Conversational AI platforms are one of the biggest influencers on the growth of the AI in telecommunication market. These virtual assistants, or chatbots, as they are also known, can automate the handling of customer requests.
Long waiting periods are the bane of existence for good customer service and are something that human-operated call centers are very prone to. By scaling conversations to simple queries, chatbots can respond to massive amounts of customer inquiries with impressive speed. This, plus the ability to provide uninterrupted service 24/7, reflects very positively on customer satisfaction. Indeed, Vodafone saw an increase in customer satisfaction by 68% when they introduced their chatbot TOBi.
As virtual assistants develop and learn to handle more complicated requests, the need for human operators decreases. This can help companies greatly reduce their expenses. In fact, by 2022 the use of chatbots will lead to over $8b in annual savings.
Fraud detection and prevention
The fraud detection and prevention market reached $20.98B in 2020 with an expected CAGR of 15.4% during 2021-2028. Despite this, malicious attacks on businesses still cause over $3.6B of losses annually.
With AI’s excellent analytical capabilities, it is not surprising that many industries, including telecom, are finding it useful at battling fraud. The most prominent advantage of AI-powered fraud analytics is its ability to prevent fraud altogether. The system blocks the corresponding user or service as soon as it detects suspicious activity, not allowing the fraud to occur. All of this is done automatically, making the chances of not responding to an attack in time very slim.