Launching a Forex trading platform can be overwhelming because there are sophisticated systems that must be taken care of, dynamic markets that must be updated and a massive user base whose expectations must be met.

Forex brokerage companies usually overlook customer service because they focus on trading activities, software and Forex market updates instead. However, satisfying existing customers is key to business success and growth.

With the rise of artificial intelligence capabilities, companies started to automate customer service to meet and exceed user expectations and deliver timely responses to their queries. Let’s dive deeper into customer support automation and how to implement it in your business.

Key Takeaways

1. AI in customer service implies using artificial intelligence to respond to customer questions and perform repetitive tasks.

2. Automating customer service has several benefits, including saving costs, delivering 24/7 support and retaining customers.

3. Some cases are better handled by human support agents, such as sensitive issue escalations and onboarding new clients.

Understanding Customer Service Automation

Automating your customer service means utilising artificial intelligence and machine learning capabilities to build communication with customers and respond to their questions. Classic customer service requires agents to respond to customer inquiries over the phone, chats, emails and other means of communication.

On the other hand, customer service automation software takes care of repetitive tasks such as responding to customers' questions in the chatbox, responding to emails, and troubleshooting common problems.

AI in CRM can deliver services and give answers almost instantly or within a few seconds, faster than human customer support. Therefore, this process helps reduce response time and streamline the user’s journey.

Natural language processing is the main component of AI, allowing it to understand and respond to human interactions. AI tools follow a sophisticated algorithm of orders, and once certain criteria are met, AI delivers pre-saved answers.

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Fast Fact

The first chatbot, “ELIZA”, was invented at the MIT Artificial Intelligence Laboratory in 1966. It recognised user input keywords and converted them into full questions or statements.

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Benefits of AI in Customer Service

Forex customer service is crucial to growing a business, especially if you are a new entrant and want to earn favourable recognition and reputation. In 2022, 35% of companies were already using AI capabilities, and more than 40% have been actively exploring implementing tools to automate their customer service.

Chatbots are commonly used in customer service to trigger and respond to user’s questions within seconds, which is way faster than the time a human needs to think and type an answer.

Moreover, some automation bots direct clients to a preferred course of action, like registering an account and offering products and services.

Therefore, if you are wondering whether AI in customer relationship management systems is worth it, here’s what you can expect.

24/7 Customer Support

Artificial Intelligence and bots do not sleep, and they can be online around the clock, responding to chats and emails and updating customer status on demand. 

Artificial intelligence helps your business have 24/7 customer service without having the client wait for the next available support agent or until the next working day.

Cost Saving

Most AI technology providers require a one-time payment, which can be used for months or even years with basic maintenance work. Therefore, employers can save the salary costs of having all-human customer support. 

While a real human service is still required, companies can downsize the human workforce and adopt more AI tools.

Moreover, companies can save costs by conducting industry training because these automated systems are fed with a comprehensive understanding of customer inquiries and have built-in responses according to business needs.

Distributing Workload

Chatbots and customer service automation can take some of the workload off human resources, especially in delivering repetitive tasks like responding to frequently asked questions and sending routine emails and updates.

Thus, human customer service reps will have more time to focus on complicated issues or problems that require further investigation and resolution. 

Customer Retention

Providing a timely response and 24/7 customer service increases customer satisfaction. In 2020, AI achieved a 57% satisfaction rate for automated customer service businesses.

Therefore, Forex's customer retention rate increases and companies can expand and grow their platforms.

Triggering Sales

Automated systems can track Forex traders' activity and interactions on the website and make sales offers for certain products and services. 

For example, if a customer navigates through the products page, the chatbot will pop up and suggest offered products at discounted prices or offer articles about using certain services.

How AI Can Be Used in Customer Service

You can utilise AI in a broad range of areas, with various ways to improve customer service automation, starting from chatbots and responding to emails to executing complicated tasks and tracking users' activities to provide the best offers.

The future of AI in customer service is very promising, and companies are increasingly exploring ways to automate customer service. Let’s look at some of the areas where artificial intelligence can be implemented.

Lead Generation

Companies use AI when adopting new sales funnels and channels with chatbots to respond to potential clients' queries, which shortens the waiting time and ensures a well-structured user journey.

Also, these automated solutions can use machine learning to understand behaviours and interactions on the website and provide special offers and discounts to convert potential customers into clients.

Customer Service Optimisation

Delivering timely responses 24/7 increases customer satisfaction, directly affecting the company’s sales and marketing performance.

Optimising customer experience can be part of a new product launch, rebranding, improving after receiving bad customer feedback or recovering after a significant bad reputation.

Updating Account Status

Users can be on the website any time of the day, requesting several services and updates, such as account status, changing payment method limits, changing personal information details, etc.

Thus, rather than waiting hours for a human support agent to come online, AI can process and satisfy these requests once they meet certain requirements and authentication protocols.

Scheduling Appointments

Customers use various channels to communicate and schedule appointments and calls, which can be overwhelming for traditional support services. Therefore, AI can instantly compile big data, provide available appointment times and schedule them.

When Not Automate Customer Service

Customer service automation is great and saves time. However, users still require human communication and interaction, especially if they have complicated issues or specific questions that AI fails to understand and process. Here are some examples where human customer service is preferred over AI.

• Escalated service issues: When a user is cancelling the service or requesting an upgrade, it is better to have a human agent responding to the matter. Having a chatbot responding to these situations can make things worse, leading to losing the customer.

• Loyal customers: Customers who visit your website repeatedly and have repetitive queries that require thorough guidance are better off with human customer support than an automated one. Also, loyal clients expect real customer service as a reciprocity for their loyalty.

• New clients: AI may convert the usual website surfer into a customer. However, capitalising on new clients and providing customised solutions that suit them are better dealt with by humans rather than artificial intelligence.

Conclusion

Technology is developing at a rapid pace, and keeping up with it is the only logical answer to remain competitive. AI in CRMs is the new trend. You can automate customer service by adding chatbots on your website or automate repetitive tasks like sending emails and updating user account status. This will help you boost your customer satisfaction and, eventually, grow your Forex business.