The introduction of generative AI-powered voice bots in customer support marks a significant advancement in operational efficiency for contact centers and credit and collection operations. The technology demonstrates the potential to enhance consumer interactions, reduce costs, and streamline communication about unpaid debts. Meesho, a Softbank-backed online shopping platform in India, has launched what it claims is the first generative AI (GenAI) powered voice bot among Indian e-commerce firms, according to a report from TechCrunch.
Driving the news:
- The AI bot has reduced customer support expenses by 75%.
- The bot currently handles 60,000 customer calls daily in English and Hindi.
- There are plans to add support for six additional Indian languages.
How it works: Instead of building its own large language model (LLM), Meesho combined existing LLMs with custom-built components to understand local context and language nuances.
- Developed specialized modules for speech recognition and natural language processing.
- Overcame technical hurdles like poor voice quality and background noise from low-end smartphones.
What they’re saying: “We get a ton of customer support calls. Getting it right is necessary to create the best experience for our users,” said Sanjeev Barnwal, Meesho’s co-founder and CTO.
- “Voice quality matters a lot. Many users are on low-end smartphones, and there’s often noisy background like buses honking,” Barnwal noted.
- Hemant Mohapatra, a partner at Lightspeed, added, “I don’t think we have enough talent today to build the foundational models. Play the war that you are capable of winning.”
The big picture: The adoption of AI technologies like Meesho’s voice bot highlights the transformative benefits of artificial intelligence in customer engagement. For the credit and collection industry, leveraging AI can lead to significant cost reductions, improved efficiency, and enhanced customer satisfaction.
- Improved Resolution Rates: Quick and accurate responses can lead to higher query resolution rates and better consumer relationships.
- Cost Efficiency: AI voice bots can significantly reduce operational expenses by automating routine interactions.
- Scalability: They can handle large volumes of calls simultaneously without compromising quality.
- Personalization: Advanced AI can understand and respond to language nuances, providing a more personalized experience.
- Availability: AI bots offer 24/7 support, ensuring consumers can get assistance at any time.
