What Did CACES 2024 Reveal About the Future of Conversational AI?

By siliconindia  |  Tuesday, 23 April 2024, 06:34:41 PM IST

What Did CACES 2024 Reveal About the Future of Conversational AI?

The Conversational AI & Customer Experience Summit (CACES) made its first appearance in India, hosting its fourth international edition in Bengaluru on April 18th and 19th, 2024, at the DoubleTree by Hilton Bengaluru Whitefield. The event offered a lively space for professionals to discover the evolving landscape of Conversational AI and customer experience.

The summit welcomed industry leaders, experts, and innovative startups from around the globe to discuss key topics such as Conversational User Interface, Voice Technology, Virtual Agents, Chatbots, Customer Service Automation, and Generative AI. Participants explored practical case studies to understand how these technologies enhance customer satisfaction and boost business growth.

Attendees, such as CXOs, VPs, Directors, and Managers from different fields, had plenty of chances to network and learn from expert speakers. Respected guests like Mr. M. Sankaran from ISRO, along with professionals from Fortis, Google, Myntra, Naukri.com, Bandhan Bank, and PB fintech discussed the latest breakthroughs in Conversational AI.

Alok Kumar, Myntra, says, "We crawl data from social media and analyze current trends, including what's happening in the world through publications and mainstream media. We also monitor our own platforms to determine what's selling quickly and which products are generating higher sales volumes. This information is shared with our sellers to guide them on top, middle, and bottom sellers, as well as how long items are expected to sell. Our program assists sellers by providing insights into potential fast-moving products. We offer detailed dashboards for sellers to track their performance and communicate with them regularly. This information helps plan their inventory efficiently. Our approach ensures that products on our platform are fresh and aligned with market trends. By bridging the gap between data and inventory management, we strengthen our backend team to keep the platform vibrant and up-to-date for our customers".

Vipul Mittal, Naukri.com, emphasized “The rise of chatbots in 2024 is a notable milestone in the journey of conversational AI over the past six years. This technology has paved the way for significant changes in how businesses interact with customers and has also introduced innovative methods to enhance engagement. Today, we are seeing a major shift towards the use of conversational AI and voicebots. These technologies provide unique advantages in communication, allowing customers to express themselves naturally and receive immediate responses. By the end of 2027, I anticipate voicebots to become a more dominant force in customer interactions, offering streamlined and efficient support. Voicebots offer an alternative to the challenges of managing multiple modes of communication simultaneously, such as listening to calls while typing. These bots can seamlessly handle tasks that traditionally require human intervention, freeing up time for customers and service agents. Businesses have achieved focus and clarity in their goals by leveraging conversation AI. As these technologies continue to evolve, they provide enhanced experiences for customers, helping them understand products and services more effectively. Ultimately, the adoption of conversational AI, particularly voicebots, promises a transformative impact on the way we conduct business and interact with customers”.

Rajiv Gupta, PB fintech, says, “In recent years, the rise of conversational AI has transformed customer interactions in the financial industry. The use of conversational AI has become highly effective and efficient, allowing us to reduce our reliance on traditional agencies. Customer engagement has increased significantly, as we can now interact with customers 24/7. This mode of communication allows us to impart financial literacy in ways that were not previously possible. Through AI, we can educate digital consumers about key financial concepts such as insurance, savings, credit, and loans. By offering this information, we empower customers to understand the decision-making process and make informed choices. For instance, out of every 100 consumers I connect with daily, only 10 make an immediate purchase, but this doesn't concern me. There was a time when only 3 people would buy a product, while 90 others would return to purchase later. Our focus on financial literacy has helped create a market environment where consumers are better informed and more likely to make well-considered financial decisions. In the long run, this approach builds trust and establishes strong, enduring relationships with customers. By prioritizing financial education, we lay the groundwork for a more knowledgeable and confident consumer base, which benefits everyone in the financial ecosystem”.

The summit included a StartUp Booster Platform to help new companies grow by connecting them with potential investors, mentors, and clients. An advanced event app made networking and working together easy for all participants.

CACES was a major success, helping businesses learn new things, network with industry peers, and push innovation in Conversational AI and customer experience. The event set a strong example for future industry growth and collaboration.

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