risk of overbilling. Companies can use AI tools to help automate the billing process, which will save headaches for them and avoid frustrating mistakes for customers. As a result, the market for AI in invoice management is growing at a rate of 32.6% a year.
Creating More Accurate Informational Content
Many companies are using AI to create better content for their websites, brochures and other media. It is estimated that 90% of all content made next year will be generated with AI.
Some people have pushed back against content made with AI, because they fear that it has a lot of mistakes and can lead to plagiarism. However, AI-generated content can be very high quality if it is made correctly.
Companies can provide a list of resources that they want to include in their content. This can help them make sure that the generative AI tools they are using will create consistent, well-researched content.
Offering More Personalized Experiences
Another major benefit of AI is personalization. More customers expect companies to provide personalized experiences these days.
AI can evaluate website cookies, customer engagement data and other factors that help them get a sense of what customers are looking for. This helps them provide a better experience for customers, which in turns leads to higher levels of trust.
Streamlining Research to Learn More About Customers
In addition to automating personalization, AI can help companies research customers more easily. This is a great way to learn more about them and offer services that are more tailored to their needs.
Customers are a lot more likely to trust a company that does the legwork to understand them. Therefore, more companies are likely to use AI to mine data on their customers and automate tracking information about them.
AI Can Be Great for Helping Companies Build Trust with Customers
A growing number of businesses are using AI technology for a variety of purposes. One of the biggest reasons why companies are investing in AI is that it can help them build trust with their customers. This will be a good way to boost their bottom line in an increasingly volatile global economy.
Do you plan to use AI to foster trust with your customers? If you aren’t already, then you certainly should.
