How AI Is Changing CX – 12 Statistics To Know
Across all industries, artificial intelligence is completely changing how businesses operate. From generative AI and chatbots to using AI to boost profit, artificial intelligence (AI) has completely transformed everything about our daily lives.
Across all industries, customer experience (CX) is a major focus — and businesses are increasingly leveraging AI to create personalized experiences across all touch points on the buyer’s journey. From providing employees with feedback on how they handled customer interactions to real-time assistance with customer complaints and 24/7 chatbots, AI is only scratching the surface of the CX iceberg.
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Keep reading to learn how these AI statistics reveal how businesses are leveraging AI throughout industries, the way AI can further shape CX, and how employee productivity can be unmatched when paired with AI.
AI in Business Operations in 2024
As stated above, businesses are actively implementing AI into their processes in many different ways and across industries like healthcare, software as a service (SaaS), and financial organizations. Here are some AI statistics that shine a light on how the revolutionary technology is affecting businesses.
- Globally, the AI market is predicted to amount to over $1.8 trillion by 2030.
- Over 250 million people used AI tools worldwide in 2023 — more than double the number tracked in 2020.
- Local economies will see a great impact of AI and are expected to see a 26% boost in GDP by the end of the decade.
- A majority of businesses (60 percent) that use AI haven’t developed ethical AI policies, and even more (74 percent) aren’t addressing potential biases.
- Most companies (73 percent) waste time on manual and error-prone tasks that can be streamlined with AI tools and software.
How AI Shapes CX
If you don’t provide a good customer experience, you may find that your customers have a high churn rate. Since customer experience is one of the most crucial aspects of retention, it’s important that businesses implement AI tools and software to enhance CX at every single touchpoint.
AI customer experience tools can streamline both internal and external processes. It personalizes each customer’s experience based on their history, language, and communication preferences, ultimately boosting their satisfaction and, potentially, conversions. A big part of AI in customer support also comes down to how businesses use natural language processing (NLP) throughout their operations.
Here are more statistics that highlight the importance of using AI in CX:
- AI can improve cross-sell recommendations for call center reps, which resulted in an increase in average D2C package size from $489 to $869 over two years for Brinks Home.
- Around 90 percent of customers believe they should know when they’re communicating with an AI chatbot, and 80 percent say it’s “critical” for humans to validate AI outputs.
- Seventy-five percent of consumers use multiple channels, meaning that AI-supported self-service options are crucial to real-time quality outcomes for customers.
AI in CX Across Industries
AI has been integrated into various business sectors, from financial institutions to the video game industry, retail, manufacturing, health care, and beyond. But throughout all industries, software as a service (SaaS) stands above the rest regarding how many companies have already integrated it into their daily work.
- Eighty-six percent of cloud companies planned to integrate at least one AI-driven feature into their product by December 2023.
- Approximately 76 percent of SaaS businesses are using or exploring how to implement AI into their processes to improve operations.’
Artificial intelligence also has the ability to revolutionize the financial and banking industry by automating mundane processes and increasing efficiency regarding data security and overall financial customer experiences.
- Operating profits for U.S. banking may grow by $340 billion with generative AI.
- There are more than 200 people working in an AI research group, 600 machine learning (ML) engineers, and 1,000 employees handling data management at JP Morgan Chase.
AI can also help financial institutions ensure that loan applications get completed. For example, banks can automate loan applications using AI chatbots to support their customers through complicated forms. This resulted in a 20 percent rise in completed loan applications and a boost of 30 percent to customer satisfaction for Pentagon Federal Credit Union.
The Future of AI in Customer Experience
AI has come a long way since the chess-playing supercomputer that defeated world champions in the 90’s. By combining natural language processing, sentiment analysis, and machine learning algorithms, artificial intelligence can fully process your customers’ needs and provide comprehensive solutions instead of driving them away.
Software like chatbots can not only the customer experience but the employee experience as well by assisting them in summarizing long support articles or combing through an internal knowledge base in a pinch. Because of this, AI can be a comprehensive solution for any business—and these statistics show that AI is restructuring how businesses across industries enhance their CX.
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